It’s exciting to finally own a business account. Utilization and management of a business account are often seen as the responsibility of financial providers.  

Every business owner is primordially saddled with the obligation to manage their account to suit business needs.

While many businesses sideline the goldmine that is a business account, business owners with foresight manage and maximize their business accounts for long-term financial stability. 

An online business account is more than a virtual savings box. It’s an instrument to ensure you track, manage, invest, and increase profits for your business.

In this short guide, we outline critical measures on how businesses can attain financial freedom by strategically utilizing the power of a corporate account.

Here’s a non-exhaustive list of 5 tips to ensure you’re leveraging your business account appropriately:

• Create A Budget: Many businesses open an account without a focal point. That is, setting clear, timely, and feasible budgeting for their expenses. Whilst this heavily lies on the bank of choice and its features to support businesses, using your corporate account to set a budget prevents overspending. 

 💡 Pro tip: The Prospa Budget Smarter feature allows businesses to create budget goals to ensure they track how much they need for several business purposes. 

• Cash Flow Management: Carry out strict measures to track your cash flow. Cash flow management involves observing the money leaving and entering your business account. It ensures you’re not deficient. A rule of thumb for a positive cash flow is that inflow should always be greater than outflow. 

• Inventory Management: Inventory costs directly have an impact on your finances. Slow-moving goods are easily identifiable with a proper inventory management system. With a Prospa business account, you can easily automate your inventory and receive real-time analytics on best sellers and slow-performing products.

• Diversify Expenses: Many businesses fall into haphazard spending which leads to poor tracking and allocation of funds. With our sub-account feature, you can create multiple accounts that sit under your main account. Allocate different purposes to these sub-accounts like taxes, employee salary, subscriptions and pay conveniently.

• Investment Opportunities: This is an important avenue to explore your business savings. By accumulating your business savings, they seldom make viable returns on investment with a regular account. Diversify a part of your business savings to safe and low-risk investment channels. With the Prospa Fixed Investment account, you can invest a part of your business savings for a fixed tenure and receive attractive rewards with our competitive rates. The Prospa Fixed investment account is never affected by market factors or economic influences.

A corporate account for your business is more than a bank account. Leverage the unique features of the Prospa business account and automate your finances. 

Track spending, automate payroll with recurring payments, create sub-accounts, take low-interest loans, and access funding opportunities to propel your business to financial success. 

There’s a myriad of things you can do with a Prospa account. Download the Prospa App today and start your journey to prosperity.

For more information or inquiries on opening a Prospa account, contact our support team at help@getprospa.com or call 018890240.

We value and appreciate your business.

#TogetherWeProspa💜