3.6: Monthly Summary of Cash Receipts

Work with Financial Institutions

a) Determine what options are available with financial institutions, for example:

• account types,
• applicable fees,
• credit/debit card processing procedures and options,
• customer service,
• discounts available, e.g. for volume of transactions, for membership in associations,
• variety of services offered.

• provide:
• business plan,
• financial statement,
• incorporation papers.

e) set up accounts and lines of credit with financial institutions:

• establish separate operating and tax accounts,
• establish signing authority.

f) develop rapport with staff of financial institution:

• focus on key staff, including management,
• talk to staff in person, not just on the telephone,
• approach staff with a positive, confident attitude,
• invite representatives to your place of business:
• demonstrate responsible business operation

g) Make deposits regularly, e.g. daily, weekly.

 h) Update account balances regularly, e.g. daily, weekly:

• monitor overdrafts,
• invest static surplus.

i) Reconcile accounts monthly.