Owners of smaller businesses often don’t understand the importance of cash management tools. They may never have encountered these tools before, or they may think their companies aren’t big enough to justify using them. But no matter how many employees you have, cash management tools can help make you more productive and build your bottom line.

For years, large corporations have used tools that make cash management (also called treasury management) easier and more efficient. Many typically implement and administer these products with help from their banks. Now, banks are increasingly offering the same cash management tools tailored to the needs and budgets of smaller businesses. This trend is helping level the playing field.

“A common misconception is, ‘My business isn’t big enough,’ ” explains Steven Wildemuth, Senior Vice President, Manager Treasury Products with City National Bank. “The business owner might say that he’s fine with writing 300 checks a month and staying up on Saturday night stuffing envelopes and licking stamps — but there are better ways that can save time and money.”

Contact your business banker to begin exploring these tools. Your bank should offer a range of affordable treasury management products and services, including:

  • Online banking. Make transactions online, view and store check images and receive automatic balance alerts and customized reports. Your bank should also allow you to download your financial data into accounting software.
  • Electronic deposit. Bring the bank to you using a special scanner to scan checks and deposit them from your place of business, reducing trips to the bank and improving security.
  • Payables management. Pay your bills, manage your payroll, arrange for wire transfers and pay your taxes over the Internet.
  • Merchant services. Make it easier and more secure for your customers to pay you by accepting other forms of payment your customers present: integrated credit card and electronic check processing, debit card acceptance, wireless point-of-sale terminals and detailed transaction reporting are available.
  • Funds transfer. The ACH (Automated Clearing House) network is the most cost-effective method of making payments and can expedite the collection of receivables. Through ACH, you can make a variety of electronic payments, such as payroll, vendor and tax payments. Wire transfer service is the fastest method for moving funds to another business or person.

Taken together, these treasury management tools and services can help streamline operations and make your money work harder. They can also help protect against fraud by providing timely information on your company’s financial transactions.

City National Bank has been helping businesses improve cash management for nearly 60 years. Contact us to learn how we can help improve efficiency at your company. Call us at (800) 599-0020 or request that a Relationship Manager contact you.