Corporate ยป Business Resources

Cash Management Made Easy Online

Manage your business onlineAll companies, small and large, manage cash. Some do it simply - deposit checks, pay vendors and reconcile their accounts. Some require more. A company’s cash management goal is to know how much cash you have and to manage it efficiently. This may mean taking advantage of trade discounts, paying down on a Line of Credit or investing in a Short Term Certificate of Deposit. All this and more can be done online.

Some business owners manage their cash at the kitchen table late at night; other companies have in-house accounting departments. No matter what, the job gets done. Simple or sophisticated, cash management has moved online and is easier than ever. When you use a bank cash management system you can do your banking online, day or night, from your computer.

Everyday banking tasks can be accomplished online. You can check your account balances, monitor your sweep investment account, view images of the checks that clear your account or you may choose to download your account activity to a spreadsheet for easy reconcilement at month end. You can pay vendors and stop payment of checks, all with a few clicks of the mouse.

If your banking is a bit more complex because you have multiple locations and require accounts at several banks, you can simplify it with a bank system that allows you to move money between your various bank accounts. It’s important to your overall cash management goal to concentrate your cash in one bank to make the most efficient use of it at all times.

If a lock box for collection of receivables is one of your cash management tools, you need to know who paid you and when. This important information is available online the minute the deposit is made to your account. With the lock box your funds get to your account more quickly than if you processed the payments and made the trip to the bank yourself. The sooner the deposit is made the sooner the funds become available for your use, thus helping to achieve your cash management goals.

Do you use a Controlled Disbursement Account that allows you to fund only the checks that will clear your account today? To have complete information, you need to view these checks online immediately. Your online cash management system should provide this function. With check images available for viewing, you can implement a fraud protection program known as Positive Pay and use the check images to decide if you want your bank to pay the check or not.

Another cash management tool, direct deposit, gives you the opportunity to offer a popular benefit to your employees while improving your cash management system. You save time and money by not producing and distributing paychecks. The employees save time not standing in line to cash their checks. Direct deposit is an online function. You simply transmit instructions to your bank to move funds from your company account to your employees’ accounts at whatever bank they choose. 

All of these banking functions are online, in real time 24 hours a day at Dollar Bank.

Learn more about managing your business online.

Dollar Bank's Business Banking experts are here to help! Contact us today. 

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