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A Guide to Evaluating Business Efficiency

Nearly every business is looking for tomorrow's growth. The successful ones also look at today's efficiencies. Sometimes that requires a fresh perspective. Consider the following areas to become more efficient.

Spending Controls

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Simplify expenses by eliminating use of personal credit cards for business expenses.
Get online access to detailed spending reports to improve purchasing management.
Receive monthly electronic updates of the general ledger to save significant time.

Banking Practices

Save time by making deposits without leaving the office.
Put money right to work by avoiding daily cut-off times.
Use automated account reconciliation.

Rate Management

Capitalize on low rates to fund growth objectives.
Automatically transfer excess funds to earn more.
Refinance to reduce loan term and/or monthly payment.

Risk Management

Implement daily exception reports to identify potential fraud.
Obtain insurance coverage to protect against cyber fraud and other legal concerns.