Reducing Business Operating Accounts From 9 to 3 Increases Efficiency

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

A paper products manufacturer sought help in 2020 from First Business Bank to process its Paycheck Protection Program (PPP) application because its existing bank was too slow. After that positive experience, First Business Bank’s Treasury Management team asked the question, “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 a total of nine accounts between all three 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 Team

After becoming frustrated with a slow bank, this manufacturer sought help securing a PPP loan. They were open to discussing how to improve their banking overall, and First Business Bank’s Treasury Management team listened to their pain points, working to understand their cash flow cycle, and how they use cash on a daily basis and strategically. Our team recommended a suite of solutions, including reducing nine operating accounts to three, implementing full fraud protection on all three, using Electronic Data Interchange (EDI) to help 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 time on account analysis to help businesses improve efficiency, prevent fraud, improve reporting, and maximize revenue generation. 
• Regular Checkups – First Business Bank clients benefit experts who listen to their needs, which result 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 up employees to focus on other, more important tasks. Improved efficiency and productivity in a tight labor market is worth the investment.