8 Essential Cash Management Tools for Small Businesses

When it comes to managing cash flow, you need to know the 8 essential cash management tools for small businesses. Cash management affects your entire business. Choosing the right tools to use can make all the difference in whether you strengthen or weaken your cash flow.

A 2019 Intuit Survey, “The State of Small Business Cash Flow”, reported 61% of small businesses around the world struggle with cash flow.  In addition, about a third (32%) are unable to pay vendors, loans, or their employees due to cash flow issues.

What is cash management?

Cash management consists of all the ways you can manage the cash flow in and out of your business. In short, it is how you collect the flow of money coming in from customers and manage the money going out to pay expenses.

For small businesses, cash management is key to financial stability. A healthy cash flow ensures timely collection and payments. As a result, that will provide working capital to fund business growth.

8 Essential Cash Management Tools for Small Businesses

Dime Community Bank is a great resource for cash management solutions¹. Your banker will help you find the right mix of cash management tools. Here are 8 essential cash management tools to help your small business:

Online Banking & Bill Pay

You can maximize your time while managing your bank accounts and bill payments, whenever, wherever you want. Access your accounts, obtain balances and transaction history from office or home with online banking. In addition, you can transfer funds securely between Dime accounts and approve ACH and Wire transactions.

Account Analysis

As your business grows, so do your business banking needs. With Dime’s Account Analysis, your banker will monitor your accounts to identify ways to maximize your banking relationship.

ACH Payment and Collection

Your banker will help you learn how to move money with security and efficiency. All through Automated Clearing House (ACH) services. In addition, process credit and debit transactions without the cost and time related to paper checks.

Positive Pay

Limit check and ACH fraud by taking full control of the spending in your business account through Positive Pay. At the same time, you can improve the efficiency of your business through automated check reconciliation. 

Remote Deposit Capture

Save time and money by secure scanning and depositing checks. Whenever you want, all from the convenience of your office. Your Dime banker will discuss your deposit needs, and help you set up a Remote Deposit Capture (RDC) portable check scanner and software.

Lockbox Services

Improve the efficiency of your business with Lockbox Services. Your banker will help reduce in-house processing costs and improve funds availability. On top of that, you will simplify record keeping and reporting.

Business Mobile Banking²

 Running a business keeps you on the go. Business Mobile Banking helps you manage bank accounts and pay bills on the go. Simply download the Dime app to your Apple or Android device. Then, experience the ultimate convenience in business banking. For added convenience, you can easily deposit checks remotely.

Merchant Services

Provide your customers with payment ease and flexibility. Dime’s Merchant Services solution enables point-of-sale payment services for you customers with a credit or debit card.  However, it won’t put a drag on the profitability of your busines.

For more information about Dime’s Cash Management solutions, visit dime.com/cash-management or contact your Dime banker.

Dime Community Bank is The Best Business Bank in New York

No bank provides the personal attention your business needs like Dime. Above all, we give you the commitment, dedication and follow-through service you deserve. In addition, your banker will help you by providing financial solutions that evolve with your needs.

Schedule a Call with Your Banker

If you are a business owner, sole proprietor/practitioner or financial officer, Dime Community Bank is here to work with you.

To speak to a local Dime business relationship manager, please call 800-321-3463 to schedule an appointment. Or, visit dime.com/branches to find your local Dime branch.

Need Help with Financing Beyond PPP?

Learn about these five resources to consider for financing the immediate needs of your business.

¹ All products subject to Dime approval.

² Must have Dime Online Banking to use Dime Mobile Banking. Dime Mobile Banking App is available for select mobile devices. Mobile Banking is a free service from Dime. However, your mobile carrier may charge for data and text message usage. Transfer of funds and bill payments from savings and money market accounts are limited to six per monthly statement cycle.