As a business owner you will be aware of the need to maximize your firm’s liquidity. Financial risk should be less, at the same time. There are many ways in which you can do so. You may not have the time for cash management but officials in your bank certainly will. By putting certain processes in place you can make their task easier.
You can look on the net for banks which offer treasury management services. Your end of the day balances should be used instead of lying idle. Transferring them in investments, or paying your line of credit, or transferring from zero balance accounts will help you in doing so.
Read the fine print before you authorize such acts. You can opt for zero balance accounts if required. You may need to keep such accounts separate, if you use them for different purposes. You can take business loans to buy equipment, office space, and so on.
Other facilities which you should look for are internet banking, courier facility, and escrow accounts. You may not have the time to take your deposits and important documents to the bank, so you can set up a schedule for bank personnel to pick these up from you regularly.
If you need to have segregated escrow accounts, look for a bank which will supply you with a master account and as many sub accounts as you will need. Make sure the bank has a secure mechanism in place so that counterfeit checks can be detected quickly.
You should also take the necessary precautions to identify fake checks. Electronic tax payments, salary payments, and so on will prove convenient. Look for a checking account which will enable you to write the number of checks that you need to monthly.
You can choose from different payment options, depending on the size of your business. If you make only a few transactions, you may want to keep a minimum balance or pay a fixed fee every month. Meet your banker regularly so that you can review the manner in which your money is being optimized.
Look for an experienced person for treasury management. Clearwater residents should consider a bank which is nearby, so that you find it easy to visit whenever you have to. Maintaining money is a s difficult as making it, so once you have trusted professionals to guide you you can focus on increasing your revenues.
Treasury Management
