How to Use Your Current Account to Manage Your Business Finances

Posted on Thursday, December 28th, 2023 | By IndusInd Bank

In the dynamic world of business, where time is of the essence, having a quick and well-structured financial management strategy is crucial. Among the array of tools at your disposal, a current account can help you navigate the complexity of business finances.  

Opening a current account with IndusInd Bank simplifies the daily juggling of multiple financial aspects while running a business. Let us explore the ways you can leverage your current account to streamline business operations, maximise productivity, and maintain a firm grip on your financial trajectory. 

How to use an IndusInd Bank Current Account for managing your business? 

• Open a Suitable Current Account: The first step is to select a current account that fits your business requirements. IndusInd Bank Current Accounts come in several variants, tailored to various business sizes, including small and medium-sized enterprises. You can even open a current account online in just a few minutes, eliminating the need for a bank visit. Explore IndusInd Bank Current Accounts! 
• Utilise Digital Banking Services: IndusInd Bank offers digital banking services like video branch, IndusNet, and WhatsApp banking for businesses. Linking your account with these platforms simplifies financial management. Additionally, you get comprehensive payment collection solutions through POS machines, payment gateways, QR codes and UPI to fast-track your business transactions.  
• Monitor Transactions: Stay on top of your financial activities by regularly reviewing your account balance and statements. IndusInd Bank’s IndusNet service provides easy online access to essential account information. 
• Overdraft Facility: IndusInd Bank also offers overdraft facilities to current account holders, with minimal interest charges. Overdrafts ensure you have sufficient funds for business operations, even in financially challenging times. 

How does a current account help manage your business finances? 

• Higher Transaction Limits: Current accounts provide businesses with higher transaction limits, as compared to other account types. This allows for effortless management of large payment and deposit volumes. This helps with the smooth running of operations. 
• Separation of Business and Personal Finances: A key benefit of a business current account is the separation of business and personal finances. There are multiple advantages to this, including organised record-keeping, simplified tax compliance, and avoidance of potential legal issues. 
• Access to overdraft and Credit Facilities: A current account is vital for establishing creditworthiness. Financial institutions consider this history to decide your eligibility for credit facilities. Maintaining a current account with adequate funds will improve your chances of securing these essential credit options. 
• Digital Convenience: IndusInd Bank provides online and mobile banking services tailored to modern business needs. Enjoy 24×7 financial management from anywhere with an internet connection. 

Explore IndusInd Bank digital current accounts 

IndusInd Bank understands the intricacies of managing business finances. It offers a range of current accounts designed to improve and simplify your banking experience. Here are some hand-picked current accounts from IndusInd Bank for your business needs.  

Indus Tarakki Current Account 

The Indus Tarakki Current Account helps you manage finances efficiently in today’s fast-paced business environment. The account is specially designed for merchants, traders and retail business owners offering key features like: 

• You get to enjoy hassle-free digital collections through POS, PG, QR and UPI, with a minimum of one collection a month. 
• You get anywhere free cash deposits of up to ₹5 lakh every month. 
• You can enjoy high withdrawal limits and additional benefits with the Visa Gold Debit Card. 
• You can conduct digital transactions through NEFT, RTGS and IMPS free of charge. 
• You get access to free DD/PO of up to ₹50 lakh, payable at IndusInd Bank branches. 

Explore more about the Indus Tarakki Current Account. 

Indus Freedom Current Account 

Designed for individuals and sole proprietorships keeping their business needs in mind, this account gives you complete freedom of banking services to meet your daily transactional needs. Here are the key features you should take a note of: 

• This current account offers high deposit limits of up to ₹4 lakh per month. 
• There are no transactional charges on online transactions, such as NEFT, RTGS and IMPS. 
• You get free e-statements and monthly physical statements for efficient account monitoring. 
• You get access to a range of business debit cards with unique benefits to choose from. 

Know more about the Indus Freedom Current Account. 

Achieve success with the potential of your current account  

Here are some strategic steps to make the most of your business current account and enhance your financial prowess: 

• Customer payments: Use your current account to receive payments from customers through various channels, including online payments, cheques and cash. 
• Supplier payments: Ensure seamless transactions by making payments to suppliers and vendors. 
• Scheduled payments: Set up direct debit and standing orders for regular payments, like rent, utilities and insurance, ensuring timely payment. 
• Expenditure tracking: Regularly check your current account’s online or mobile banking platform to track expenses and identify areas for cost-cutting. 

• Cash flow mastery: Monitor cash flow using your account’s digital tools, ensuring adequate funds for covering expenses. 

To enjoy a comprehensive payment solution and expense monitoring for your business, IndusInd Bank offers the Indus Merchant Solutions app. This all-in-one merchant app eliminates the need to visit the bank branch to avail of banking services. This mobile app provides:  

• Freedom to bank from anywhere  
• Auto-settlement for payments  
• Availability of round-the-clock banking services 
• Multiple payment solutions such as POS, QR codes, UPI, and more 
• Smart sales dashboard to monitor daily sales 

A quick cash flow management system is crucial to growing your business rapidly. That is why you must have the IndusInd Bank Merchant Solutions App.  

Key features of the Indus Merchant Solutions app 

• Multiple payment solutions to accept digital payments without hassle: The Indus Merchant Solutions (IMS) app offers you a holistic payment solution. You can accept cashless payments through POS devices or use QR codes for UPI payments. You can also opt for IndusInd Bank Soundbox to get real-time notifications for payment confirmations. IMS app also offers payment gateway links for remote payments. 
• Request banking services digitally: Enjoy various banking services online without visiting the bank. Request a new cheque book, stop a cheque, block and unblock a debit card or change its PIN, all through the IMS app. You can also opt for a Soundbox and POS machine or update your email through the IMS app.  
• Start Sale feature: You can track the daily progress of your business sales and plan your operations accordingly.  
• Digital ledger: The Indus Merchant Solutions app provides you with a smart digital ledger to record cash sales, pending payments and advances. You can bid farewell to the traditional Khatabook registers. Additionally, since the records are maintained digitally, there are no hassles of tampering or losing your records.  
• Settlement statement: You get the facility of instant settlement statements to track each of your business transactions effortlessly.  

Conclusion 

Managing your business finances through a current account fortified by IndusInd Bank’s digital expertise can be the game-changer for you. Efficient transaction tracking, overdraft utilisation, and digital lending options not only streamline finances but also propel business growth. 

IndusInd Bank’s commitment to innovation, convenience, and tailored financial solutions makes it your most reliable partner in this transformative business journey. Along with a range of quick digital payment and collection solutions, you get high withdrawal and deposit limits to fund your business at all times. The best part is you can open a current instantly through a completely digital application without the hassle of paper work. Open a current account now! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.