You also want any cash left over in your accounts after you meet your business expenses to invested properly, so it can help your business grow. At the same time, you want to be able to access your money and move it to another account easily when you need it. A comprehensive suite of business banking products will help you with these important aspects of cash management: savings, investment, and movement of funds.
The business banking experts at your financial institution can advise you on the best types of accounts and investment vehicles in which to place your business cash in order to satisfy your priorities, whether you want your money to be easily accessible in the short term, want it to grow for the future, or a combination of the two.
Cash management solutions will most likely allow you to move funds (either automatically or as you specify) between demand deposit accounts, savings and money market accounts, and/or CD and investment accounts. In this way, you'll be able to easily ensure that you have the right amount of money on hand for payables, while growing your business cash reserves at the same time. When receivables are deposited in your business account, you can specify the amount to "sweep" into your savings or investment accounts as a cash reserve. The key is to choose a cash management solution that allows you, as the business owner, to control the process and specify your needs, while taking the day-to-day management and hassle off your plate.