From payroll and reporting to fraud threats and managing employees, business ownership comes with many responsibilities. Operating cash flow is perhaps the most immense responsibility, as it directly impacts multiple areas of your business. This is where Treasury Management Services [TMS] come into play as they offer ways to streamline financial assets.
What Exactly is Treasury Management?
Treasury management refers to several financial tools and services that help a business plan and optimize cash flow, liquidity, and long-term profitability. Specifically, they are used to streamline time-consuming tasks such as accounts receivables and payables, fraud detection, and other cash management processes so you can focus on the more significant tasks at hand.
Benefits of Treasury Management Services
As your business grows, fraud and risk management become more prevalent concerns. Cash management services are needed to help you detect and prevent any possible fraudulent transactions with services like ACH Positive Pay, Check Positive Pay, and secure wire transfers. Other benefits include:
- Improved Time Efficiency and Productivity - Streamlining payments to employees and vendors lowers the number of hours spent on payment authorization. You can automate other manual procedures with services such as ACH Collections and Account Reconciliation.
- Strategic Planning and Forecasting - Having better control and visibility over financial operations can help you make more accurate predictions and avoid expensive mistakes in the future. The visibility that comes with using TMS allows business owners to get a clearer picture of where they currently stand and understand where they may be heading.
- Better Risk Management - TMS provides an added layer of protection by helping you detect fraud and breaches on your account(s). You can catch any suspicious behavior in real-time using some of the services mentioned above.
Custom Treasury Solutions to Meet Your Business Needs
You now know how Treasury Management Services can help support your business, but does your business require all of the services offered? At Farm Bureau Bank, you can Build Your Own Treasury Solutions with a customized, tailored package that fits the needs of your business. After all, you know your business best!
In two easy steps, here's how you can Build Your Own Treasury Solutions today:
- Choose the business checking account that is right for you.
- Business Essentials - Perfect for small businesses looking for simplicity and convenience.
- Business Advantage - Great for mid-size businesses with higher transaction levels and more complex needs.
- Add any of the services listed below that suit your business [and let your balance offset the fees].
- Choose One Service - Minimum Daily Current Balance of $8,000+ required.
- Choose Two Services - Minimum Daily Current Balance of $16,000+ required.
- Choose Three Services - Minimum Daily Current Balance of $24,000+ required.
Our easy-to-use services for businesses of any size put you in control of your account(s) with just a few clicks. See how much more efficient running a business can be, and talk to our Treasury Management team today!
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