Business and Management

Keep the Cash Coming In With Cash Flow Management

No matter what industry or type of business you are in, cash is vital to a company's survival. For a company's survival and growth, it is essential that cash flow be strong and steady. All you need is an awareness of efficient techniques and constant attention to detail.

Banks offer sweep account service which allows you to earn the highest interest on all your money, even if it is only overnight. There are no penalties or concerns about bounced checks. This system allows funds to be automatically moved into and out of the correct accounts every day. You can easily find efficient cash flow management services in Burlington online. 

You can have a zero balance checking account. A sweep account allows you to make any checks that are not required to be paid. If your checking account balance is low, money can be transferred from your line of credit to pay the minimum amount. A sweep program can also be linked to an interest-bearing savings bank.

A lockbox is another bank service that works in the same way. Customers mail their payments to a box at the post office which your bank rents under your company's name. You receive a report detailing all transactions. The bank will send a courier several times per day to clear out the mailbox.

Checks are deposited immediately into your account, literally within hours of arriving in the mail. Electronic payments are easy with most banks. This allows funds to be applied immediately, and eliminates the need to manually process, just like a lockbox.