Business readiness

Bank Accounts

What are Bank Accounts?

A list of bank accounts outline your company’s bank accounts and provides financial 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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