News for YOU! Business Edition is a quarterly newsletter provided by KS StateBank that offers tips and other helpful information for business owners. Feel free to sign up now to receive new editions of our newsletters by email each quarter.
June 2023
Get Off to a Great Start this Fiscal Year
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
It may not be ushered in with noisemakers or fancy parties or even be celebrated on January 1, but it's still a big thing in the world of business. It's the start of the new fiscal year and an occasion to celebrate past successes and start fresh with new plans, ideas, and goals.
To accomplish that, there are some smart steps you can take:
- Know where you stand financially. The best indicator of the health and wellbeing of your business is your finances. That's why it's imperative that you run financial statements to help you with planning for the new year. These statements include:
- Income statement: An income statement will show your profit or loss over the past year.
- Balance sheet: A balance sheet provides a snapshot of your assets and liabilities at a particular point in time.
- Cash flow statement: A cash flow statement can help you understand the cash that comes in and out of your business.
- Income statement: An income statement will show your profit or loss over the past year.
- Assess your goals/plans. Before you begin the fiscal year, review your goals and accomplishments for the previous year. Did you meet them? What could you have done differently? What are your goals for the coming year? For example, will you introduce a new product or purchase new equipment? Make a detailed list of your plans and goals for the upcoming year.
- Make a budget. Next, you need to start creating your budget. Your budget should not only include expenses, but also income projections based on past performance as well as the expected financial impact of your goals and plans for the year.
- Connect with your customers. Do you know your best customers? If you do, reach out and acknowledge them. Knowing your customers will also provide valuable information to help you deepen relationships, build loyalty, and ultimately increase revenue in the coming year.
- Recognize your employees. As the labor shortage has taught us, your employees are critical to the success of your organization. Taking the time to recognize their accomplishments either through financial rewards, benefits, or even appreciation events, can help you get them and your business off to a great start in the new fiscal year. And that's something to cheer about!
5 Ways to Protect Your Business
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.
Here are five simple ways to protect your business:
- Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
- Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
- Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
- Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
- Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.
Your business may very well be your biggest asset. Make sure you take these measures to protect it.
Independence Day
We will be closed on Tuesday, July 4 for Independence Day. We'll reopen on Wednesday, July 5 during regular hours.
March 2023
Questions Every Business Owner Should Ask
Running a business requires you to constantly respond to the needs and concerns of your customers, employees, and your market. But when is the last time, you responded to the needs of the most critical person to the success of your business – you?
With all the daily responsibilities of managing your business, it's easy to lose track of your own needs, challenges, and plans for your business. Fortunately, there's a very easy way to fix that – ask yourself. Here are five questions to get you started:
What's the financial health of my business? Just as you go for regular checkups at the doctor, it's important to check on the financial health of your business. Do you know your revenues and expenses? Have your profits increased or decreased? Can you identify your top customers? Be sure to run your financial statements and to look at your sales to spot trends and identify your most important customers.
Where do I want to take my business in the coming year? As the captain of your business, you're responsible for setting the course. Ask yourself where you would like to take your business in the coming year. Would you like to expand into new markets or offer new products? Or would you like to scale back? Write down your goals and ways you can measure your performance with them at the end of the year.
How is my work/life balance? It's great to have a successful business, but if that business is taking you away from spending time with your loved ones or doing the things you love to do, it's time to bring in some extra help and make adjustments.
What are my strengths and weaknesses? If you have employees, you're probably used to conducting performance evaluations. Why not evaluate yourself? Are there areas where you shine or need improvement? If you're lacking in certain areas, explore ways you can improve, such as taking courses, developing new skills, or even hiring someone that has strengths in the areas that are challenging for you.
Where do I see my future and the future of my business? The start of the year is a great time to plan for the long-term future of your business. Do you expect to retire from the business in the near future? And if so, what will be your exit strategy? You may, for example, be thinking about turning over your business to a family member or putting it up for sale. Take some time to think about your long-term plans and what makes the most sense for you.
KS StateBank Cash Management Services
As a business owner, it’s important to alleviate some of the stress that comes with running a business and to find convenient and efficient ways to ease your load. We offer products and services designed to save you time, money and energy. Here are a few of the cash management services we offer that can help improve the efficiency of your business operations.
Online Banking: Online Banking helps you stay connected to your accounts around the clock. You’ll benefit from additional cash management services found within Online Banking such as ACH services, free E-Statements and Online Bill Payment.
Positive Pay: Protect your business from fraud. Found in Online Banking, Positive Pay is an automated check fraud protection tool that helps you to safely approve and upload items to your accounts.
Remote Deposit: Reduce your liability and increase your efficiency by making check deposits without having to go to a branch. With Remote Deposit you can securely scan checks for deposit from your office into one or more business accounts and you’ll be able to access those deposits through your Online Banking account or as a stand-alone service. Used along with our Remote Deposit service, our Mobile Remote Deposit app makes it easy to deposit checks on-the-go from your mobile device.
Merchant Services: Merchant Services allows you to easily accept all types of payments at your business and increase your revenue potential. We offer several processing solutions to help your business grow. We can conduct a rate review to determine if we can help you save on transaction fees.
SmartSafe: Our SmartSafe cash deposit solution allows you to focus on your customers and employees while providing a secure way to track, store, deposit and balance multiple cash sales. SmartSafe also incorporates dollar validation, counterfeit detection, and software capabilities to provide online reporting for your business for an added layer of safety.
Lockbox Services: Lockbox Services is our payment processing solution that helps your business collect, process and deposit payments. This remittance and check processing system will help streamline both the payment and receivables process. Our team of HIPPA certified processors are ready to serve you.
To learn more, or to get started with one of our Cash Management services, contact a member of our Cash Management team by email or give us a call at
800-588-6805.
800-588-6805.
December 2022
Protect Your Business From Account Fraud
Fraud may not be the most joyous topic to bring up this time of year, but it’s an important discussion to have even around the holidays. Cybercriminals continue to target businesses with increasingly sophisticated attacks. They use spoofed emails, malicious software spread through infected attachments, and online social networks to obtain login credentials to businesses' accounts. Then, they transfer funds from the accounts and steal private information. This fraud is referred to as "corporate account takeover."
With corporate account takeover, thieves gain access to a business' finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.
Battling this type of fraud is a responsibility of each business. At KS StateBank, we offer annual training to all of our Cash Management clients to help keep this important topic top-of-mind. Beyond that, however, these four tips can help keep your business safe.
- Educate your employees. You and your employees are the first line of defense against fraud. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
- Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Use secure Internet connections. Encrypt sensitive data and keep updated virus protection on your computers. Require complex passwords and change them periodically.
- Know which products and services are available to prevent unauthorized transactions. Our Cash Management team provides programs that you can implement to safeguard your business.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Call backs help you confirm changes that might be suspicious or unexpected. From compromised payroll or vendor emails, call backs ensure any deviations to a payment method or recipient are legitimate. By contacting the originator you can sometimes uncover potential fraud attempts or feel confident with the requested changes.
- Other services to help protect your business include device authentication, multi-person approval processes, and transaction limits.
- Positive Pay is a free, automated fraud detection service for business accounts. This real-time verification of items presented to your account works behind the scenes to provide an extra layer of account security and help to reduce your fraud risk.
- Pay attention to suspicious activity and react quickly. Watch for unexplained account or network activity, pop-ups, and suspicious emails. If detected, immediately contact us, stop all online activity, and remove any systems that may have been compromised. Be sure to keep records of what happened.
For more information about how we can help reduce your risk of fraud, contact the KS StateBank Cash Management team by email or call us at 800-588-6805.
2023 Holiday Schedule
As we wrap up 2022, we wanted to remind you about our schedule around Christmas this year and give you an advance look at the holiday schedule for 2023. Mark your calendars! These are the dates that the Bank will be closed, thus creating non-processing days for your transactions.
| Date | 2022 Remaining Holidays |
|---|---|
|
Saturday, December 24
Regular banking hours
|
Christmas Eve |
| Saturday, December 25 | Christmas Day |
| Date | 2023 Holidays |
| Monday, January 2 | New Year's Day (Observed) |
| Monday, January 16 | Martin Luther King, Jr. Day |
| Monday February 20 | Presidents Day |
| Monday, May 29 | Memorial Day |
| Monday, June 19 | Juneteenth |
| Tuesday, July 4 | Independence Day |
| Monday, September 4 | Labor Day |
| Monday, October 9 | Columbus Day |
| Saturday, November 11 | Veterans Day |
| Thursday, November 23 | Thanksgiving Day |
| Monday, December 25 | Christmas Day |
Download the printer-friendly version of the 2023 Federal Reserve Holiday Schedule for your records.
Happy Holidays from KS StateBank
The holiday season is here and we want to take this opportunity to say thank you for choosing KS StateBank. We value your relationship and thank you for trusting us with your finances.
Wishing you and your business all the best in the New Year!
September 2022
Getting the Banking Support You Need in Challenging Times
You're not alone. Although, when you're dealing with all the challenges of managing a business today like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.
You're not alone. Although, when you're dealing with all the challenges of managing a business today like staffing shortages, rising expenses, and a myriad of responsibilities, it can sure seem that way.
You do, though, have someone who can help you – your business banker. A good business banker can be a valuable resource for your business by providing:
- Trusted support. Many business bankers have run or worked with many companies and can leverage that experience to provide invaluable guidance and support for all aspects of running a business, not just managing finances.
- Access to decision-makers. Your business banker may have decision-making authority or can provide access to decision-makers to make it easier for you to get the financing you may need.
- Networking connections. Business bankers are very active in the business community and can refer you to other professionals who can help you grow and manage your business. So, if you need a CPA, attorney, property manager, or other professional, ask your business banker for help.
- Assist with your personal banking needs. Your business is just one aspect of your financial life. Your business banker can introduce you to people and solutions to help you reach your personal goals and manage your entire banking relationship more easily.
- Be there for you in good and challenging times. Good business bankers understand that businesses go through various cycles. That's why you should feel comfortable reaching out when you need help or support.
Remember, with a good business banker on your side, you're never alone.
Your KS StateBank Banking Relationship
As we enter the fourth quarter of 2022 many business owners are preparing for the end of the year and looking towards 2023. This is a good time to evaluate your finances in order to put your business in a great position for the New Year and to get the most from your banking relationship.
When you manage a business, it's essential to always know where your finances stand. Running financial reports, such as an income statement, balance sheet, and cash flow statement can help you determine the financial health of your business. If you use financial software, you can usually run these reports quite easily. Before you close your books for the year, you should also make sure you have collected all payments and paid all your invoices.
Our Enhanced Business Checking account (EBC) along with our Enhanced Account Analysis (EAA) are great options to help you manage your business finances. By utilizing Enhanced Business Checking and enrolling in Enhanced Account Analysis, you can group your business accounts together and use the total balance of the grouped accounts to offset certain product fees and service charges. Grouping EBC accounts in EAA can be beneficial – the larger the accumulated balance of grouped accounts, the more fees you can offset to lower your monthly service charge with KS StateBank.
We know that last couple of years have been rough and a financial checkup may be in order. Our business bankers welcome the opportunity to meet with you and discuss your overall relationship with a thorough review. Whether it’s our Enhanced Business Checking or any of our other products and services, we’re here to help you get off to a great start in 2023.
Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.
| Manhattan and Junction City | |
|---|---|
|
Melissa Brisbin
SVP, Cash Management
785-564-6290
|
Ed Klimek
VP, Business Development
785-564-6289
|
| Wichita | |
|
Andy Snyder
Wichita Market Business Development Officer
316-347-2209
|
Marc Ward
EVP, Wichita Market President
316-789-7118
|
| Phoenix and Scottsdale | |
|
Tami Camamo
VP, Cash Management Specialist
602-393-6957
|
Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
|
June 2022
Protect Your Business Cash Flow from Uncertainty
Running a business is hard work, rewarding, and never, ever dull. Every day brings new opportunities and challenges, including some that are beyond your control like a global pandemic, supply chain crisis, and soaring inflation.
Those uncertainties make one business lesson crystal clear: the importance of having strong cash flow. Cash flow is defined as it sounds: the amount of cash that flows in and out of your business. A positive cash flow can help you meet expenses and plan and invest for the future of your business.
But how do you manage cash flow when times are challenging and uncertain? Well ... you can start with these steps:
- Know where your cash stands. Financial statements tell you a lot about your business. A cash flow statement, which shows the movement of money in and out of your business, can help you measure the strength and viability of your business and help you qualify for business financing.
- Use online and mobile banking. Given the importance of your cash flow, you should monitor your account activity and balances every day. Tools like online and mobile banking can help you check account balances, see what payments have cleared, monitor electronic payments, and avoid financial surprises. You can even set customized alerts to notify you about specific account activity.
- Work your accounts receivables. One of the biggest factors in boosting cash flow is managing your receivables. Consider offering discounts or incentives for your customers to pay earlier or requiring them to pay a deposit upfront with every order. You could also encourage debit and credit card and electronic payments to speed up the payment cycle. With our SmartPay Express solution you can accept credit card, debit card and ACH payments all from a personalized online payment portal.
- Build reserves. In any economy, it's critical to have cash on hand to help manage unexpected expenses and slowdowns. In an uncertain economy, it's even more important. The good news is that in economies with higher rate environments, you have the potential to earn more on your savings. Do some research and find the best savings rates. Learn more about our Business Money Market and CD options.
- Project and plan. There's a reason budgeting is important: it helps ensure you can meet your obligations. Take some time to analyze your current spending and review your plans for your short- and long-term goals. Do you have enough money to cover your expenses? What happens if your revenue decreases? Are there opportunities to reduce expenses or put some of your plans on hold? Planning is your best defense.
Challenging economic cycles are tough for business owners. Fortunately, they don't last forever. Following these steps will ensure you get through those challenging times.
How to Take Care of Your Business in Inflationary Times
When you run a business, each day can bring a new challenge and opportunity. One of the biggest challenges is managing economic uncertainties, not the least of which is contending with inflationary pressures.
With rising prices of goods and services and less purchasing power, inflation can take a toll on your company's profits and ultimately, its long-term viability. But with any challenge comes opportunity – and a chance to gain even greater control of your finances to reduce expenses and maximize every dollar.
Let's take a look at some of the ways you can prepare for and protect your business from inflation – no matter what industry you serve:
- Get a good financial picture. Reviewing your company's financial statements, such as your income statement and balance sheet can help you understand your revenues, expenses, cash flow, profitability, and debt – all of which are critical to helping you make sound business decisions.
- Cut costs. Take a look at all your expenses and look for ways that you can reduce them. For example, can you negotiate more favorable pricing terms with your suppliers? Keep less inventory on hand?
- Increase customer loyalty. In times of inflation, you must increase your revenue. A smart way to accomplish that is to increase the business you do with your existing customers. You should know who your most profitable customers are and think about ways you can increase their business and loyalty, such as implementing or enhancing a loyalty program.
- Hone your marketing. Marketing can drive sales. But, before you spend any resources on it, make sure you clearly understand the value of what you provide. Ask yourself: What makes us unique? What do we do better than our competitors? Who is our primary target audience? Sending the right message to the right people is critical to building awareness and new customer revenue streams, and ensuring you get ROI on your marketing dollars.
- Forecast. You don't have to be a meteorologist to make forecasts. You can use your sales and other financial data to run various scenarios with rising costs to help you understand the impact they could have on your bottom line. This can help you adjust your business plans.
Inflation affects different businesses in different ways. The best way to ensure it doesn't hurt yours is to stay ahead of it.
Upcoming Federal Holidays
Juneteenth - KS StateBank branches and offices will be closed on Monday, June 20 in honor of Juneteenth. We will reopen during regular hours on Tuesday, June 21.
Independence Day - Our branches and offices will also be closed on Monday, July 4 for Independence Day. We'll reopen on Tuesday, July 5 during regular hours.
Contact Cash Management
For more information about our business products and services, contact the KS StateBank Cash Management team by email or call us at 800-588-6805.
March 2022
Put Cash Flow Control in Your Hands – with Digital Banking
Business doesn't stop. Unfortunately, neither does the need to stay on top of one of the most important contributors to the health of your business – your cash flow.
Business doesn't stop. Unfortunately, neither does the need to stay on top of one of the most important contributors to the health of your business – your cash flow.
Fortunately, with digital banking, you have powerful tools to help you manage and monitor your business finances, anytime – at your fingertips
- Account alerts. Need to know your balance or if a particular check or purchase has cleared your account? With online and mobile banking, you can set customized alerts to notify you when your balance reaches a level you specify or when a particular transaction occurs.
- Mobile deposit. Time can be a business owner's most valued commodity. So, there's no need to waste it running to the bank or ATM to make deposits. With mobile check deposit, you can deposit checks from anywhere – in a snap – using the camera on your mobile device.
- Automatic savings. Need to build up cash reserves for your business? You can set up automatic transfers to your savings or brokerage accounts on the frequency of your choice.
- Pay bills. Automate the time-consuming tasks of paying bills. With online bill payment, you can save time and paper by paying bills electronically. You can even arrange to have recurring bills, such as your rent or mortgage paid automatically.
- Get E-Statements. Save time filing and looking for bank statements and paper by enrolling in paperless statements.
- Integrate your banking and financial software. Do you use accounting software to manage your business? You can import your banking activity to make it easier for you to view, reconcile, and manage your finances – in one place.
The power to manage your business finances truly is in your hands. Connect with our digital banking solutions today.
Streamline Your Payment Processing with SmartPay Express
If your business or nonprofit organization accepts payments for things like dues, rent or donations, our SmartPay Express solution could be a good choice to help streamline your payment processing. With the convenience of SmartPay Express you can easily accept payments and donations online using a variety of payment methods including ACH, credit cards and debit cards from a customized payment portal.
Here are a few things to know about SmartPay Express:
- SmartPay Express is compatible with most merchant services providers.
- Benefit from robust reporting that allows you to review payment data for better managed cash flow or import and export files for reconciliation.
- Advanced security features verify every transaction is safe and secure for peace of mind for your company and your customers.
- Registered users can view information about past payments or donations for year-end tax filing or other purposes.
- Leverage our expertise for your business or nonprofit to create a sophisticated payment site.
- Pages are branded to match the look and feel of your primary website.
- Control field labels and add custom fields to collect specific information that is unique to your organization or company needs.
- Upload data that can help verify the identity of your customers.
- Your customers can make single payments or create a login and register for future payments
We’ve teamed up with industry experts to offer a custom-branded site for your business or organization that matches the look and feel of your own website through a unique URL. You don’t need to have the IT resources to create an online payments option. Our team will take care of it for you. We provide the support you need to accept payments and donations online which means you receive payments faster.
Our team welcomes the opportunity to show you how SmartPay Express can enhance your payment options. If you’d like to learn more about SmartPay Express and how it could be a good fit for your business or nonprofit organization, contacted a member of our Cash Management.
Get connected with your business banker and contact a KS StateBank Cash Management representative in your area.
| Manhattan and Junction City | |
|---|---|
|
Melissa Brisbin
SVP, Cash Management
785-587-4000, ext. 146
|
Ed Klimek
VP, Business Development
785-587-4000, ext. 176
|
| Wichita | |
|
Andy Snyder
Wichita Market Business Development Officer
316-722-6665
|
Marc Ward
EVP, Wichita Market President
316-722-6665
|
| Phoenix and Scottsdale | |
|
Tami Camamo
VP, Cash Management Specialist
602-393-6957
|
Sherie Fisher
AVP, Cash Management Specialist
602-393-6946
|
December 2021
Get Paid Sooner: Improve the Collection of Your Accounts Receivable
Your cash flow is a key indicator of the financial health of your business. One of the most important ways to ensure good health is to manage your accounts receivable more efficiently. Here are seven ways to keep cash flowing in – and your business moving forward:
Your cash flow is a key indicator of the financial health of your business. One of the most important ways to ensure good health is to manage your accounts receivable more efficiently. Here are seven ways to keep cash flowing in – and your business moving forward:
- Get to know your customers. When you have a personal relationship with your customers, they are more likely to pay you.
- Get paid in advance. The best way to ensure payment is to ask for money upfront. You could start by requiring customers to make a deposit or pay a retainer when they sign on with you.
- Invoice immediately. It's a simple fact: the sooner you invoice your customers, the faster you'll get paid. Consider billing your customers electronically versus sending invoices in the mail to give customers a few extra days to pay.
- Offer more payment options. The more ways you give customers to pay, the more likely it is that they will pay you. Consider taking payments by phone or online and offering the ability to make recurring payments charged to their credit cards or automatically deducted from their bank accounts. KS StateBank now offers SmartPay Express which allows you to collect payments online using a custom web portal.
- Run aging reports. When you're busy serving your customers, it's easy to lose track of your outstanding invoices. One way to ensure that doesn't happen is to regularly run accounts receivable aging reports, which will help you keep track of late invoices. Then, you can send your customers payment reminders.
- Offer discounts for early payments. Give your customers an incentive to pay early by offering them a discount. Some companies also charge late fees for payments. If you do go the late fee route, make sure you clearly indicate the fees for late payments on the invoice.
- Establish payment policies with customers. When you sign up a new customer, be sure to review the payment terms even before you do business. The customer should know how and when you will invoice them, when payments are due, and any fees that may be assessed for late payments.
Remember, your accounts receivable is an asset, but only if you can turn it into healthy cash flow. SmartPay Express and Lockbox Services are great solutions to help you do just that. To find out more about how we can help, contact our Cash Management team by email or give us a call at 800-588-6805.
2022 Holiday Schedule
2021 is winding down and we want to remind you about our schedule for the remaining holidays this year and give you an advanced look at the dates for 2022. These are the dates that the Bank will be closed (or closes early), thus creating non-processing days for your transactions or early cutoff times for ACH activity.
| Date | 2021 Remaining Holidays |
|---|---|
|
Friday, December 24
Bank closes at noon; ACH deadline is noon CT
|
Christmas Eve |
| Saturday, December 25 | Christmas Day |
| Date | 2022 Holidays |
| Saturday, January 1 | New Year's Day |
| Monday, January 17 | Martin Luther King, Jr. Day |
| Monday February 21 | Presidents Day |
| Monday, May 30 | Memorial Day |
| Monday, June 20 | Juneteenth (Observed) |
| Monday, July 4 | Independence Day |
| Monday, September 5 | Labor Day |
| Monday, October 10 | Columbus Day |
| Friday, November 11 | Veterans Day |
| Thursday, November 24 | Thanksgiving Day |
| Monday, December 26 | Christmas Day (Observed) |
Download the printer-friendly version of the 2022 Federal Reserve Holiday Schedule for your records.
We wish you all a joyous holiday season and a prosperous new year.
September 2021
Build Your Business Budget
If you've ever listened to a financial expert or done any research on personal finance, you know that one of the most important steps you need to take is to create a monthly budget. Having a monthly budget can help you rein in your spending, maximize saving, and meet your long-term goals.
If you've ever listened to a financial expert or done any research on personal finance, you know that one of the most important steps you need to take is to create a monthly budget. Having a monthly budget can help you rein in your spending, maximize saving, and meet your long-term goals.
But having a budget isn't just important for your personal finances; it can help your business, too.
A business budget is actually a financial roadmap or plan that shows the money you expect to take in and pay out over a specified period of time. A strong budget can help you gain financial control by –
- Helping you monitor and reduce expenses.
- Uncovering saving opportunities.
- Forecasting revenue and expenses to help you plan more easily.
- Preparing for unexpected financial challenges.
- Helping you make more informed business decisions.
Sure, it's hard to think about adding another thing to your already-packed to-do list, but creating a business budget is actually not that hard to do.
Just follow these simple steps:
- Add up your income. You’ll need to tally all sources of income for your business, including your sales as well as other sources of income, such as rent and investment income.
- Record fixed and variable expenses. Your expenses include both fixed costs that are the same every month, such as your rent, as well as variable costs that change based on the activity of your business, such as your utility bills or payroll.
- Estimate additional expenses. Consider the plans you have for your business, seasonality, and any expected changes that may come up that will result in additional expenses.
- Determine your cash flow. Add up all your fixed, variable, and additional expenses and subtract them from your income. This will allow you to determine the cash flow you have available.
- Set your budget. Once you know your cash flow, you can budget your money for expenses. Be sure to include saving money as part of your monthly budget.
- Review and reassess. Your budget will be fluid; so, you'll want to review and adjust regularly based on the changing needs and performance of your business.
You can simplify this process with budgeting software programs. At KS StateBank we offer My Money, a free online financial management tool found in Online Banking. My Money makes it easier to create a budget and manage your spending. But, whether you use those programs or create your own, having that budget will take you to a new level of financial control and peace of mind.
The Business Credit Card
Small business plays a vital role in our economy. Virtually all financial institutions offer small business loans to qualified business customers making it easier than ever to establish a new business. So why apply for a business credit card?
Keep Track of All Your Business Expenses
The first and most obvious reason for a business credit card is to separate personal finances from business related purchases. With your business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.
The first and most obvious reason for a business credit card is to separate personal finances from business related purchases. With your business credit card, you can make all your transactions by phone, internet or in person. Then get periodic statements detailing all of your business expenses.
Business credit cards are accepted virtually everywhere that you shop. Covering business purchases with employee's personal money can get very messy. So instead of relying on cash, use a business credit card. Most credit card issuers offer a credit limit for employee cards as well as different methods to monitor how the card is used. This is true for KS StateBank Business Credit Cards. We can provide individual cards with customized limits for your employees and you can access our new 360Control application to monitor and manage your business credit cards.
Establish Your Business
A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. Just by owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.
A credit card with your business name on it gives your business credibility. A business credit card looks a lot more professional than paying from your own wallet. Just by owning a business credit card, your business can build credit. So when you need that business loan, you will get the best interest rate and qualify for higher amounts. As your credit builds you might also qualify for a lower interest business credit card.
So even if your business doesn't have a six-figure budget, a business credit card could help your business grow. You never know when your business might suddenly need extra money. Office equipment might need immediate replacement. Without a business credit card, financing could drastically interfere with your daily routine.
Earn Rewards with a Business Credit Card
You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. A cash back business credit card is a great way to increase your profit margin. Contact our Cash Management team to learn more about the new KS StateBank Rebate Rewards program.
You can also save money and earn rewards. Certain business credit cards give you cash back on all your purchases. A cash back business credit card is a great way to increase your profit margin. Contact our Cash Management team to learn more about the new KS StateBank Rebate Rewards program.
Not only does a business credit card provide convenience and rewards, it also helps to build business credit for the future of your company as you watch it grow!
To learn more about KS StateBank Business Credit Cards, contact a member of our Cash Management team at 800-588-6805 or by email.
June 2021
Safeguard Your Company's Data
Your customer data is one of your most valuable business assets. That's why it's critical that you protect it, especially today when cyber threats are on the rise. Here are some measures you can take to protect you and your customers from costly data breaches:
- Keep software up-to-date. Make sure you install patches on all your company's software programs as soon as they become available.
- Manage passwords. Your passwords are the gateway to your company's most sensitive data; it's essential that you select them carefully. Be sure to use a combination of random letters, numbers, and symbols that are difficult for others to guess. Also make sure that your passwords are changed regularly.
- Limit access to data. Try to limit data access only to your most trusted employees. And offer regular training for them on best practices for protecting data.
- Use encryption. A smart way to safeguard your data is to use encryption software that will protect the information you send and receive.
- Be PCI compliant. If you accept credit and debit card payments, ensure that your processing meets PCI compliance standards.
- Install antivirus software. Make sure every computer in your company is equipped with the latest anti-virus, anti-malware software.
- Don't store unnecessary data. You should have complete knowledge of the data you have on file and what you absolutely need to keep. If you don't need to retain data, get rid of it. Also, to limit risk, avoid storing customer payment information, such as credit or debit card numbers.
- Use a firewall. Firewalls can help you protect your company and customer data from hackers and malware.
- Conduct security audits. Every year, review your policies, procedures, and equipment to identify any vulnerabilities.
- Safeguard paper documents. If you store data the old-fashioned way, on paper, make sure that your files are in a secure location. Shred any documents you no longer need that contain sensitive information.
- Be aware of email account compromise. This is one of the most financially damaging online crimes. Scammers might spoof an email or website, use malware or send spear phishing emails – emails that look like they are from a trusted sender to trick victims into sharing confidential information. Be careful of what information you share online or on social media and don’t click on anything in an unsolicited email or text message, including attachments.
- Watch out for wire fraud. With this type of fraud scammers may request that you wire money to them from a compromised or spoofed email address that may be familiar to you. It’s always good practice to follow-up with a phone call for verbal confirmation prior to initiating any form of payment.
A data breach can not only be costly to your business, but also can destroy the trust your customers have placed in you. Protect your data today!
Solutions to Help the Safety of Your Business
Safety and efficiency is important for every business and it’s important to have solutions to help strengthen the security of your day-to-day banking business. Here are some of the services we offer at KS StateBank that can help your business do just that.
- Secure Tokens offer an additional layer of security for your Online Banking account. The Token generates a one-time 6-digit code (which will change every 30 seconds) to use at each Online Banking login, similar to an additional password.
- E-Statements can be viewed and saved safely through Online Banking. These free electronic statements are identical to our printed statements and eliminates the need to store the paper version.
- Positive Pay is an automated check fraud protection tool found in Online Banking that helps you safely approve and upload items to your accounts.
- SmartPay Express makes it possible for you to accept credit card and ACH payments, membership dues and donations online easily from your company’s website.
- SmartSafe is our cash deposit solution that allows you to deposit the cash you’ve collected throughout the day into your onsite safe. It incorporates bill validation, counterfeit detection, and software capabilities to provide online reporting for your business.
Our Cash Management team is available to answer your questions concerning the safety and security of our products and services. For questions about these and other services, contact Cash Management by email or call 800-588-6805.