A comprehensive financial system is a healthy sign of a successful corporation. Businesses, whether operating on a small or large scale, need a strong financial department well versed in all the modern financial tools. GIRO is one such tool available in Singapore that can streamline all the important aspects of business finances.
Businesses have to pay vendors, merchants, service providers, suppliers, and other such services regularly. GIRO is a financial tool made for this purpose. It is an interface that allows your approved vendors to directly deduct funds from your account for timely payments. It is a very powerful and beneficial tool for modern businesses, so if you are considering availing GIRO services, here are its advantages that you should know.
- Advantages of GIRO:
- Easy To Set Up – Setting up GIRO for your business is a one-time process. You have to approach the banking or the financial institution of your choice and fill out the required forms. Once your application is approved, you can easily use GIRO to meet all your financial needs. You have to go through this process just once and get all the parties involved to approve the payment system, and the rest is managed by GIRO.
- Recurring Payments – Manually setting up transactions for recurring payments can be a lot of hassle. With GIRO, automated recurring payments can be set up, so there is no need to remember any due dates.
- Time Saving – GIRO operates swiftly. After the initial set up, you don’t have to worry about going through approvals, writing individual cheques for each vendor and remembering due dates. GIRO saves your company a lot of precious time which can be redirected to improving the business.
- Convenient For All Parties – GIRO helps businesses to streamline their finances and save time, while it also helps the customer to receive timely payments. This builds trust between all the parties by promoting regular cash flow.
- Secure Transfers – It is a trustworthy and transparent system which securely transfers funds between bank accounts. It is more secure than physical cheques which are prone to theft, loss or damage.
- Improved Efficiency – When payments are being processed on time, keeping a track of expenses, funds and other budgeting indices becomes easy. This comprehensive platform makes all the information related to business expenses available and helps in expense management of the company.
- Reduced Paperwork – Since GIRO is an electronic system, it eliminates the need to use paper. No need for paper cheques, approval documents or client documents in physical form. Everything is operated and accessible digitally. This also makes GIRO an environmentally friendly alternative.
- Cost Effective – Digital banking services are cost effective since they can operate with zero or very low additional charges. Businesses can save by using online financial services like GIRO and avoid the costs which would be incurred in case of manual payments.
- Client Satisfaction – The clients, vendors or merchants will trust your business more if you stick to your commitment to deadlines. Since GIRO ensures timely payments, it promotes client satisfaction which would have been troubled in case of any disruption or delay.
- Business Management – Any business needs a well-planned financial system. Manual handling of finances can take up a lot of time, can lead to human mistakes and take up a lot of labour. GIRO eliminates such disruptions and promotes smooth business management.
- What can GIRO be used for?
Suppose you are considering GIRO after learning about all its advantages. In that case, you should first analyze your business needs and narrow down the GIRO services that will be optimal for your company. Different institutions can provide different services, but here are a few of them that you should consider:
- Pay Employees – You can use GIRO to pay your employees on time. Just set up the account for employee salary, and the funds will be transferred to their accounts on time, promoting employee happiness and trust in the company.
- Collect Customer Fees – You can collect subscriptions, fees or instalments from your customers in a timely manner. This will create convenience for both your company and your customers due to improved efficiency.
- Government Fees And Taxes – You can even use GIRO to set automatic payments for your taxes and other official obligations. This will eliminate manual tax filing and help you comply with government rules.
Now that you have learnt how GIRO works, which services it provides and what are its advantages, consider setting up a GIRO service for your company and take your business to new heights.
