Square’s Balance Folders Transform Financial Management for Canadian SMEs

In a move to improve financial management for small and medium-sized enterprises across Canada, Square recently launched Balance Folders in Canada.

The new feature from payments innovator Square allows allows business owners to automatically manage cash flow and set aside funds for specific needs, be it taxes, payroll, or expansion.

With Balance Folders, a portion of every sale made through Square is automatically allocated to designated folders, simplifying financial management for business owners.

This feature comes at a time when one-third of Canadian small business owners report challenges in managing finances.

Key aspects of Balance Folders include automated contributions, customizable organization, and instant access to funds. The feature is available to Square sellers at no extra cost and without a minimum balance.

As automation continues to redefine financial technology in 2023, tools like Square’s Balance Folders underscore an industry-wide shift toward practical solutions that deliver immediate impact day-to-day operations.

Other updates Square has made to its platform this year include launching Tap to Pay on Android for sellers across Canada.

Meanwhile, the fintech has been partnering with a range of Canadian companies—from online cannabis platform Jane Technologies to online restaurant-reservation service OpenTable, as well as major international firms like Visa.