10 Time-Saving Cash Management Strategies

BY: Sam Huntington

As a businessperson, you know that time is your most precious resource. No amount of revenue, cost reductions, or effective tax planning buys you any more of it. Your only effective strategy is to conserve time by finding efficiencies as best as you can. 

In our Treasury Management department, we recognize both the scarcity and value of your time, and we're dedicated to helping you conserve as much of it as possible. We know the best use of your business time is spent furthering the mission of your organization and your people – not staring at a bank statement, waiting on hold, or trying to navigate an overly complex online banking site. That’s why our financial tools are created with "time efficiency" in mind.

Here are 10 strategies you can start employing today to begin saving time every day:

  • Use non-cash payments: Everything about cash consumes valuable time, so the more you can reduce coin and currency handling, the better. Consider incenting your clients to use non-cash payment methods, such as checks, credit cards, and Automated Clearing House (ACH). And instead of keeping petty cash on hand, provide company debit and credit cards to your employees.

  • Standardize terms for collecting payments: Using different payment terms for different clients takes up more time and adds the potential for errors in your accounts-receivable processes. Make it easier on your A/R function by implementing consistent payment terms for everyone and keeping exceptions to a minimum.

  • Use a single login for banking applications: Even if your organization has separate entities with unique TINs, we can set them up under a single login ID for ease of access. Then you can sign on one time and see all your accounts under easy-to-identify account names you create.

  • Take advantage of remote deposit capture: While we pride ourselves on the operational efficiency of our drive-ups, Interactive Teller Machines (ITMs), and lobbies, we can’t do much to control weather, traffic, and other delays you might experience traveling to us. Remote deposit capture – or eCourier as we call it – saves you a trip to the bank by allowing you to deposit checks without getting up from your desk.

  • Automate payments: Use our Bill Payment and Automated Clearing House (ACH) services to set up automatically recurring payments, instead of mailing checks. You’ll save time preparing payments and your vendors will appreciate not having to wait for mail delivery.

  • Receive account alerts: Use our Notifi account alert system to quickly and easily set up email or text messages for a wide variety of events, saving you time looking at your account for a specific occurrence. For example, many clients set up an alert to receive a message when their account balance drops below a threshold of their choosing.

  • Sign up for eStatements: No need to wait for mail delivery – now you can access your account statements on the first business day of the month by going to our secure website. We’ll send you an email notification, or just remember that business accounts have a statement cycle that ends on the last day of the month. Even better, save time by storing your statement on our website or download it to your own computer, bypassing the printer altogether.

  • Pay your employees via payroll direct deposit: Are you still paying some employees by check? Don’t feel bad; you’re not alone. Moving all your employees to direct deposit for their paychecks will not only save you time, but the employees will thank you later as well. No more having to come into the office on vacation days to pick up a paycheck, or (even worse) waiting for the mail carrier to deliver it and then taking it to the bank. We’ve seen employers offer small gift cards to employees to try direct deposit for a few paychecks to see how they like it. No one goes back to checks.

  • Consolidate your accounts at one bank: You make everything easier on yourself when you keep your accounts at one bank. From streamlined online access to easy transfers of funds to the simplicity of your reporting functions, you save time and everything works better for you when you keep all your accounts under one roof.

  • Handle transactions via Mobile Banking: Our Mobile Banking app offers the same real-time account information as our Online Banking platform, and you can perform many of the same functions as well. Your login/password are the same as using your computer, and the facial and fingerprint authorization offered by smartphones can save you even more time when logging in.

Our Treasury Management team would love to help you find more time in your day by utilizing some of these time-saving methods. Give me a call at (608) 826-3516 or email me and let's work together to make your banking experience more efficient.


Sam Huntington

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