Business readiness

Bank Accounts

What are Bank Accounts?

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
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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.

Readiness isn’t optional - business leaders need to be ready for change

We've worked with companies like yours for more than a decade, and on over 30,000 deals. From these experiences, we’ve learned that for a business to succeed, it must know what it has and where it’s going. Download our readiness guide for total confidence in decision making when it comes to your company. Realize your value. Own your future.
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