Treasury management services are banking options designed to help businesses maximize cash flow while minimizing labor hours and trips to the bank.
Because all businesses are different, SouthEast Bank offers treasury management tools designed to support a variety of business functions, from point-of-sale transactions to employee payroll.
When to Consider Treasury Management Services
As your small business grows, so will the number of financial tasks and responsibilities to oversee. At a certain point, you may realize that it’s time to outsource some money management tasks, and that’s where treasury management services come in.
Treasury management services can automate and facilitate certain financial tasks so you and your employees can focus on other priorities. For example, if you find that you’re spending hours managing vendor payments when you’re needed in other places, you can implement a direct debit tool to automate this task.
Benefits of Treasury Management Services
If you’re considering treasury management services, here are a few of the benefits to consider:
1. Automate Tasks
Managing every facet of your small business finances manually can take a toll on your schedule, as well as become tedious. Treasury management tools enable you to outsource the tasks of your choosing so you can focus on growing your local business.
2. Minimize Unnecessary Spending
If your top employees are spending hours taking care of financial tasks, you may be paying more for their labor hours than you would for a treasury management tool. Taking those items off their to-do lists makes your employees available for other priorities and helps reduce company spending.
3. Mitigate Risk
Some treasury management services can add an extra layer of security for small business operations. Positive pay, for example, confirms checks are valid before they’re cleared against your account to minimize check fraud losses.
4. Grow Your Earnings
At the end of the day, your goal as a business owner is to grow and improve your organization. With financial tools for small business owners like merchant services, you can accept card payments to expand your payment methods and increase your bottom line.
How to Save Time With Treasury Management
Now that we’ve discussed the reasons treasury management can benefit entrepreneurs, let’s take a look at the specific services you can choose from. Here are a few of the treasury management services available at SouthEast Bank:
1. Deposit Checks Remotely
As a business owner, your time is valuable, and you can generally accomplish more tasks while you’re at work than you can while you’re on the road. That’s where remote deposit comes in. This treasury management option provides you with the equipment to scan checks right from your office, so you don’t have to make a special trip to the bank.
2. Minimize Check Fraud
As we discussed, one function of treasury management services is to support small business security efforts. Positive pay gives you an additional line of defense against fraud by making sure checks are valid before they clear.
3. Manage Debit and Credit Cards
The more payment methods you can accept, the more likely you’ll be to close sales at work. That’s where merchant services comes in – this treasury management service provides you with the equipment to accept debit and credit card payments using wireless, internet or PC-based options. How’s that for convenience?
4. Simplify Payments
In many cases, if you’re running your own business, you may also be managing your own payroll. That’s why tools like direct deposit and direct debit can be helpful.
Direct deposit streamlines the process of paying employees. If they sign up for the direct deposit treasury management solution, their checks will be deposited directly into their bank accounts on payday. This no-hassle solution minimizes the need for paper checks and ensures everyone is paid in a way that’s convenient for them.
Direct debit is a treasury management solution for your outgoing payments. This option enables you to give certain vendors secure access to the accounts you choose, so they can invoice you and automatically withdraw the amount they’re owed.
Other Business Banking Services
If you’re finding SouthEast Bank’s treasury management services to be a good fit, the business banking perks don’t stop there. We proudly support Autobooks, a tool designed to help simplify small business bookkeeping and invoicing. Our robust small business solutions are one of the many perks of becoming a SouthEast Bank customer.
Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or application. SouthEast Bank does not control the content of these sites, services or applications.
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.