Bank of America Debuts “Business Advantage 360” for Entrepreneurs

Home » Small Business » Small Business News » Bank of America Debuts “Business Advantage 360” for Entrepreneurs

Bank of America Debuts “Business Advantage 360” for Entrepreneurs

When it comes to running a small business, cash flow can be critical. From managing working capital to ensuring things such as payroll are covered, there’s no doubt that entrepreneurs need to keep a close eye on their finances. That’s why, this past week, Bank of America rolled out a new set of tools intended to help their small business customers stay up to date with their cash flow. Known as “Business Advantage 360,” this new dashboard will soon be available to all of  B of A’s nine million business deposit account holders.

Among the tools offered as part of Business Advantage 360 are cash flow projections, a new streamlined view of transactions, and the ability to set customized alerts. Additionally business owners will be able to connect with bankers through the portal. In a statement announcing the new features, Bank of America’s head of small business Sharon Miller said, “Business Advantage 360 will help entrepreneurs save time and money, by providing a more complete financial picture of their business. This new feature is easily accessible on mobile devices, and will allow our clients to focus on the reasons they opened their business in the first place.”

On top of what’s already been introduced, the bank says it also has future plans for expanding its small business tools. This will not only include additional cash flow information but will apparently also allow business owners to manage payroll and human resources along with tax accounting according to the Bank of America press release. It’s unclear when these features will make their way to the platform.

Notably Bank of America’s efforts come at a time when several banks and other institutions are competing for entrepreneurs’ business. In the world of credit cards, American Express has been leading the way for years, including being the creators of the popular post-Thanksgiving retail holiday Small Business Saturday. Not to be left out, Chase has also put an emphasis on their small business banking and their credit card products such as Ink.

Overall the introduction of Business Advantage 360 is a positive development for small business owners. Regardless of whether, in practice, the platform lives up to the hype, it’s good to see banks working to address the needs of entrepreneurs and help them manage their money. Of course it’s even better when the tools in question are free. For that alone, Bank of America deserves kudos on this one — and here’s to hoping this offering continues the trend of small business-focused tools from B of A and other institutions.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

GOBankingRates Ranks Top U.S. Cities Where Entrepreneurs Thrive

When most people hear the term “startup” it’s common for areas like Silicon Valley to come to mind. That’s why some may be surprised to learn that, when it comes to starting a small business, the U.S. map is filled with cities where entrepreneurs are thriving. Now GOBankingRates (GBR) has...

Acorns App Makes it Easy to Save and Invest 26

We’ve all probably heard it said that the key to building wealth is investing. Unfortunately, especially among those of a younger generation, getting started with investing can seem intimidating, preventing many from even trying. Enter Acorns — a mobile app that looks to make investing not only easy but also...

Bankrate Study Finds Credit Card Debt Rising, Emergency Funds Falling

We’ve often heard frightening statistics about how few adults could cover an unexpected expense of only a few hundred dollars. Additionally the amount of credit card debt Americans hold has topped $1 trillion in recent years. Now a new survey by Bankrate has some more bad news: the percentage of...