If someone asked who your primary business advisors are, you would probably mention your attorney, CPA, financial advisor, and banker. But what about your treasury management officer?

The value of treasury management should not be underestimated. Today's treasury management specialists extend far beyond basic transaction processing and treasury services. They offer strategic insights and tactical advice to help your business achieve its key financial goals and operational objectives.

Build a Strong Relationship with Treasury Management

Engaging with your bank's treasury management officer is essential. A proactive relationship can help provide data integration with your business's accounting systems, leading to enhanced efficiency and effectiveness, as well as reduced service fees by consolidating overlapping unnecessary accounts.

Their expertise can automate your accounts payables and accounts receivables processes. Moving away from manual processing to electronic invoice processing not only increases efficiency but also improves cash forecasting and vendor relationships.

Manual payables processing involves lots of paper, making it hard to take advantage of payment incentive terms. Processing invoices electronically increases efficiency, reduces processing delays, minimizes vendor disruptions, and improves cash forecasting.

Conversely, manual receivables processes make it difficult to post and process promptly. With integrated data automatically brought in it speeds up the entire process. Wholesale lockbox services enable remittance payments to be processed and deposited daily, resulting in accelerated receivables posting and boosted cash flow. Remote Deposit Capture services enable the convenience and efficiency of depositing checks directly from your office or any remote site.

Your bank’s treasury management officer can also offer expert advice on the solutions to help protect your business from fraud. They can guide you in adopting protective measures such as Positive Pay and ACH Authorization services, which help prevent unauthorized transactions and mitigate risks associated with check, ACH, and cyber fraud. These solutions allow you to set parameters for ACH transactions and block all unauthorized ACH debits and/or credits from posting to your accounts.

Optimizing Liquidity and Enhancing Information Management

Effective liquidity management is essential for enhancing your business's financial health. Your treasury management officer can help implement products and services designed to increase your earning potential and optimize cash flow. Through Zero Balance Accounts and Investment and Line of Credit Sweep Accounts, your business can optimize its cash, ensuring funds are efficiently allocated for investment opportunities while reducing overdraft risks.

Zero Balance Accounts enable funds to automatically transfer to cover transactions, maximizing the amount of funds available for investing while minimizing the risk of checking account overdrafts and fees.

Investment Sweep Accounts enable excess funds to be swept from your business checking account at the end of each business day and placed into interest-bearing accounts overnight. Funds are then replenished the next day to cover transactions.

Line of Credit Sweep Accounts enable excess funds to be swept from your business checking account at the end of each business day to pay down your line of credit, helping to reduce interest expenses.

In addition to liquidity products and services, treasury management provides information management solutions that offer real-time control over your financial data. Providing seamless financial management across all digital platforms, complete with customized reporting and advanced access controls through tools like online and mobile banking, and more.

Thrive in a Competitive Landscape

Firstrust’s treasury management experts are here to be trusted business advisors and provide the strategic guidance and solutions to help your business excel in today’s competitive marketplace.

To learn more visit firstrust.com/Treasury.