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Janice France-Pettit: Banking solutions for service companies

Union Bank

Posted: April 2, 2010 9:46 p.m.
Updated: April 3, 2010 4:55 a.m.
Every business - including professional service providers such as medical, legal and accounting firms - has its own financial requirements. Business owners face day-to-day financial complexities that demand specialized attention.

"A law firm may need a completely different set of banking services than a manufacturer or a retailer," said David Jochim, senior vice president and head of Union Bank's legal specialty group. "It's important that firms explore customized banking services and include them as an integral part of their financial plans."

Accurately assessing needs, exploring available options, tailoring banking services to meet objectives and working with a financial adviser familiar with your industry may be vital to achieving your firm's financial and business goals.

Solutions for physicians
The ability to meet the demands of taking care of patients, as well as the business side of the office, is critically important to the success of a medical practice. Financial solutions that save time, add convenience and offer dependable, professional and personalized attention may be options to consider.

You may offer your patients multiple payment options such as accepting credit cards and debit cards for co-pays, insurance deductibles and office-visit fees. Ask your bank about its merchant services to allow you to handle these transactions and expedite the collection process.

Solutions for attorneys
For many attorneys, income can fluctuate from month to month. With your fees tied up in the next case, you may be frustrated by the inability to expand your firm or offer better employee benefits.

One solution may be to incorporate customized lines of credit or leases into your banking plans. These options can give you access to your funds for immediate needs during a cash-flow crunch or while waiting on receivables from insurance providers.

Solutions for CPAs
Success for many certified public accountants hinges upon financial solutions that are customized and specific to the firm's goals. You may wish to talk to an experienced banker about ways to tailor services to meet your needs.

Online banking and bill pay, customized lines of credit and cash management services may help you optimize cash flow, gain faster access to your funds and bank with ease and convenience.

An experienced financial adviser who is familiar with your industry can offer valuable insight into what is right for your practice.

Solutions for manufacturers
Whether you are starting out or managing a well-established business, having access to up-to-date equipment, funds during seasonal downtime and the right resources may be critical to the success of manufacturers and other businesses.

For example, you may wish to learn about cash management services to help you optimize cash flow, gain faster access to funds, and streamline your business' operating efficiency with online services such as lockbox services, remote deposit, wires, account transfers and more.

Professional service firms face challenges that demand specialized services from their banks. Working with a personal business banker who knows the distinct demands of your industry and can address your firm's specific banking needs may play an integral part in improving your business processes and achieving your goals.

The foregoing article is intended to provide general information about foreign-exchange strategies and is not considered financial or foreign-exchange advice from Union Bank. Please consult your financial or foreign-exchange adviser.

Janice France-Pettit is a senior vice president and regional manager for Union Bank, overseeing the Simi Valley, San Fernando Valley and Antelope Valley regions. Her column reflects her own opinion and not necessarily that of The Signal.


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