Ways your bank can help your business

Updated: Oct 30, 2020

State Bank of Southern Utah presented September's Luncheon on the Topic "How can your bank help your business?" They talked about managing cash flow, technology to make your life easier, and how having a working relationship with your banker can benefit you.

State Bank's branch manager Amie Peterson and Justin Taylor informed us about some great things banks can do. Here are 5 ways banks can help your business.

  1. Manage cash flow better.

  2. When you need money, banks can help you expand your business, collect ACH (Automated Clearing House) payments from vendors, give your business a line of credit, and even get you a business credit card to collect points and build credit.

2. Payroll and payments

a. Paying your employees can be easy. Use direct deposit, and pay ACH bills. Use that business credit card to build up points and credit! Set up auto pay and auto bill.

3. Relationship with Banker

a. Justin and Amie recommend meeting with your banker annually to get updates on business banking, and to review fees, bills, and payments. It's your banks job to help make your business successful! They would be happy to make sure you are satisfied

and succeeding.

4. Tax goals

a. Paying taxes can help you get approved for loans. Bankers can check to make sure you are paying the least amount of taxes as possible, while still showing accurate profit. Don't forget to meet with your accountant, too!

5. Knowledgeable advisor

a. Bankers can be good resources for other business contacts you may be interested in doing business with. They can help you network, plan for future business growth, and keep you up to date on the banking w