Key Takeaways

• • • • • • • • • • As your business grows, you’ll need business treasury management solutions that automate processes and make operations more efficient.
                    
                  • Pain points are a good indicator that you need to consider new financial tools.
                    
                  • Fraud is a real danger, but you can help prevent it with automated solutions.

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  As your business grows, so does the complexity of managing your finances. What once worked with a basic business banking account and manual processes can quickly become inefficient. If you’re spending more time managing cash flow, tracking payments or worrying about risk, it may be time to consider business treasury management solutions*.

  What Is Treasury Management?

  Treasury management refers to systems and products that help companies manage cash flow and risk while making the most of their assets. Specifically, business treasury management solutions help:

  • Manage and enhance liquidity
  • Automate processes like payroll and collections
  • Improve cash forecasting
  • Plan for growth
  • Prevent and spot fraud
  • Support risk management efforts

  Is My Company Ready for Business Treasury Management Services?

  Services like business treasury management may seem targeted toward large corporations, but increasingly, small business growth and new developments in treasury management products have made these solutions essential for a well-run company.

  To determine if it’s time to add business treasury management solutions to your company, look for the four pain points described below in your operation.

  1. Your Cash Flow is Inconsistent and You Can’t Easily Access Real-time Cash Availability

  Understanding your cash position makes your business run efficiently. If you’re experiencing cash flow and cash management problems, they can restrict your growth, harm vendor relationships and create time-consuming bottlenecks. What’s the solution?

  Start with Visibility and Access

  A solution like Lake City Bank Digital gives you real-time access to all of your business accounts and the ability to transact and adjust from anywhere.

  Manage Multiple Accounts

  If you have separate accounts for operations, payroll, reserves and more, it’s difficult to visualize your cash position, fund various accounts efficiently, and earn a consistently good return on your idle funds.

  • Access reports like those from Lake City Bank Digital that help with cash forecasting and cash management.
  • Use a sweep account to move excess cash overnight to an account that earns a better return.

  2. Your Accounts Payable Processes are Time-Consuming or Error-Prone

  As vendor relationships grow, so does the complexity of your payment processes. Manual accounts payable workflows can lead to delays, errors and strained relationships with suppliers. You need access to more sophisticated disbursement tools to keep accounts payable moving efficiently, including these solutions:

  • ACH services safely and efficiently move money through the Automated Clearing House (ACH)—same day if needed.
  • Payroll management like SurePayroll processes your payroll including accurate tax deductions, reporting and direct deposit.
  • Controlled disbursement gets you check clearing information the day a check clears for more accurate cash visibility.
  • Zero balance accounts tie a master account that holds all your funds to a checking account. As checks clear, money moves to the checking account for payment, ensuring that all your checks clear.

  3. Your Accounts Receivable Aren’t Processed Efficiently

  Delays in collecting payments can create cash flow challenges, especially if you rely on manual invoicing or have multiple locations handling deposits.

  Improving accounts receivable processes with digital invoicing, remote deposit and automated collections tools can accelerate incoming payments and provide better visibility into outstanding balances. Look to collection tools for improvement.

  • Autobooks allows you to send invoices, receive payments and track outstanding payments in a solution designed to grow with your business.
  • eLockbox intercepts your postal mail receivables and processes them daily.
  • Remote Deposit allows branch offices to deposit checks electronically so you can view credits online daily.
  • Mobile Deposit in Lake City Bank Digital lets you deposit checks remotely from anywhere.

  4. You’ve Experienced Fraud and Need Stronger Risk Management

  As your transaction volume increases, so does your exposure to fraud. Without proper controls in place, your business could face financial losses and operational disruptions. Your treasury management system should include tools like the following to detect and prevent fraud.

  • ACH Positive Pay allows only authorized vendors to debit your accounts via ACH.
  • Payee Positive Pay matches checks you’ve written to checks presented and notifies you when there’s a discrepancy.
  • Dual Approval for wires and ACH helps prevent fraudsters from changing recipient information on wires and ACH payments.

  Take Control With Treasury Management

  Recognizing these warning signs is the first step toward improving your financial operations. Business treasury management solutions can help you streamline processes, gain real-time cash visibility and reduce risk.

  With the right treasury management system in place, your business can operate more efficiently, make smarter financial decisions and focus on continued growth. To learn more about the robust treasury management solutions offered at Lake City Bank, call our Corporate and Institutional Services support center at (844) 979-7164.

   

  *Additional fees may apply.