If you’re like most people, you’ve probably played Monopoly at some point.

Just like in the beloved board game, most business owners spend so much of their time in high-level buying, selling or trading that they aren’t always ready for those unpredictable Chance cards. You remember:

They’re the ones that tell you to “advance to GO”— or send you straight to jail.

It’s one thing to be surprised during a board game and something else entirely when your company’s finances are at stake. The good news is that more and more institutions are offering mobile banking alerts that deliver information on real-time account activity right to the palm of your hand.

HOW ALERTS CAN HELP

Most banks’ online and mobile applications allow owners to monitor balances, view and approve transactions, and prepare for upcoming due payments.

Some allow businesses to set limits and have alerts delivered to their phone or inbox when those limits have been exceeded. Some alert you when passwords or personal identifications have been changed.

With alerts, small business owners are preemptively staying in control of their finances by safeguarding their accounts and helping their businesses avoid fees for silly items like overdrafts or late fees.

WHY IT MATTERS

Still not convinced that mobile alerts can be useful? Then you need to hear the following story.

A friend of mine owns a title company. As most of you know, title companies frequently make wire transfers to pay off mortgages. A lot of account information is passed through these transactions.

My friend is a very hardworking, attention-to-detail kind of man, but he is also incredibly busy. Like most business owners, he left the day-to-day functions of his company to his employees. He did all of the right things. He set up initiators, he authorized approvers, and he set limits.

The one thing failed to do was make himself aware of all the transactions taking place. He simply didn’t realize he needed to scrutinize some of those transactions. He thought it was just a nuisance, much like those coupon alerts that bombard your inbox every five minutes.

Hindsight is always 20/20. Had he been alerted to the fact that Employee No. 1 and Employee No. 2 were working together and sending three wires a day to the same place, he would have found this activity suspicious.

And so, my friend was deceived. Had he used mobile alerts, he would have been in better control and more aware of the suspicious transactions, despite the hustle-and-bustle of a busy life.

Life—and business—are unpredictable. By setting up mobile alerts, entrepreneurs can limit the power of chance’s ability to create headaches for their businesses. Think of the alerts as your company’s “Get Out of Jail Free” card.