Be That Business Newsletter #3: Three Hacks for Businesses using E-Transfers to save time and money!

E-Transfers can make life easier, but they can also life harder! Some banks show on the monthly bank statements the recipient’s name, some do not. When it comes time to reconcile your bank, E-Transfers can be a black hole of unknown details. (Even when there is a recipient’s name on the statement, does your bookkeeper know the first names of the owners of your vendors? And what was it for?) To avoid wasting time chasing down and looking up, try these awesome E-Transfer hacks:
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1. E-Transfer Hack #1: When you create an E-Transfer to send from your online banking, put what the E-Transfer is for into the message of the E-Transfer! Put the vendor name if it is not the same name of the recipient, and the bill number(s) being paid. For most banks, they send an “E-Transfer deposited” confirmation to your email, and your message is in the body of that email! For example, “Hi John, here’s payment for your Johnny Woodworks Inc. Invoice #135 dated Jan 5th 2021”. Once the deposited confirmation email comes into your email inbox, now you have two great options: You can print this E-Transfer confirmation for your files (for you, or to give to your bookkeeper), OR if you have signed up for a Paperwork Management App such as Dext, you can forward this E-Transfer Confirmation right to Dext!
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2. E-Transfer Hack #2: If you do use a Paperwork Management App such as Dext or Hubdoc to track your own paperwork, or to collaborate with a bookkeeping provider, you can set these emails that are “E-Transfer Confirmations” with all the useful info you put into the message, to AUTOMATICALLY forward to your Dext app! Set it and forget it!​
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3. E-Transfer Hack #3: You can set up incoming E-Transfers to automatically be deposited into your bank account. It is important to have a business email separate from your personal email. You can set rules on your Online Banking that instructs incoming E-Transfers that are coming into your Business Email address to automatically be deposited into your Business Bank Account, and you can instruct incoming E-Transfers that are coming into your Personal Email address to automatically be deposited into your Personal Bank Account! Be sure to keep them separate! Only business related E-Transfers should go into your business bank account; you’re intending to save time, not make more work.
   
   

Small intentional decisions to set up systems at the beginning will pay dividends as your business grows! Having the information at hand when you need it greases the rails for efficient and productive work sessions. If time is money, then saving time is saving money!

As Stephen Covey says... "Begin with the end in mind."

Be Intentional Today!
Get out there, and Be That Business That Thrives!