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.