Hartford Business Journal

HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 17 T he secret of successful businesses is that they are constantly reassessing their business needs. While some aspects of a business, like em - ployee performance or the need for new equipment, are reevalu- ated frequently, one aspect of a business—its banking—can often be overlooked. "Business own- ers should consider an annual financial review with their bank," suggests Jennifer Yergeau, vice president, cash management at PeoplesBank. "Business needs change from year to year, and business banking needs may have changed as well." The Financial Review: An Annual Checkup to Ensure Your Business Is Banking Healthy P E O P L E S B A N K B U S I N E S S S U C C E S S S E R I E S transactions? If so, cash manage- ment solutions may help. "The answers to these questions will help determine the right busi- ness banking solutions for you," notes Ms. Wszolek. "They also will help you know which online tools would work best for your business." 2. Eliminate as many Fraud Risks as You Can: Is your anti-virus and security software robust and up to date? Is your staff educated on best business practices to safeguard against actions that can com- promise workstations and the Member FDIC/Member DIF 877.888.1388 bankatpeoples.com Business Success Tips: Annual Banking Checkup "Business needs change from year to year, and their cash management needs may have changed as well." - Jennifer Yergeau, Vice President, Cash Management, Commercial & Institutional Sales "Our Cash Manage- ment Solutions will help ensure that your business banking processes are efficient, effective and safe from fraud." - Cynthia Wszolek, Assistant Vice President, Cash Management Cash Management Solution and online tools can make many financial management tasks more efficient and safer Frequently educate your staff on fraud risks and prevention procedures New banking technol- ogies can help prevent fraud. Check in with your banker to ensure you are up to date 1 2 3 3. Increase Banking Efficiency: Do you pay your employees or vendors by check? Do you go to the bank to make your deposits? Are you processing your receiv- ables manually? Does reconciling your account take time? "If you answered yes to any of these questions, new Cash Manage- ment Solutions may make your banking processes more effi- cient," says Ms. Wszolek. "These new solutions let you deposit your checks right from your office and automatically update your accounts payable system. Your process becomes more ef- ficient—saving you time, giving you faster access to your cash and increasing your cash flow." "Banking technologies continue to become more innovative," ex- plains Cynthia Wszolek, assistant vice president, cash management. "Our Cash Management Solutions will help ensure that your business banking processes are efficient, effective and safe from fraud." The review is a brief series of ques- tions focusing on three key areas 1. Make Your Business Checking Work for You: Are you keeping higher or lower balances than in previous years? Are you making more network? When it comes to your business banking, are you aware of your current level of fraud protections? "Some business owners forget that banking options come with varying levels of fraud protection," says Ms. Yergeau. "There are a lot of options, and some of them can reduce the risk and liability that could fall on the business owner—things like alerts to catch suspicious activity, and if something does get flagged, your bank can work directly with you to rectify the issue before it becomes a larger problem."

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