by Malia Richardson
With proper cash-management strategies, companies can thrive through any economic cycle.
Becoming more efficient at cash management isn’t a one-time task. Managing cash means closely monitoring how a business generates revenue in exchange for providing goods or services, how payments are made, and how inventory turns. These are the building blocks that can help business owners decide which automation tools, solutions, and best practices make the most sense for the business.
Digital payment systems are revolutionizing commercial cash management. Here are a few questions to ask when looking for a cash-management platform.
- Is it current? Does it offer the ability to transact in real time and get same-day data immediately?
- Is it customizable? Can you create your own workspace that best aligns with daily responsibilities?
- Is it safe and convenient? Does the workspace conform to your schedule and location and use the latest biometric identification technology to protect account information?
- Is it connective? Does the platform work well with other data-management solutions?
- Is it condensed? Does the design and functionality make everything easy, with intuitive systems that are simple to set up?
At Regions Bank, we are committed to delivering the resources our business clients need to accelerate cash flow and improve overall cash management. At a time when business clients often need to do more with less, automation and technology provide efficient alternatives to the manual process of billing and receivables. This, in turn, helps companies focus more on customer service and product development, while we step in and make cash flow simpler. Our team in Regions Treasury Management is proud to offer a variety of solutions to our business clients across the River Region and beyond to help them manage and grow their business.
Today’s digital options for accounts payable and accounts receivable far surpass what was available even five years ago. With more solutions available than ever before, there’s never been a better time to make cash management a priority. Businesses of all sizes can now access real-time payment networks to process digital payments in seconds. Accounts payable, accounts receivable, invoicing, and bill payment capabilities are accessible within a fully integrated solution, such as CashFlowIQ, which Regions Bank recently launched to clients.
A commercial card program is another popular way to give business owners an edge to help improve efficiency, oversight, and strategic direction. Commercial cards function as a working capital tool and provide businesses the ability to pay merchants up front and on time while increasing the bottom line. Commercial cards can integrate with existing enterprise resource planning systems and accounting processes, making it easy to reconcile transactions and accounts payable activities.
Cash management should be an integral part of a company’s focus. A conversation with a banker is the best first step to identify which strategies may work best. At Regions, our solutions-based approach can guide companies through the dynamics of maximizing their cash flow. To learn more, visit regions.com/treasury-management.
Malia Richardson is Treasury Management Relationship Manager at Regions. Contact her at [email protected] or 334-240-1383.
