Pittsburgh-based PNC Bank has launched a new online tool that aims to give business owners a clear indication of their organisation's cash flow.
The new technology, known as Cash Flow Insight has been aimed at small businesses in the most part, with owners of these companies able to input all the financial interactions the firm is involved in into one single format.
Transactions are then tracked and business owners receive information on where money is coming in from and where outgoings are heading.
PNC Bank said the new online finance technology has three main features - payables, receivables and accounting software sync - which the bank believes will help smaller businesses find the time and resources to effectively manage their cash flow.
PNC Bank’s deputy manager of business banking Troy Baker said that the enhancements to Cash Flow insight will enable business owners to stay focused and organised, while managing current and forecasting future cash flow, which can help these companies to make better-informed strategic decisions relating to the future.
PNC also revealed that the cash flow management technology can help speed up the receipt of payments from other businesses by creating invoices that clients can pay online, by integrating agreed-upon terms and conditions governing when payments should be made.
Cash Flow Insight is also designed to track the money leaving your business. PNC says the tool also allows your business to schedule payments - including recurring payments - as required, taking some of the stress out of managing payments for small business owners.
Business customers at the bank can also access short and long-term financial forecasts for their company via the online tool.
The bank is offering a free trial run to small businesses for their current and next two statement periods. Businesses using Business Enterprise Checking, Industry Solutions Checking or Retail Businesses Checking won’t be billed for the trial period. All these accounts include online banking features. Following the trial period, the system will be available for a monthly fee of just $10 and a per-transaction fee that is taken out monthly after the trial, according to PNC’s website.