British business has changed in the last few years, becoming part of the online revolution and the advent of E-business and Internet financial management. The high street has been the real victim in this groundshift towards more virtual business and despite the continuing worry about recession, financial downturns and the ongoing 'credit crunch' businesses have seen their markets expand globally, thanks to the relentless march of cyberspace. Banking hasn't been left behind either, and it's now rare to find any financial institution that doesn't offer an online banking service. This can only be of benefit, both to customers and to businesses alike.

The original thinking behind online financial management was more environmentally altruistic, as it was seen as a means to remove the 'paper-based' system of old. The public was initially reluctant to become part of this revolution, their concerns fuelled by reports of identity theft, online credit card scams and other cybercrimes. Better security systems have replaced the first generation protocols and using the Internet is now a safe and secure method of managing your finances for both personal and business customers. Small and medium sized companies (SMEs) have particularly benefited from a more modern approach to doing business online.

Business credit cards have proven to be a perennially popular way of giving SMEs an additional source of funding, with 23%* of business owners using them to inject additional capital into their companies. The flexibility of an online credit card management strategy has made it even easier to keep a close eye on the day to day finances of a business, as online management gives a real-time snapshot of the company's transactions and expenditure 24 hours a day, seven days a week. Traditionally, a business credit card user would have to wait for the monthly statement to assess how the cards were being used. If an overspend had occurred, it was too late to prevent it escalating. With online banking a card owner can put a stop to any overspend before it happens, making the overall financial position of the company that little bit more secure. This is particularly important where there are multiple users on a single account, and pre-set spending limits also makes this a more controllable system of financial management.

Using an online financial management system incorporating business credit cards can also give businesses an outline of their average expenditure as projected throughout the year. It means that if a business owner notices an increase in travel costs for example, restraints can be put in place to curb overspends before they occur. Some business credit cards offer 'reward schemes' as part of their package, and these can be utilised to make further savings for the business, particularly in travel and accommodation expenses. This ability to be able to not only control immediate spending but to forecast potential costs throughout the year can potentially prevent a company nose-diving towards collapse as a result of overspend.

Time management is a vital factor for any business, and online business credit card management can help here as well. The time spent gathering in and sorting through receipts and separate paper statements can cost a company money, especially if they employ an external accounting service. Online management gives a business owner the chance to stay on top of the paperwork quickly and easily, reducing the time (and money) spent on bookkeeping and other administration. A clear breakdown of any transactions can be printed out at any time. It also enables a business to keep a close eye on payments to suppliers, ensuring that deadlines on invoices are met and keeping vital lines of credit open to the business.

The evolution of E-business and its resultant online financial management systems is making the way UK PLC does business more dynamic and controllable. In a global marketplace that never sleeps, having access to your financial information at any time of the day or night could mean the difference between your business keeping up with competitors or going to the wall. Any weapon in such a competitive marketplace needs to be utilised, and online management of business credit cards can leave business owners with more time to focus on the important aspects of their business - bringing in new customers or developing new products or services. It also gives them the peace of mind that, at the click of a button, they are in complete control of their business finances.

* Figures published by the Federation of Small Businesses 2009 New Year Message