by Nick Craven, AVP Business & Consumer Banking
From machinery and equipment to digital spreadsheets and bookkeeping software, there are a wide variety of tools used by modern companies to increase efficiency and effectiveness. No reasonable business owner turns away from a proven system for making critical business tasks easier to manage and more consistent. These are the basic reasons behind the use of treasury management services by a wide range of organizations in today's economy. Let's look at some of the more specific benefits.
Treasury management as offered by TAB Bank is by nature a flexible service, one that adapts to your needs as a business owner and ensures the most pressing concerns related to financial management are capably addressed. We don't attempt to lock you into a full suite of services when you only need help with a few specific tasks. If you want comprehensive assistance managing various aspects of your operation's finances, however, we're more than happy to help you oversee and efficiently control a dozen of those tasks and ongoing concerns.
In simple terms, treasury management means oversight, control and reporting related to a number of core financial concerns. Those specific needs can range from ACH origination and payroll distribution to lockbox processing, positive pay and financial balance reporting. TAB Bank provides as many - or as few - of these services as is necessary for your company.
Just as you might hire an outside firm to conduct required environmental testing or provide security for a facility, you can bring on TAB Bank as your treasury management partner. With two decades of experience helping businesses manage their finances and secure their futures, we take pride in building strong relationships with each and every one of our clients. That means listening to your needs, maintaining open channels of communication and offering the most relevant and effective service on a continuing basis. While many financial institutions can offer specific products and functions, TAB Bank is a true partner that cares about your company's health and fitness.
With all of this in mind, let's consider how treasury management can serve as a force multiplier, boosting business performance and reducing the need for your company to directly hire part- or full-time employees to handle these financial and accounting needs. For small and mid-size businesses, growth is always a positive, but it can bring a variety of complications along with it. As companies grow, they require more attention to be paid to internal operations, to ensure processes and workflows are completed appropriately and that both relevant regulations and best practices are followed. Financial tasks that were once handled by the business owner or a knowledgeable staff member may grow too complex to complete in a consistent or timely manner.
In many cases, it may not be a prudent financial decision to hire additional staff. The Society for Human Resources Management said the average price tag tied to hiring a new worker is more than $4,000 dollars, and that doesn't include ongoing expenses like salary, insurance or other benefits. Instead of hiring additional staff when there may not be much room in the budget for it, you can rely on proven treasury management services from TAB Bank. With a fixed monthly cost and no need to hire or replace staff, it's a more predictable expense that provides consistent, high-quality results.
Finding an effective treasury management partner helps your business stay on top of many different financial management needs. To learn more, get in touch with TAB Bank today.