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Prepare and process documents for financial and banking processes (13932)

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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.

b) Interview institutions‘managers to compare philosophy of institution with business philosophy.

c) Compare institutions to determine best option.

d) provide financial institution with information about business, for example:

fill out forms,

  • 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.