Finance and Money Matters | Pinnacle Financial Partners

A New Federal Requirement for Small Business

There’s a new federal rule requiring more than 32 million small businesses across the United States to register and file with a bureau of the U.S. Treasury Department called the Financial Crimes Enforcement Network (FinCEN). The Beneficial Ownership Information (BOI) database collects information about who ultimately owns and controls each reporting company. We've answered some frequently asked questions about this development that's been in the works for several years.

Virtual Sub-accounts Simplify and Save Time

For businesses that receive deposits from many different sources and need to reconcile and report on each source separately, virtual account management (VAM) can be a game-changer. Having the power to independently open and close an unlimited number of separate virtual sub-accounts, all attached to one master account via an online portal, can solve a lot of headaches.

Options for Offsetting the Cost of Accepting Credit Cards

As credit card issuers offer more rewards and cashless commerce becomes more popular, merchants have felt the impact. Having fewer cash transactions adds up to a higher cost of doing business, especially for small businesses. Fortunately, card processing has evolved to allow businesses to pass some of the merchant fee on to the customer, and banks are key partners in making this possible.

Managing Escrow Accounts Doesnt Have to be a Juggling Act

If your line of business requires sub-accounts to prevent funds from comingling, such as in escrow deposits, you may find the traditional banking model maddening. The process of opening and closing so many sub-accounts can bog down operations and leave more room for error. We've offered some things to look for if you find yourself wishing you had a better, more automated process that saves time and gives you more control, flexibility and visibility.

Small business expenses: What payment method is best

There are more ways for small businesses to pay their bills and expenses than ever: old fashioned checks; debit, credit and purchasing cards; automated clearinghouse (ACH) transactions and even payment apps. What’s the most efficient, cost-effective and secure way to make payments? The answer can differ based on a number of factors. We outline some of the most common payment types and what they're useful for.

Carefully Designed Account Structure Can Protect and Enhance Cash Flow

Cash flow is the lifeblood of any company. Any disruption in that flow – whether because of fraud, unexpected significant expense or timing of receivables – can cause major headaches. Fortunately, there are ways to arrange your business’s account structure so you can sleep better at night, knowing your company’s cash flow is protected and returns on deposits are optimized. Here are a few examples of the ways account structure can both protect and enhance cash flow.

SBA Reduces Upfront Guaranty Fees to Spur Lending to Small Business

In a rising rate environment with turbulent economic conditions, many small businesses seeking capital may have trouble obtaining the needed financing to maintain or grow their businesses. According to the Small Business Administration (SBA), in 2022, two out of three business owners who sought credit did not receive what they needed. That’s why the SBA has made some changes this year to its programs.

Moving from Paper Checks to Electronic Payments

There are more ways to take payments than ever. If your small business is still primarily taking payments by cash or check, use this guidance to make the shift to card and electronic receivables. It's a great way to streamline operations, reduce costs and improve security.

Small Business Tips to Free Up Time and Improve Cash Flow

Running a small business is a labor of love, but at some point most owners realize they need to free up time – both for themselves and their employees – for activities that lead to growth. If your small business has reached this point, consider our tips for improvement.

LIBOR Transition: Frequently Asked Questions

Over the past decade LIBOR had become susceptible to manipulation, which resulted in lawsuits. After June 30, 2023, loans tied to the LIBOR index will have a new reference rate, as part of the transition away from the LIBOR index. The the Alternative Reference Rates Committee (ARRC), convened by the Federal Reserve Board and Bank, ultimately identified the Secured Overnight Financing Rate (SOFR) as its recommended replacement rate. On this page, we answer frequently asked questions about this transition.

Managing Cashflow for Community Associations

Community association managers wear many hats, and the financial duties are extensive. They're also among the first reasons community associations seek a management company. In addition to budgeting and planning, there are dues to collect, frequent expenses to pay and reserves to be accumulated and protected. All of the above require transparent documentation for accountants or auditors. Whether a manager has 500 doors or upwards of 20,000, the right tools can make financial account management much easier for the manager and the communities they serve.

Improve Your Cash Flow in a Remote World

Of all the business lessons we learned in 2020, maybe the longest lasting will be that we don’t always have to be in the office to work efficiently. One place where businesses often lag in remote work is cash flow. Too many of the old processes rely on people being present or processing pieces of paper to collect money and make payments. If you haven’t already started to break from this tired tradition, now is the time to catch up before your competitors leave you behind.

Are You Taking Full Advantage of Your Banking Relationship?

Deposit accounts are the key piece of your business banking puzzle. Chasing the best interest rate can fragment your finances and keep you from seeing the complete picture. But if you work closely with a financial advisor to put the pieces together as a team – with deposits at the center – you start to see some major advantages.

Well-Managed Cash Flow is Essential for Business Success

Cash flow issues can really disrupt a business and has stymied even the most profitable businesses. So, what can you do to promote healthy cash flow and stop worrying about whether there’s enough liquidity for immediate needs and investing for future growth? Our treasury management advisors share some guiding principles and tools to help.

Protecting Funds Collected from Citizens and Donors

Governments and large nonprofits have a fiduciary duty to follow strict requirements for deposits to be backed by FDIC insurance, corporate surety bond or pledged collateral. FDIC insurance generally covers up to 250,000 per insured bank, for each account ownership category. Therefore, institutions that have deposits in excess of 250,000 and requirements to insure 100 percent of the funds must do so through other means.

The State of Accounts Payable

For the sixth consecutive year, Pinnacle’s AP Automation partner MineralTree surveyed a wide range of finance professionals for its State of Accounts Payable Report. This edition is unique in that it explores how a once-in-a-lifetime event has left its mark on finance organizations. What’s important to recognize, though, is that the problems uncovered, and insights gained, during the pandemic are not fleeting, but rather will have a lasting effect on finance and AP.

You Are Not Alone: Help Your Business Survive Inflation with Cooperation and Relationships

What can a business leader to do when the cost of goods is headed up with no end in sight? First recognize that you're not going through it alone. These are times when relationships, transparency, cooperation and agility rule the day.

Why You Should Apply for PPP Forgiveness Now

Early in the process, the advice was to wait on forgiveness. The program rules were changing often, and experts believed they would get easier for businesses that took smaller loans. That turned out to be true. Now there’s no more reason to wait. For anyone who received a first-round PPP loan, it’s time to apply for forgiveness so you don’t have to pay it back. Here’s why.

Beyond PPP: What Businesses Can Get from the CARES Act

Everyone's talking about the PPP, but what else can the CARES Act do for your business? Our good friend Paul Anglin from Blankenship CPA Group joins us to talk about employee retention credits, payroll tax delays and other parts of the pandemic stimulus bill that could affect your taxes.

Get tight control over your company’s cash flow

With revenues severely restricted or even cut off, it’s more important than ever to maintain tight control over your company’s cash flow. When used responsibly and paid off every month, credit cards could be the perfect solution. Here are three ways they can help you get the most out of your cash.

5 ways to fix your operating cash burn

Help take control of your business during a crisis by reducing the cash going out and then finding more money to come in.

Avoid running out of money and manage your cash flow in a crisis

A key part of running a sustainable business is the resilience of steady cash flow. Here are some strategies to help avoid running out of cash and build a stronger business, particularly when an unexpected crisis arises.

Economic Outlook: What’s Ahead in 2020

Throughout 2019, the Federal Reserve cut rates three times by a total of 0.75 percent. It worked, and I believe the Fed significantly reduced our chances of seeing a recession until late 2021 or 2022. What can we expect from the American economy in 2020? Let’s take a look.

3 Totally False Myths about Small Business Administration (SBA) Loans

Doing business with the government may not be everyone’s first choice. But that’s probably because many don’t really understand what the Small Business Administration is, who it’s for and what it can do. These three myths about SBA lending are just dead wrong.

Lower Rates, Tighter Deductions: How Tax Reform Affects You

Have you thought about how tax reform affects you? Whether you file as an individual or on behalf of your small business, study these changes so you can take full advantage of deductions.

When (and When Not) to Use Credit Cards for Your Business

Pulling out plastic for a purchase is convenient, but is it always the right choice for your business? Find out here.

5 Tips for Improving Cash Flow

In any business, the lag between the time you have to pay your suppliers and employees and the time you collect from your clients is a problem. Here are five tips to help you better manage your cash flow.

Detect Wire Fraud before it is Too Late

Wire fraud is a favorite tactic of criminals because they can move large sums quickly and are difficult to reverse. Learn about fraudsters’ tricks of the trade so you can watch for unusual activity and prevent large losses from your business accounts.

4 Options for Maturing Loans

Part of smart financing is having a plan in place when your commercial loan matures. Begin talking to your financial advisor several months before your term ends to help determine which course of action is best for you and your business. Here are four options.

Making Payments: Purchasing or Credit Card?

Commercial credit cards are a great payment method for most businesses, but some may need even more card-level control and flexibility than a standard card can offer. That's where corporate purchasing cards come into play. Learn more about purchasing cards and whether they're a good fit for your business.

Growing Your Business? Prepare for a Loan Request

Evidence is mounting that the economy is starting to turn the corner and that small businesses are feeling more hopeful about their prospects. If you are considering making improvements to or growing your business, here are some steps you can take to increase your chances of being approved for a loan.

Small Business Resource Center