Every business has different needs when it comes to cash management. Our experienced team understands that and will work with you to recommend the best combination of Cash Management services to help you maximize cash flow, save money, and reduce the time you spend on your business’s finances.
We asked our Vice President of Cash Management, Michael Tudino, to answer the most common questions we hear about Cash Management to help you understand what it is and how it can help your business save time and money.
What is cash management?
Cash management refers to securely managing cash inflows and outflows because in business, cash flow directly impacts your company’s financial stability and future growth. Put simply, the goal of cash management is to maximize the availability of cash in a secure payment environment while minimizing additional costs.
What is the importance of cash management?
According to a U.S. Bank study, 82% of business failure is due to poor cash management. As your business grows and develops, you will need cash management services to help you control and maximize your cash flow. Cash management services ensure a streamlined process to access your cash faster and include the additional benefit of fraud prevention. Services such as Positive Pay and ACH Positive Pay can help reduce the risk of loss and theft by adding an extra layer of security to your business account(s). Ultimately, the goal of cash management is to help your business save and protect your money.
What services are offered in Needham Bank’s Cash Management Suite?
Our Cash Management Suite provides services in areas including maximizing cash flow, fraud prevention, collection and disbursement services, and account reconciliation. We work closely with you to build a custom package of cash management services, including:
Cash Flow Management
Designed to help you improve your cash flow and manage your finances more effectively.
Collections/Receivables
Keep your business moving forward—move funds electronically, deposit checks remotely, accept credit and debit cards securely, and use lockbox services to make the check handling process easier.
Disbursements/Payables
Initiate payments to your suppliers, vendors, and creditors without leaving your office from your desktop or when you are on the go with your mobile device.
Fraud Prevention
Add an extra layer of security to your account by restricting who has access to your account, determining authorized electronic payments, and having your checks verified against a list of already approved checks.
Direct Connect For Quicken® And Quickbooks®
Import information directly from your business’s online banking history.
Discover our full Cash Management Suite with the benefits and features of each service.
What will you gain as a business owner using our Cash Management Suite?
Security
Feel as secure online as you do walking into one of our branches. Our online banking platform is protected with out-of-band authentication and customized fraud and security alerts that let you know when something isn’t right.
Efficiency
Business owners don’t have time to waste. With our Cash Management features, your business will have fast, full-time financial tools that save time and increase efficiency.
Control
We know businesses need options when it comes to managing your cash. That’s why our Cash Management services are built to give you control and optimize your cash flow.
Convenience
With our cash management suite, you will save time and effort by managing your financial position online. You can review account information and pay bills whenever and wherever you want with your mobile device. You can also deposit checks with your mobile device, a scanner connected to your desktop or by visiting any of our convenient branch or ATM locations.
If you have any more questions about our Cash Management Suite, please Michael Tudino at 781-474-5448 or visit us at NeedhamBank.com/business/cash-management.
