If you’re a small business owner, you know how challenging managing your company’s finances can be. Tracking your profits and losses, planning for future expenditures, and figuring out if you have enough capital to expand your business can be difficult on your own.
That’s where treasury management comes into play.
Many banks offer treasury management services, but local business owners may not understand what they entail or how they can benefit them. Let’s talk about how these tools can help you streamline your business finances and plan for the future.
What Is Treasury Management?
Treasury management tools are designed to meet several common needs that businesses require regularly, from organizing accounts, to processing payments, to helping prevent losses.
Banks understand that there’s no one-size-fits-all financial solution for businesses. That’s why most institutions offer a variety of treasury management tools, so you can select the ones that work best for your company. They can help identify areas that need improvement, make the best use of available funds, reduce risk and more.
SouthEast Bank offers treasury management solutions designed with local businesses in mind. Here are a few of the options available to small business owners and entrepreneurs:
- Credit Card Acceptance: If you’re limited to cash or check payments, you may be missing out on another stream of revenue, since debit card, credit card, and contactless payments are rising in usage. SouthEast Bank’s merchant services include wireless, internet, and PC-based card acceptance options.
- Direct Deposit: If you have employees, direct deposit may be a good fit for your business. This tool enables business owners to issue paychecks directly into employees’ bank accounts.
- Direct Vendor Payments: Instead of manually submitting vendor payments, you can use treasury management tools to schedule recurring payments quickly and easily.
- Online Domestic Wire Transfers: If you need to wire money to a vendor or customer, you can save time by sending domestic wire transfers online through your account.
- Check Verification: If you receive a check as payment, you can use Positive Pay to verify that the check is valid before it’s cleared against your account, preventing your business from incurring check fraud losses.
- Insured Cash Sweeps (ICS): Help keep FDIC insurance coverage for your funds by implementing this treasury management tool, which can automatically divide your money between other participating accounts in the ICS network. This tool shouldn’t replace your account management, but may help provide an extra layer of monitoring for when funds reach FDIC limit thresholds.
- Account Analysis: If your business has a high volume of transactions and a high balance, choose an account that works for you. Account Analysis keeps a running total of the fees associated with activity on your account – deposits, check activity, ACH items, etc. That total is then translated into an earnings credit allowance, which can help offset the cost of those fees.
How Does Treasury Management Help Small Businesses?
As a small business owner, you know how easy it is to become overwhelmed by daily operations, making it difficult to get a clear picture of your finances, let alone plan ahead for future endeavors. By using treasury management services, you can add tools to your banking toolkit that can help streamline your everyday money management and business operations.
Help increase efficiency by using remote deposit, making payments through direct deposit or wire transfer, and automating recurring transactions like vendor payments.
Potentially boost revenue by offering diverse payment options, including debit and credit cards and other contactless payments.
Get real-time support to help you anticipate costs and keep down losses, whether by catching bad or fraudulent checks or managing your money to maximize FDIC protection.
Setting Up Treasury Management Services
Treasury management services can support businesses of every size, but they can be especially helpful for small business owners. If you already enjoy a checking account or financing from your banking institution, why not explore the other services they have to offer?
Learn more about SouthEast Bank’s Treasury Management services and be connected with a personal business banker who can provide that extra pair of hands—since yours are full running your dream business!
Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.
