Cash Management Made Easy Online
All companies, small and large, manage cash. Some do it simply - deposit checks,
pay vendors and reconcile their accounts. Some require more. A company's cash
management goal is to know how much cash you have and to manage it efficiently.
This may mean taking advantage of trade discounts, paying down on a line of
credit or investing in a short term certificate of deposit. All this and more
can be done using the Internet.
Some business owners manage their cash at the kitchen table late at night; other
companies have in-house accounting departments. No matter, the job gets done.
Simple or sophisticated, cash management has moved to the Internet and is
easier than ever. When you use a bank cash management system you can do your
banking online, day or night, from your computer.
Every day banking tasks can be accomplished on the Internet. You can check your
account balances, monitor your sweep investment account, view images of the
checks that clear your account or you may choose to download your account
activity to a spreadsheet for easy reconcilement at month end. You can pay
vendors and stop payment of checks, all with a few clicks of the mouse.
If your banking is a bit more complex because you have multiple locations and
require accounts at several banks, you can simplify it with a bank system that
allows you to move money between your various bank accounts. It's important to
your overall cash management goal to concentrate your cash in one bank to make
the most efficient use of it at all times.
If a lockbox for collection of receivables is one of your cash management
tools, you need to know who paid you and when. This important information is
available online the minute the deposit is made to your account. With the
lockbox your
funds get to your account more quickly than if you processed the payments and
made the trip to the bank yourself. The sooner the deposit is made the sooner
the funds become available for your use thus helping to achieve your cash
management goals.
Do you use a controlled disbursement account that allows you to fund only
the checks that will clear your account today? To have complete information,
you need to view these checks online immediately. Your Internet cash management
system should provide this function. With check images available for viewing,
you can implement a fraud protection program known as Positive Pay and use the
check images to decide if you want your bank to pay the check or not.
Another cash management tool, Direct Deposit of Payroll, gives you the
opportunity to offer a popular benefit to your employees while improving your
cash management system. You save time and money by not producing and
distributing paychecks. The employees save time not standing in line to cash
their checks. Direct Deposit is an online function. You simply transmit
instructions to your bank to move funds from your company account to your
employees' accounts at whatever bank they choose. It's a quick and easy online
process.
All of these banking functions are online, in real time 24 hours a day at Dollar
Bank. To learn more about managing your business
online click here.
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