TORONTO, ONTARIO--(Marketwire - July 11, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Make use of online tools and resources to better manage your business' cash flow.
"Business owners are increasingly looking for ways to better manage their cash flow, both to help them meet their obligations and to give them more time to focus on growing their businesses," said Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal. "Online cash flow management solutions provide simple, real-time, cost-effective ways to keep track of the cash moving in and out of your business and they give you a complete picture of where you stand financially at any given time."
Consider using online cash management to:
Send and receive payments electronically: Electronic payments, such as Wire Payments and Electronic Funds Transfers (EFTs), are fast and cost effective. They also improve security by reducing the potential for lost, stolen or forged cheques.
Reconcile cheque payments: By receiving timely, detailed reports on your paid cheques rather than waiting to receive the physical cheque, you are able to reconcile your accounts quickly and facilitate cash forecasting.
Use your bank's cash management online platform to your advantage: Make use of features and services, such as:
- Performing foreign exchange (FX) transactions;
- Text messages or email alerts that notify you of important transactions;
- Downloading banking reports for better cash forecasting;
- Automating the delivery of files to your company's software to save you time;
- Performing post delivery transactions online to save you money, including cancelling or amending transactions.
Invest when your business has surpluses: Don't let cash sit idle when it could be working for you. Be ready to invest cash, even if just for a short period of time.
Prepare for the unexpected: Maintaining access to flexible credit allows you to take advantage of growth opportunities, maintain a good standing with your suppliers, and keep your business secure during temporary downturns.
For more information on BMO cash flow management tools and products please visit www.bmo.com/home/commercial or contact your BMO Bank of Montreal representative.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.