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Now browsing: Hometown News > Business Columns > Van Canada

Van Canada
This Week | Archive

Technology brings benefits of cash management to more businesses
Rating: 2.83 / 5 (166 votes)  
Posted: 2006 Aug 25 - 02:54

Cash management is the process of managing business income and expenses to receive the most benefit from cash resources.

Not so long ago, a successful cash management program required more time and effort than many companies could commit to. Thanks to technology, that's no longer true. Today banks offer products to help companies of all sizes streamline their cash flow, minimize administration time and maximize earnings.

Online banking, business accounting software, electronic processing, and high-speed data transmission all work together to help you handle your company's cash flow efficiently. In fact, if you use direct deposit or check account balances online, you're already using the new cash management services.

Here's an overview of the kinds of services your bank may offer.

Receivables management: Many banks offer products to help you collect income efficiently. Examples include direct debit, merchant and lockbox services - all of which allow your customers to send payments directly to the bank to be deposited automatically into your business account. Some services even provide electronic images of checks or other payments for your verification.

Expense management: These services help you streamline the way you pay expenses and maximize the amount of money available for business growth and investments. Direct deposit and automated payments reduce bill-paying paperwork and administrative time. Sweep and zero balance accounts ensure funds are available for operating expenses while keeping more money in interest-bearing accounts.

Information management: This often-overlooked area of cash management includes services that help you monitor your cash flow for better overall financial planning. Most banks offer online banking services that let you download up-to-the-minute financial records so you can use computer-based financial management software to plan and forecast your financial future. You may have to invest in software or equipment to take advantage of these services, but you will probably end up saving money thanks to the increased efficiency.

To make the most of these new cash management services, speak with your branch manager, cash management specialist, or business banker about how you do business now, and how you'd like to improve. With great ideas to help you reduce the time you spend on banking and accounting, you'll increase profits and the time you have to focus on your business.

This article was submitted by Van Canada, Riverside Bank President in Volusia County.

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