The Financial Physical: An Annual Checkup to Ensure Your Business Is Banking Healthy
The secret of successful businesses is that they are constantly reassessing their business needs. While some aspects of a business, like employee performance or the need for new equipment, are reevaluated frequently, one aspect of a business—its banking—can often be overlooked. “Business owners should consider a financial physical,” suggests Dave Thibault, Vice President, Cash Management at PeoplesBank. “Business needs change from year to year and business banking needs may have also changed as well.”
"Business needs change from year to year and business banking needs may have also changed as well."
“Similar to a real physical, it’s a quick face-to-face chat. It allows my customers to catch me up on their business and any changes, then I can recommend any updates that will save them money or make their processes more efficient,” Dave added. “Most importantly, I see them walk out of the office with peace of mind knowing there’s a plan in place and it’s been vetted with someone they trust.”
The checkup is a brief series of questions focusing on three key areas
1. Make your Business Checking Work for You:
Are you keeping higher or lower balances than in previous years? Are you making more transactions? If so, you may benefit from Cash Management Solutions or another account type? “The answers to these questions will help determine the right business banking solutions for you,” notes Cynthia Wszolek, Cash Management Officer. “They also will help you know which online tools would work best for your business.”
2. Eliminate as many Fraud Risks as You Can:
Is your anti-virus and security software robust and up-to-date? Is your staff educated on best business practices to safeguard against actions that can compromise workstations and the network? When it comes to your business banking, are you aware of your current level of fraud protections. “Some business owners forget that banking options come with varying levels of fraud protection,” reminds Dave. “There are a lot of options and some of them can reduce the risk and liability that could fall on the business owner. Things like alerts to catch suspicious activity, and if something does get flagged, your bank can work directly with you to rectify the issue before it becomes a larger problem.”
3. Increasing Banking Efficiency:
Do you pay your employees by check? Do you go to the bank to make your deposits? Does reconciling your account take time? “If you answered yes to any of these questions, new Cash Management Solutions may make your banking processes more efficient” added Cynthia. “These new solutions let you deposit your checks right from your office and automatically updates your Accounts Payable system. Your process becomes more efficient-- saving you time, giving you faster access to your cash, and increasing your cash flow.”
"Your process becomes more efficient - saving you time, giving you faster access to your cash, and increasing your cash flow."
"Banking technologies continue to become more innovative,” concludes Cynthia. “An annual financial physical will help ensure that your business banking processes are efficient, effective and safe from fraud.”