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Customized Financial Services Can Help Your Business Run More Safely and Efficiently

Mar 29, 2023 | Finance

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Businesses of all sizes and from all industries should leverage every opportunity to address these ongoing challenges and Treasury Management services from your financial services provider can help you run your business more safely and efficiently.

The more time a business spends on manual administrative tasks, the less it has to invest on strategic initiatives such as market strategies and revenue growth. At Northrim Bank, we focus on serving the unique needs of Alaskans and the businesses that power the Last Frontier. Our team of experts is committed to helping businesses achieve their goals with strategic solutions, sophisticated technologies and industry specific insights now and as needs evolve. We are ready to help your business achieve more.

When business is disrupted, it can tie up valuable internal resources and potentially result in financial loss. While economic conditions have improved, challenges with supply chain, shipping and labor continue to linger. At the same time, fraud attempts and cyber security attacks show no sign of slowing. Businesses of all sizes and from all industries should leverage every opportunity to address these ongoing challenges and Treasury Management services from your financial services provider can help you run your business more safely and efficiently.

Treasury management is a way to accelerate collections and control disbursement.

Treasury Management services encompass collections (receivables), payments (disbursements), information reporting and liquidity management. Needs will vary by company size and complexity but every business should consult with their financial services provider for a customized evaluation of their individual business needs. For smaller businesses, a business checking account, online banking and mobile access may be sufficient. However, as your business grows your banking needs will become more complex and treasury management can assist you in creating a customized banking platform to meet your specific needs. Here’s how they work:

Collections/Receivables: Accelerate the collection of payments by automating manual, paper-intensive processes to clear deposits as quickly as possible. Leverage remote deposit capture where you can electronically scan and deposit checks into your bank account eliminating the need to make a trip to the bank. Additional options include mobile deposit, ACH, merchant services and lockbox, all of which simplify paper processes and free up your time and valuable resources.

Payments/Disbursements: Control the timing and method of outbound payments to maximize your cash position. When possible, leverage digital payments to automate the AP process, mitigate fraud risk and significantly reduce the costs associated with accounts payable. Alternatives to check payments include ACH, commercial cards, single-use virtual cards (vCards) and bill pay. Gaining in popularity, an Integrated Payables service would allow you to consolidate all payment types (check, ACH, card, wire) into a single automated payment process and file. Regardless of what payment methods you choose, it is recommended that you always leverage fraud prevention services to include check and ACH positive pay.

Information Reporting: Safely and securely manage your company’s cash flow anytime, anywhere. Check balances, transfer money, view cleared checks, set up wire transfers to make quick, same-day or future-dated payments, download account history to your accounting software and view, print and download account statements. Leverage a mobile app to view account history, make deposits and manage approvals while on the go. Establish text and email alerts that notify you of specific activity on your accounts.

Liquidity Management: Improve your cash potential by putting idle funds to work, automatically and safely. When applicable, consolidate balances from multiple accounts into a single concentration account leveraging a Zero Balance Account. At the close of business, choose from a variety of automated sweep services to invest excess funds or pay down debt.

Experience and Support that Matters
In today’s economic climate, businesses must constantly evolve and improve their customers’ experience, often with reduced resources. The Northrim Treasury Management team has tackled these common challenges, adjusting its approach to delivering Treasury Management services by enhancing funding, development and decision making in addition to insured deposit options and infrastructure enhancements. Together these programs allow it to deliver new and enhanced services and solutions to our customers faster.

Investing in automated Treasury Management services will simplify your financial operations to help free up the time you need to manage and grow your business. These services can also help to mitigate financial and operational risk by providing real time visibility to your accounts through online access or your mobile device. Let Northrim Bank be your strategic growth partner. We provide the financial expertise so business owners can continue focusing on their true passion: growth.

Find more details about Northrim’s Treasury Management services here.

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