As David Sheffrey got to know First National Bank Alaska bankers Tim Breeden and Syl Fowlis, he quickly learned of the advantages BusinessManager® afforded his company, Commercial Kitchen Solutions LLC.
“Initially, I was hesitant because it seemed like other entities would be too involved in our business,” Sheffrey said. “But it’s not that way at all. The program is cost effective and keeps projects going.”
BusinessManager offers companies a way to receive cash, even if invoices are not paid in the immediate future.
How it works
BusinessManager allows a company to sell commercial invoices to the bank and, at the same time, streamline payment processing with a lockbox service. Businesses get most of their cash the same day they bill, instead of waiting for an invoice to be paid.
In the case of Commercial Kitchen Solutions (CKS), the program allowed Sheffrey to take on more large jobs when he first started the business. BusinessManager provided the needed cash to pursue those prospects.
First National processed payments, mailed statements, received incoming payments and notified CKS of those payments. Sheffrey concentrated on running and growing his business instead of being concerned with cash, while CKS saved time and resources involved with traditional banking.
Improve cash flow
Predictable cash flow can help with a growing payroll, provide opportunities for discounts with suppliers, and the flexibility to pursue new business opportunities including expansion. It also gives business owners peace of mind.
Grow your business
Better cash flow and more time allows you to safely take the plentiful opportunities for growth. You'll be able to buy new equipment, increase your staff, invest in marketing and offer new services.
· Save money and time Take waiting out of the game. Outsource the process to a proven expert and re-allocate staff to more profitable areas. In addition, you’ll most likely see an improved customer experience.
“BusinessManager has always worked beautifully for us,” Sheffrey said.
To learn more about First National's BusinessManager. visit FNBAlaska.com/business_advantage.html or contact Tim Breeden (NMLS # 685916) at 777-5607/1-800-856-4FNB (4362) for communities outside Anchorage.
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