Small businesses are turning to internet banking for a clutch of useful functions in a bid to keep track of their finances, new research shows. More than 1.2 million Australian small businesses have taken up internet banking since its inception in 2000, according to independent consultants the Market Intelligence Strategy Centre (MISC). Initially, internet business banking products were so-called desktop systems, where a specific program was installed onto a computer in order for small business owners to access their accounts. But the product has evolved, with banks now developing web-based offerings that require no special software.

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