The Importance of Relationships in Treasury Management

December 1, 2020

In times of financial instability like the environment in which we currently find ourselves, liquidity is of paramount importance. As a result, the demand for treasury management services is on the rise for businesses of all sizes. While it’s simpler to hire a treasury manager and leave them to their own devices, we believe that business owners benefit from a more involved relationship with their treasurers. Here’s why.

Treasury Tools are Commoditized

There are dozens of tools available to treasury professionals to manage and plan your wealth management. While many treasury companies still use simple spreadsheets for the bulk of their work, a significant number of people in the industry use more specialized tools for cash, payments, risk, hedge accounting, and commodities to make the most of your money.

Many firms also use Treasury Management Services (TMS) and Treasury Risk Management (TRM) software tools, which combine cash, liquidity, and risk management tools into one platform. These more sophisticated tools also incorporate sophisticated analysis and reporting tools.

None of these tools are proprietary. Any treasury management firm can simply pay for access to the tools that will serve their clients best, offering the same cash management and risk mitigation as the next firm. If you’re speaking with a firm that claims to have a competitive advantage afforded by the tools they pay for, they’re misleading you.

The Importance of Personalization in Treasury Management

Since there’s no appreciable technological edge between one firm and the next, you need a treasury management company that’s dedicated to knowing your company inside and out. At First Western Trust, we’re dedicated to learning every detail about your company in order to provide the tailored recommendations you need.

We’ll partner directly with you to take a holistic view of your company. We start by examining your needs for liquidity, insurance, and yield. In times of economic instability, we’ll help you manage your cash flow to maximize your liquidity while keeping your long-term plans and investments in mind.

Most importantly, we can offer you peace of mind. We know that outstanding accounts can cause major cash flow disruptions, so we offer collection services that can streamline your business accounts and speed up fund collection.

We’ll also create a disbursement strategy designed to protect your business from fraud, reduce manual data entry, and limit the repetitive, time-consuming activities that can occupy so much of your valuable time. From corporate bill pay to account reconciliation, First Western’s services are tailored to make your business more efficient and streamlined across the board.

Talk to First Western Trust

The result of First Western Trust’s holistic approach to your business cash flow management is that you can spend less time worrying about the ins and outs of your business’ cash flow and more time focusing on the things that matter: driving your business forward and caring for the people that you cherish most. If you’re ready to take advantage of First Western’s innovative treasury management solutions, our competitive Earnings Credit Rate (ECR), and our fully bespoke solutions, get in touch today.