News for YOU! Business Edition is a quarterly newsletter provided by KS StateBank that offers tips and other helpful information for business owners. Feel free to sign up now to receive new editions of our newsletters by email each quarter.
March 2024
Safeguard Your Business and Your Customers from Card Payment Fraud
It’s been said that “cash is king,” but research on consumer spending says otherwise. According to a Forbes Advisor survey, just 9% of Americans use cash to pay for purchases, while 54% of consumers use debit cards and 36% credit cards.
It’s easy to understand the card love. Paying by card is easy and convenient and eliminates the need to carry cash. Debit and credit card acceptance also offers many benefits to business owners, like the ability to sell their goods and services online and expand their market area.
But, there’s a challenge with accepting card payments in person and online – increased threat of fraud to your business. With the increase in card transactions there can be a corresponding increase in fraud, making it essential that business owners work to protect their customers, reputation, and bottom lines.
Here are some tips to help you keep card fraud out of your business:
- Adhere to PCI-compliant standards. Ensure your company is in compliance with The Payment Card Industry Data Security Standard (PCI-DSS) when accepting, processing, and storing customer card data.
- Require identification at the point of purchase. If you take card payments at the point-of-sale, ask for identification, such as a driver’s license. Also, look out for suspicious behavior, which can be a strong indicator of fraud.
- Monitor sales activity. Regularly review orders to look for unusual activity or patterns. For example, did a customer place a larger-than-normal order? Do you notice an increased number of orders that couldn’t be processed? These may be signs of potential fraud.
- Develop a plan for data breaches. Having a plan for how you will address a data breach, including the steps you need to take to limit the damage from the breach and how you will notify your customers is critical.
- Collect only the data you need. While it’s great to know your customers, storing too much of their data can increase the damage of a cyberattack. Obtain only the information you need to close the sale and ensure that any card or personal information you store is protected.
- Update malware and payment processing software. Stay abreast of changing software and security measures, including updating anti-virus software.
- Train your staff. Establish security protocols and procedures for preventing fraud and train your staff about possible threats and how to handle them.
KS StateBank Merchant Services
Merchant Services from KS StateBank makes it possible for you to accept all the major card brands as well as foreign cards and debit cards. We can also help protect your business from fraud with our PCI compliance program. Contact our Cash Management team for more information.
Get a Fresh Perspective on Your Business This Spring
Business is constantly evolving and offering new products/services, markets, and ideas. But for business owners struggling with juggling never-ending day-to-day tasks and responsibilities, it’s hard to recognize these opportunities. That’s a clear sign that it’s time to stop and get a fresh perspective. Here are some ways you can accomplish that with your business this spring, the season of growth:
- Take work offsite. Chances are, you’re spending a lot of time in your office or business location, which may make it difficult to think creatively. If you can, schedule an offsite meeting or spend a day working in a different location, where you can get away from routine tasks and look at things from a different angle.
- Take some time off. It’s hard to come up with new ideas when you’re exhausted. Make plans to take some time off, whether it’s a week’s vacation or even a few afternoons off.
- Knowing you’re helping others in need is energizing. Look into volunteer opportunities at food pantries, homeless shelters, and other organizations in your area, and roll up your sleeves and help out.
- Reorganize your workspace. Believe it or not, re-arranging your office and other furniture or even giving your workspace a good cleaning can help you get a shiny new outlook on your business.
- Find a mentor or coach. Look into organizations like SCORE that can help you get no-cost mentoring, guidance, and advice from a highly experienced retired executive who can provide a valuable outside perspective on your business.
- Attend a conference. You’ll learn about the latest trends and opportunities in your industry and can take back fresh ideas and inspiration for your business.
- Network with other business owners. If attending a conference isn’t in your budget, reach out to local business owners in your network or at your local Chamber of Commerce. It’s a great way to share your challenges and gain valuable advice.
- Take your best customer out to lunch. You might learn about other needs they have that could lead to new product/service offerings or uncover better ways to serve them.
- Use expert resources. In this age of technology, you can gain access to a range of resources from business experts. Search for podcasts or books that bring expert knowledge and inspiration right to you.
Get a Fresh Perspective on Your Business This Spring
What steps can you take to effectively combat the latest cyber threats?
The present threat landscape has grown to the point where a single security measure is no longer sufficient to protect against cyber threats. But there are options available that can help you protect your business and put your mind at ease.
Join UV&S and KS StateBank in Wichita for lunch on Thursday, April 11, 11:30 a.m. to 1:00 p.m., as we team up to share technology solutions you can use to safeguard your business from fraud and other security threats.
Click here to register.
Where:
UV&S Technology Conference Room
245 N Waco Ave, T100, Farm Credit Bank Building, Wichita, KS 67202
Contact:
Andy Snyder, KS StateBank
316-347-2209 or asnyder@ksstate.bank
December 2023
New Beneficial Ownership Requirements
Beginning on January 1, 2024, many companies will have to begin reporting information about their beneficial owners, or those who ultimately own or control the company, and their applicants to the U.S. government under new requirements from the Financial Crime Enforcement Network (FinCEN). These reporting requirements were designed “to make it harder for bad actors to use shell companies to hide their ill-gotten gains and to help law enforcement identify who is behind these bad companies.”
A beneficial owner is an individual that, either directly or indirectly, owns or controls at least 25 percent of the ownership interest of a reporting company or exercise substantial control over a reporting company.
Existing reporting companies that were created or registered to do business in the United States before January 1, 2024 will be given until January 1, 2025 to file its initial report. New reporting companies created or registered to do business in the United States on or after January 1, 2024 must file a report within 30 calendar days of receiving actual or public notice that the creation or registration of the reporting company is effective.
Companies that are required to file a beneficial ownership information report must do so electronically through FinCEN’s filling system that will be available beginning on January 1, 2024.
Updated reports will be required when there is a change to or inaccuracies in previously reported information about the reporting company or its beneficial owners. The updated or corrected reports are due within 30 calendar days after a change occurs or from when the company becomes aware of the inaccuracy.
Companies could face civil and criminal penalties if they disregard their beneficial ownership information reporting obligation. FinCEN understands that this is a new requirement. If you correct the mistake or omission within 90 days of the deadline for the original report, you may not be penalized.
At this time, the process for gathering client Beneficial Ownership information at KS StateBank will not change.
More detailed information on the new Beneficial Ownership requirements can be found at fincen.gov/boi.
Get Your Business Off to a Fresh Start in the New Year
Time flies when you're running a business. One moment, you're wrapping up your books and planning for the holiday season, and the next you're in a fresh new year with new possibilities and challenges. The start of a year is actually a great time to reflect on your plans and goals for your business and lay the groundwork to achieve them. Here are some tips to help you pave the way for success.
- Set your course. Where would you like to take your business in the coming year? Would you like to grow your sales and customer base? Expand into new products or services and hire employees? Set aside some time to think about your goals for the business and how you make them measurable.
As you think about your goals, make sure you consider your personal goals, since you and your business are so intertwined. For example, would you like to work less hours or take more time off? How could you accomplish that? By outsourcing some time-consuming functions or hiring additional staff?
- Know where you're at. To get where you want to go, you need to know where you stand. Take a long look at the previous year to get a handle on your sales, best customers, employees, and product/service offerings. Identify areas of strength that you can build on as well as areas where you might improve. Be honest and thorough.
- Get a jump on taxes. No one likes filing taxes, but you can make the process easier by preparing your documents and financial statements ahead of time.
- Talk to your customers. There's an old song, "Give the People What They Want." That's very true when it comes to business. Talk to your best customers to uncover their needs and how your business can help them.
- Meet with your employees. Finding qualified and trusted employees is not easy. So, it's critical that you make time to talk to yours to determine their needs and career goals.
- Clean up. Nothing spells freshness like a clean workspace. And whether it's a desk in your home or a warehouse, take some time to remove clutter and organize.
- Network. Another fresh way to help your business is to bring in new customers. If you haven't already, join networking or professional groups, so that you can meet prospective customers and forge strategic partnerships with related businesses.
The year is young and a great time to infuse some new life into your established business.
As 2023 comes to an end, we wanted to give you an advance look at the holiday schedule for 2024. Mark your calendars! These are the dates that the Bank will be closed, thus creating non-processing days for your transactions.
| Date | 2023 Holidays |
|---|---|
| Monday, December 25 | Christmas Day |
| Date | 2024 Holidays |
|---|---|
| Monday, January 1 | New Year's Day |
| Monday, January 15 | Martin Luther King, Jr. Day |
| Monday, February 19 | Presidents Day |
| Monday, May 27 | Memorial Day |
| Wednesday, June 19 | Juneteenth |
| Thursday, July 4 | Independence Day |
| Monday, September 2 | Labor Day |
| Monday, October 14 | Columbus Day |
| Monday, November 11 | Veterans Day |
| Thursday, November 28 | Thanksgiving Day |
|
Tuesday, December 24
Bank closes at noon; ACH deadline is noon CT
|
Christmas Eve |
| Wednesday, December 25 | Christmas Day |
September 2023
Common Mistakes Businesses Make
Mistakes happen in business. Whether it's the loss of a top customer to a competitor or a financial miscalculation that creates a cash flow shortfall, it's easy to have a slipup that can impact your business. The key is to learn from your mistakes. To help you with that, we've put together this list of the most common mistakes small business owners make, including:
- Taking on too much. Small businesses owners have to operate with limited resources. Often, that requires them to do a lot on their own – whether it's managing payroll or handling customer service issues. While it's great to be busy, taking on too much can lead to mistakes and burnout. Consider delegating some of your responsibilities to your staff. Or if that's not an option, think about outsourcing functions, such as payroll or accounts payable. Doing so will not only shorten your "To-Do" list, but also will free you up to focus on more important aspects of your business.
- Lack of planning. A business without a plan is like a ship at sea without navigation. Without a plan, you can't anticipate obstacles that may get in your way or take advantage of opportunities. Sure, it's hard to plan ahead when you're constantly putting out fires and managing the day-to-day tasks involved with running your business, but setting aside time to plan can help make your business stronger and ensure its long-term viability. Your planning should assess where you currently are, where you want to be in the short and long term, and how you can get there. Lastly, building a plan isn't a one-time thing; you'll want to regularly review your goals and performance and adjust accordingly.
- Staying on top of cash flow. Cash is king and to run a successful business, you need to master cash flow. That requires you to monitor your finances regularly and maximize opportunities to enhance cash flow, including working your receivables, paying bills efficiently, and putting idle funds to work for you.
- Overspending happens. That's why it's imperative that as part of your planning, you review your income, receivables, and expenses and create a budget. Track your budget on a monthly basis and make changes as necessary.
- Finding work/life balance. Though your business is a big part of your life, it's not your entire life. Make sure you work realistic hours and carve out time for yourself and your loved ones. Again, delegating responsibilities can help.
Mistakes will happen, but by taking these steps you can afford making some of the biggest ones.
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Here are five simple ways to protect your business:
- Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
- Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
- Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
- Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
- Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.
June 2023
Get Off to a Great Start this Fiscal Year
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
To accomplish that, there are some smart steps you can take:
- Know where you stand financially. The best indicator of the health and wellbeing of your business is your finances. That's why it's imperative that you run financial statements to help you with planning for the new year. These statements include:
- Income statement: An income statement will show your profit or loss over the past year.
- Balance sheet: A balance sheet provides a snapshot of your assets and liabilities at a particular point in time.
- Cash flow statement: A cash flow statement can help you understand the cash that comes in and out of your business.
- Income statement: An income statement will show your profit or loss over the past year.
- Assess your goals/plans. Before you begin the fiscal year, review your goals and accomplishments for the previous year. Did you meet them? What could you have done differently? What are your goals for the coming year? For example, will you introduce a new product or purchase new equipment? Make a detailed list of your plans and goals for the upcoming year.
- Make a budget. Next, you need to start creating your budget. Your budget should not only include expenses, but also income projections based on past performance as well as the expected financial impact of your goals and plans for the year.
- Connect with your customers. Do you know your best customers? If you do, reach out and acknowledge them. Knowing your customers will also provide valuable information to help you deepen relationships, build loyalty, and ultimately increase revenue in the coming year.
- Recognize your employees. As the labor shortage has taught us, your employees are critical to the success of your organization. Taking the time to recognize their accomplishments either through financial rewards, benefits, or even appreciation events, can help you get them and your business off to a great start in the new fiscal year. And that's something to cheer about!
5 Ways to Protect Your Business
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Here are five simple ways to protect your business:
- Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
- Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
- Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
- Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
- Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.
Your business may very well be your biggest asset. Make sure you take these measures to protect it.
Independence Day
We will be closed on Tuesday, July 4 for Independence Day. We'll reopen on Wednesday, July 5 during regular hours.
March 2023
Questions Every Business Owner Should Ask
Running a business requires you to constantly respond to the needs and concerns of your customers, employees, and your market. But when is the last time, you responded to the needs of the most critical person to the success of your business – you?
With all the daily responsibilities of managing your business, it's easy to lose track of your own needs, challenges, and plans for your business. Fortunately, there's a very easy way to fix that – ask yourself. Here are five questions to get you started:
What's the financial health of my business? Just as you go for regular checkups at the doctor, it's important to check on the financial health of your business. Do you know your revenues and expenses? Have your profits increased or decreased? Can you identify your top customers? Be sure to run your financial statements and to look at your sales to spot trends and identify your most important customers.
Where do I want to take my business in the coming year? As the captain of your business, you're responsible for setting the course. Ask yourself where you would like to take your business in the coming year. Would you like to expand into new markets or offer new products? Or would you like to scale back? Write down your goals and ways you can measure your performance with them at the end of the year.
How is my work/life balance? It's great to have a successful business, but if that business is taking you away from spending time with your loved ones or doing the things you love to do, it's time to bring in some extra help and make adjustments.
What are my strengths and weaknesses? If you have employees, you're probably used to conducting performance evaluations. Why not evaluate yourself? Are there areas where you shine or need improvement? If you're lacking in certain areas, explore ways you can improve, such as taking courses, developing new skills, or even hiring someone that has strengths in the areas that are challenging for you.
Where do I see my future and the future of my business? The start of the year is a great time to plan for the long-term future of your business. Do you expect to retire from the business in the near future? And if so, what will be your exit strategy? You may, for example, be thinking about turning over your business to a family member or putting it up for sale. Take some time to think about your long-term plans and what makes the most sense for you.
KS StateBank Cash Management Services
As a business owner, it’s important to alleviate some of the stress that comes with running a business and to find convenient and efficient ways to ease your load. We offer products and services designed to save you time, money and energy. Here are a few of the cash management services we offer that can help improve the efficiency of your business operations.
Online Banking: Online Banking helps you stay connected to your accounts around the clock. You’ll benefit from additional cash management services found within Online Banking such as ACH services, free E-Statements and Online Bill Payment.
Positive Pay: Protect your business from fraud. Found in Online Banking, Positive Pay is an automated check fraud protection tool that helps you to safely approve and upload items to your accounts.
Remote Deposit: Reduce your liability and increase your efficiency by making check deposits without having to go to a branch. With Remote Deposit you can securely scan checks for deposit from your office into one or more business accounts and you’ll be able to access those deposits through your Online Banking account or as a stand-alone service. Used along with our Remote Deposit service, our Mobile Remote Deposit app makes it easy to deposit checks on-the-go from your mobile device.
Merchant Services: Merchant Services allows you to easily accept all types of payments at your business and increase your revenue potential. We offer several processing solutions to help your business grow. We can conduct a rate review to determine if we can help you save on transaction fees.
SmartSafe: Our SmartSafe cash deposit solution allows you to focus on your customers and employees while providing a secure way to track, store, deposit and balance multiple cash sales. SmartSafe also incorporates dollar validation, counterfeit detection, and software capabilities to provide online reporting for your business for an added layer of safety.
Lockbox Services: Lockbox Services is our payment processing solution that helps your business collect, process and deposit payments. This remittance and check processing system will help streamline both the payment and receivables process. Our team of HIPPA certified processors are ready to serve you.
To learn more, or to get started with one of our Cash Management services, contact a member of our Cash Management team by email or give us a call at
800-588-6805.
800-588-6805.
December 2022
Protect Your Business From Account Fraud
Fraud may not be the most joyous topic to bring up this time of year, but it’s an important discussion to have even around the holidays. Cybercriminals continue to target businesses with increasingly sophisticated attacks. They use spoofed emails, malicious software spread through infected attachments, and online social networks to obtain login credentials to businesses' accounts. Then, they transfer funds from the accounts and steal private information. This fraud is referred to as "corporate account takeover."
With corporate account takeover, thieves gain access to a business' finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.
Battling this type of fraud is a responsibility of each business. At KS StateBank, we offer annual training to all of our Cash Management clients to help keep this important topic top-of-mind. Beyond that, however, these four tips can help keep your business safe.
- Educate your employees. You and your employees are the first line of defense against fraud. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
- Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Use secure Internet connections. Encrypt sensitive data and keep updated virus protection on your computers. Require complex passwords and change them periodically.
- Know which products and services are available to prevent unauthorized transactions. Our Cash Management team provides programs that you can implement to safeguard your business.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Call backs help you confirm changes that might be suspicious or unexpected. From compromised payroll or vendor emails, call backs ensure any deviations to a payment method or recipient are legitimate. By contacting the originator you can sometimes uncover potential fraud attempts or feel confident with the requested changes.
- Other services to help protect your business include device authentication, multi-person approval processes, and transaction limits.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Pay attention to suspicious activity and react quickly. Watch for unexplained account or network activity, pop-ups, and suspicious emails. If detected, immediately contact us, stop all online activity, and remove any systems that may have been compromised. Be sure to keep records of what happened.
For more information about how we can help reduce your risk of fraud, contact the KS StateBank Cash Management team by email or call us at 800-588-6805.
2023 Holiday Schedule
As we wrap up 2022, we wanted to remind you about our schedule around Christmas this year and give you an advance look at the holiday schedule for 2023. Mark your calendars! These are the dates that the Bank will be closed, thus creating non-processing days for your transactions.
| Date | 2022 Remaining Holidays |
|---|---|
|
Saturday, December 24
Regular banking hours
|
Christmas Eve |
| Saturday, December 25 | Christmas Day |
| Date | 2023 Holidays |
| Monday, January 2 | New Year's Day (Observed) |
| Monday, January 16 | Martin Luther King, Jr. Day |
| Monday February 20 | Presidents Day |
| Monday, May 29 | Memorial Day |
| Monday, June 19 | Juneteenth |
| Tuesday, July 4 | Independence Day |
| Monday, September 4 | Labor Day |
| Monday, October 9 | Columbus Day |
| Saturday, November 11 | Veterans Day |
| Thursday, November 23 | Thanksgiving Day |
| Monday, December 25 | Christmas Day |
Download the printer-friendly version of the 2023 Federal Reserve Holiday Schedule for your records.
Happy Holidays from KS StateBank
The holiday season is here and we want to take this opportunity to say thank you for choosing KS StateBank. We value your relationship and thank you for trusting us with your finances.
Wishing you and your business all the best in the New Year!
September 2022
Getting the Banking Support You Need in Challenging Times
You're not alone. Although, when you're dealing with all the challenges of managing a business today like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.
You're not alone. Although, when you're dealing with all the challenges of managing a business today like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.
You do, though, have someone who can help you – your business banker. A good business banker can be a valuable resource for your business by providing:
- Trusted support. Many business bankers have run or worked with many companies and can leverage that experience to provide invaluable guidance and support for all aspects of running a business, not just managing finances.
- Access to decision-makers. Your business banker may have decision-making authority or can provide access to decision-makers to make it easier for you to get the financing you may need.
- Networking connections. Business bankers are very active in the business community and can refer you to other professionals who can help you grow and manage your business. So, if you need a CPA, attorney, property manager, or other professional, ask your business banker for help.
- Assist with your personal banking needs. Your business is just one aspect of your financial life. Your business banker can introduce you to people and solutions to help you reach your personal goals and manage your entire banking relationship more easily.
- Be there for you in good and challenging times. Good business bankers understand that businesses go through various cycles. That's why you should feel comfortable reaching out when you need help or support.
Remember, with a good business banker on your side, you're never alone.
Your KS StateBank Banking Relationship
As we enter the fourth quarter of 2022 many business owners are preparing for the end of the year and looking towards 2023. This is a good time to evaluate your finances in order to put your business in a great position for the New Year and to get the most from your banking relationship.
When you manage a business, it's essential to always know where your finances stand. Running financial reports, such as an income statement, balance sheet, and cash flow statement can help you determine the financial health of your business. If you use financial software, you can usually run these reports quite easily. Before you close your books for the year, you should also make sure you have collected all payments and paid all your invoices.
Our Enhanced Business Checking account (EBC) along with our Enhanced Account Analysis (EAA) are great options to help you manage your business finances. By utilizing Enhanced Business Checking and enrolling in Enhanced Account Analysis, you can group your business accounts together and use the total balance of the grouped accounts to offset certain product fees and service charges. Grouping EBC accounts in EAA can be beneficial – the larger the accumulated balance of grouped accounts, the more fees you can offset to lower your monthly service charge with KS StateBank.
We know that last couple of years have been rough and a financial checkup may be in order. Our business bankers welcome the opportunity to meet with you and discuss your overall relationship with a thorough review. Whether it’s our Enhanced Business Checking or any of our other products and services, we’re here to help you get off to a great start in 2023.
Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.
| Manhattan and Junction City | |
|---|---|
|
Melissa Brisbin
SVP, Cash Management
785-564-6290
|
|
| Wichita | |
|
Andy Snyder
Wichita Market Business Development Officer
316-347-2209
|
Marc Ward
EVP, Wichita Market President
316-789-7118
|
| Phoenix and Scottsdale | |
|
Tami Camamo
VP, Cash Management Specialist
602-393-6957
|
Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
|
June 2022
Protect Your Business Cash Flow from Uncertainty
Running a business is hard work, rewarding, and never, ever dull. Every day brings new opportunities and challenges, including some that are beyond your control like a global pandemic, supply chain crisis, and soaring inflation.
Those uncertainties make one business lesson crystal clear: the importance of having strong cash flow. Cash flow is defined as it sounds: the amount of cash that flows in and out of your business. A positive cash flow can help you meet expenses and plan and invest for the future of your business.
But how do you manage cash flow when times are challenging and uncertain? Well ... you can start with these steps:
- Know where your cash stands. Financial statements tell you a lot about your business. A cash flow statement, which shows the movement of money in and out of your business, can help you measure the strength and viability of your business and help you qualify for business financing.
- Use online and mobile banking. Given the importance of your cash flow, you should monitor your account activity and balances every day. Tools like online and mobile banking can help you check account balances, see what payments have cleared, monitor electronic payments, and avoid financial surprises. You can even set customized alerts to notify you about specific account activity.
- Work your accounts receivables. One of the biggest factors in boosting cash flow is managing your receivables. Consider offering discounts or incentives for your customers to pay earlier or requiring them to pay a deposit upfront with every order. You could also encourage debit and credit card and electronic payments to speed up the payment cycle. With our SmartPay Express solution you can accept credit card, debit card and ACH payments all from a personalized online payment portal.
- Build reserves. In any economy, it's critical to have cash on hand to help manage unexpected expenses and slowdowns. In an uncertain economy, it's even more important. The good news is that in economies with higher rate environments, you have the potential to earn more on your savings. Do some research and find the best savings rates. Learn more about our Business Money Market and CD options.
- Project and plan. There's a reason budgeting is important: it helps ensure you can meet your obligations. Take some time to analyze your current spending and review your plans for your short- and long-term goals. Do you have enough money to cover your expenses? What happens if your revenue decreases? Are there opportunities to reduce expenses or put some of your plans on hold? Planning is your best defense.
Challenging economic cycles are tough for business owners. Fortunately, they don't last forever. Following these steps will ensure you get through those challenging times.
How to Take Care of Your Business in Inflationary Times
When you run a business, each day can bring a new challenge and opportunity. One of the biggest challenges is managing economic uncertainties, not the least of which is contending with inflationary pressures.
With rising prices of goods and services and less purchasing power, inflation can take a toll on your company's profits and ultimately, its long-term viability. But with any challenge comes opportunity – and a chance to gain even greater control of your finances to reduce expenses and maximize every dollar.
Let's take a look at some of the ways you can prepare for and protect your business from inflation – no matter what industry you serve:
- Get a good financial picture. Reviewing your company's financial statements, such as your income statement and balance sheet can help you understand your revenues, expenses, cash flow, profitability, and debt – all of which are critical to helping you make sound business decisions.
- Cut costs. Take a look at all your expenses and look for ways that you can reduce them. For example, can you negotiate more favorable pricing terms with your suppliers? Keep less inventory on hand?
- Increase customer loyalty. In times of inflation, you must increase your revenue. A smart way to accomplish that is to increase the business you do with your existing customers. You should know who your most profitable customers are and think about ways you can increase their business and loyalty, such as implementing or enhancing a loyalty program.
- Hone your marketing. Marketing can drive sales. But, before you spend any resources on it, make sure you clearly understand the value of what you provide. Ask yourself: What makes us unique? What do we do better than our competitors? Who is our primary target audience? Sending the right message to the right people is critical to building awareness and new customer revenue streams, and ensuring you get ROI on your marketing dollars.
- Forecast. You don't have to be a meteorologist to make forecasts. You can use your sales and other financial data to run various scenarios with rising costs to help you understand the impact they could have on your bottom line. This can help you adjust your business plans.
Inflation affects different businesses in different ways. The best way to ensure it doesn't hurt yours is to stay ahead of it.
Upcoming Federal Holidays
Juneteenth - KS StateBank branches and offices will be closed on Monday, June 20 in honor of Juneteenth. We will reopen during regular hours on Tuesday, June 21.
Independence Day - Our branches and offices will also be closed on Monday, July 4 for Independence Day. We'll reopen on Tuesday, July 5 during regular hours.
Contact Cash Management
For more information about our business products and services, contact the KS StateBank Cash Management team by email or call us at 800-588-6805.
March 2022
Put Cash Flow Control in Your Hands – with Digital Banking
Business doesn't stop. Unfortunately, neither does the need to stay on top of one of the most important contributors to the health of your business – your cash flow.
Business doesn't stop. Unfortunately, neither does the need to stay on top of one of the most important contributors to the health of your business – your cash flow.
Fortunately, with digital banking, you have powerful tools to help you manage and monitor your business finances, anytime – at your fingertips
- Account alerts. Need to know your balance or if a particular check or purchase has cleared your account? With online and mobile banking, you can set customized alerts to notify you when your balance reaches a level you specify or when a particular transaction occurs.
- Mobile deposit. Time can be a business owner's most valued commodity. So, there's no need to waste it running to the bank or ATM to make deposits. With mobile check deposit, you can deposit checks from anywhere – in a snap – using the camera on your mobile device.
- Automatic savings. Need to build up cash reserves for your business? You can set up automatic transfers to your savings or brokerage accounts on the frequency of your choice.
- Pay bills. Automate the time-consuming tasks of paying bills. With online bill payment, you can save time and paper by paying bills electronically. You can even arrange to have recurring bills, such as your rent or mortgage paid automatically.
- Get E-Statements. Save time filing and looking for bank statements and paper by enrolling in paperless statements.
- Integrate your banking and financial software. Do you use accounting software to manage your business? You can import your banking activity to make it easier for you to view, reconcile, and manage your finances – in one place.
The power to manage your business finances truly is in your hands. Connect with our digital banking solutions today.
Streamline Your Payment Processing with SmartPay Express
If your business or nonprofit organization accepts payments for things like dues, rent or donations, our SmartPay Express solution could be a good choice to help streamline your payment processing. With the convenience of SmartPay Express you can easily accept payments and donations online using a variety of payment methods including ACH, credit cards and debit cards from a customized payment portal.
Here are a few things to know about SmartPay Express:
- SmartPay Express is compatible with most merchant services providers.
- Benefit from robust reporting that allows you to review payment data for better managed cash flow or import and export files for reconciliation.
- Advanced security features verify every transaction is safe and secure for peace of mind for your company and your customers.
- Registered users can view information about past payments or donations for year-end tax filing or other purposes.
- Leverage our expertise for your business or nonprofit to create a sophisticated payment site.
- Pages are branded to match the look and feel of your primary website.
- Control field labels and add custom fields to collect specific information that is unique to your organization or company needs.
- Upload data that can help verify the identity of your customers.
- Your customers can make single payments or create a login and register for future payments
We’ve teamed up with industry experts to offer a custom-branded site for your business or organization that matches the look and feel of your own website through a unique URL. You don’t need to have the IT resources to create an online payments option. Our team will take care of it for you. We provide the support you need to accept payments and donations online which means you receive payments faster.
Our team welcomes the opportunity to show you how SmartPay Express can enhance your payment options. If you’d like to learn more about SmartPay Express and how it could be a good fit for your business or nonprofit organization, contacted a member of our Cash Management.
Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.
| Manhattan and Junction City | |
|---|---|
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Melissa Brisbin
SVP, Cash Management
785-587-4000, ext. 146
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| Wichita | |
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Andy Snyder
Wichita Market Business Development Officer
316-722-6665
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Marc Ward
EVP, Wichita Market President
316-722-6665
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| Phoenix and Scottsdale | |
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Tami Camamo
VP, Cash Management Specialist
602-393-6957
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Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
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