1st Source Cash Management
In the beginning a business survives on the vigorous management of its operations in order to generate a sustainable cash flow. At some point, however, its long-term survival becomes dependent on the effective management of its cash in order to sustain its operations and growth. At every stage of a business cash is its lifeblood, and the failure to manage it effectively could lead to early cardiac arrest. As the business grows, it’s not enough to simply have more cash coming in than going out of the business checking account. Business stability and, ultimately, its survival, require the efficient management of cash inflow, outflow and accumulation.
The Importance of Cash Management
Most small businesses experience erratic revenues for any number of reasons – seasonal income streams, business interruptions and even growth spurts. It’s because of this that cash-on-hand becomes more critical to the business, and its payables and receivables must be managed as efficiently as possible. It’s nearly impossible to foresee all of the risks that could threaten the financial health of your business, but, in most circumstances, effective cash management can mitigate the risk.
In the digital age, money never sleeps, and it should never have to sit idle. But, most business owners are too entrenched in running their business to properly tend to the critical function of managing the intricate, day-to-day movement of its cash. Businesses that are equipped with electronically-linked cash management tools enable their managers to focus on what they do best while ensuring that billing, receivables and payables systems are operating as efficiently as possible.
1st Source Cash Management Solutions
Cash management is, essentially, about achieving optimal efficiency in two key areas, cash in (Receivables) and cash out (Payables) resulting in increased cash reserves.
1st Source Receivables Management
With access to the latest digital technology and centralized processing, your business can compress the receivables cycle to a minimum saving costs and increasing cash availability. Businesses of any size can benefit from automated collections processes, reduced mail float, streamlined credit processing, and remote deposit. (learn more)
1st Source Payables Management
When a business controls its payables, it can better control its cash flow. By improving the overall efficiency of your payables process, you can reduce costs and keep more cash working in your business. Payables management solutions, such as Automated Clearing House (ACH) and Electronic Payment Processing can streamline and automate your payable functions leaving you with more resources to grow your business. (learn more)
With the array of robust 1st Source cash management solutions available you never have to be in the dark about your cash situation, and your cash will never sit idle again. For a consultation with one of our cash management specialists, call 1(800)513-2360 or visit one of our convenient banking centers at a location near you.
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