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Treasury Management, or TM for short, is a set of essential services that businesses can utilize to streamline processes and promote efficiency. This can include the managing of daily cash flows and understanding the financial decisions being made within a company. We sat down with Greg Anderson, Vice President & Senior Relationship Manager, Treasury Management at Farmers National Bank, to discuss the topic further!
Q: What exactly is Treasury Management, simplified and what are the core functions?
A: To keep it simple, Treasury Management is how you, as a business owner, get paid, how you pay bills and from there projecting how your cash flows and how to prevent fraud.
Q: What Treasury Management services does Farmers provide?
A: At Farmers, we provide clients with an entire suite of products that can be tailored to fit any business. These can be broken into three categories. In Accounts Receivable, it can look like mobile deposits, remote deposit capture, ACH (Automated Clearing House), lockbox services, accepting credit cards, online wires and more. In Accounts Payable, you can expect to see positive pay, bill pay, payroll card, checks, credit cards, wires, and purchase cards. Finally, investments can include additional income, keeping funds FDIC insured, paying down debt, and lowering service fees.
Q: What should business owners look for in TM providers?
A: Business owners should seek out TM services from someone who can be an advisor to them. Someone who can understand their business and make decisions based on that information is crucial to ensure that they are getting the most out of their Treasury Management experience.
Q: How does Treasury Management provide tangible results to customers and help to mitigate financial risks?
A: Treasury Management provides customers tangible results by saving them valuable time they could be using to direct their efforts elsewhere. TM at Farmers helps to streamline processes so they don’t have to sweat the small stuff.
Q: What experience do you have in TM?
A: I have over 15 years of experience directly working with Treasury Management. I specialize in advising businesses on how to streamline and forecast their cash flow along with fraud prevention techniques for businesses, public entities and nonprofits.
Q: How have you seen TM services create positive change in real time?
A: I think technology has really played a valuable role in enhancing TM services and leveling the playing field. There is an entire product suite that is waiting to be tailored to fit any & all businesses.
Q: Anything else you would like to add about your line of work?
A: Learning about people’s businesses and helping them never gets old. Sometimes with larger clients, the issues we are trying to solve are more complex, but it’s still about taking time to figure out what the customer is trying to achieve and what you can do to help them achieve it.
Why Farmers?
So, you have all the information you need about TM, but you’re unsure of who to trust to help in the process. At Farmers, we strive to take a practical approach to your banking needs by offering a personal touch as well as the latest products, banking, and security technologies. Our commitment to serving our community is the driving force behind all decisions. By offering a comprehensive suite of banking products, user-friendly digital tools, and personalized service through our local presence, Farmers National Bank is a convenient and trustworthy choice.
Want to improve your business solutions? Contact Greg Anderson today at ganderson@farmersbankgroup.com
