A list of bank accounts outline your company’s bank accounts and provides information on:
Account Details: Name and location of the bank and account, type of account and relationship manager
Account Balance: Current balance and currency of the account, minimum balance requirements and interest earned on the balance
Account Charges and Benefits: Charges related to opening, closing and maintaining accounts, conducting transactions and benefits such as overdraft facilities and credit cards
Why are Bank Accounts important for business today?
A list of bank accounts enables your company to:
Assess the liquid balance held by your company in various banks
Determine the amount of interest earned by your company to compute your tax liabilities
Assess the terms and conditions related to interest rates and minimum balance requirements
Evaluate the cost associated with maintaining a bank account and transferring money to different accounts
Access contact information for relevant relationship managers
Why is it important for an event tomorrow?
A list of bank accounts is important for an event tomorrow, as it helps:
Assess information on the number and type of accounts held by your company, account locations, total cash balance, currency and interest rates
Determine the depth of your company’s association and relationship with different banks
Evaluate your company’s account balance volatility and assess the reasons behind any variation
Forecast future cash flows of your company by evaluating historical trends
Understand the maximum withdrawal and overdraft limits of each account
Pros of addressing Bank Accounts
Single document capturing all details associated with your bank accounts
Improvement in operational planning by assessing the balance in your accounts
Compare the interest rates and fees of your banks across jurisdictions
Benchmark the benefits, costs and incentives associated with each account against others
Cons of not addressing this topic
Restriction on the ability to track the total cash held by your company
Increase in costs as minimum balance requirements and bank levies related to account opening, maintenance and fund transfer are not tracked
Difficulty in tracking the total interest earned by your company for taxation purposes.
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