Cash Management for Your Business
Money management is critical for any business. Below, we dig into how cash management works, why it’s so important, and the best ways for businesses to work with their bank.
What does cash management mean and why is it so important?
The term can be confusing. For example, one service we offer, credit card processing, known as merchant services, actually falls under cash management.
A better title for our cash management or Treasury Services team is “business specialists.” We help our business clients operate efficiently and with all of the ways money moves through a business, from collecting payments, rent, or HOA dues to payroll processing or making payments to other businesses.
Better cash management enables our clients to make remote deposits from their offices or their team to deposit remotely in the field, map the movement of their money into their own systems, and remain protected from fraud.
What cash management tips would you give a new business?
Work with your banker from the very beginning. If your banker understands who you are and what you’re trying to accomplish, they can provide helpful solutions to get you started on the right track. Our goal is to make your job easier.
We are very customer oriented and don’t offer cookie-cutter products, customizing solutions for each client’s challenges and approaching every client with a can-do attitude. We do quarterly or semi-annual reviews for some clients—and we look for ways to save them money even when they don’t ask us to.
Contact a banker at First Bank and we’ll set up a consultation. We look forward to providing you with the excellent, flexible service to meet your business needs and growth goals.