Manufacturer Increases Efficiency By Reducing Operating Accounts By 66%

The Situation: New Client’s Previous Bank Overlooked Efficiency Recommendations

A paper products manufacturer sought help from First Business Bank to process its government relief fund application because its existing bank was too slow. After that positive experience, First Business Bank’s Treasury Management team asked, “What are your pain points?” and set about listening and making recommendations. 

• Cumbersome Account Reconciliation – This manufacturer operates entities in three states and had set up nine accounts for payables and receivables. Reconciling nine accounts was time-consuming and inefficient.
• Payments Lacking Data – When larger companies paid the manufacturer, it was difficult to determine which invoices they were paying because, between the three entities, one payment represented multiple invoices. Employees spent extra time hunting down payment information.

The Solution: First Business Bank’s Treasury Management Expertise

After becoming frustrated with a slow bank, this manufacturer sought help from First Business Bank and was open to discussing how to improve their banking to increase efficiency. First Business Bank’s Treasury Management team listened to their pain points, working to understand their cash flow cycle and how they use cash strategically every day. Our team recommended a suite of solutions, including reducing nine operating accounts to three, implementing complete fraud protection on all three accounts, using Electronic Data Interchange (EDI) to decipher payable information, and recommending Integrated Payables solutions for even more efficiency and revenue potential in the future.

• Experience & Education – First Business Bank’s Treasury Management team, among the largest for a bank our size, focuses its time on account analysis to help businesses improve efficiency, prevent fraud, improve reporting, and maximize revenue generation. 
• Regular Checkups – First Business Bank clients benefit from experts who listen to their needs, which results in recommendations and ongoing proactive suggestions to improve. Prioritizing long-term relationships with clients, First Business Bank’s Treasury Management team educates clients about banking solution updates and meets regularly to optimize cash management, fraud prevention, and other banking solutions.
• Efficiency – First Business Bank’s Treasury Management team helps businesses streamline banking processes, freeing employees to focus on other, more critical tasks. Improved efficiency and productivity in a tight labor market are worth the investment.