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Small business resources

Timely tips as you begin

When determining your company’s financial health and profitability, there are more factors to consider than total earnings. Operating cash flow, or OCF, can be just as important—it measures the actual cash your business generates from the sale of a product or service, after deducting operating costs.

Make $100,000 in sales last month? That’s what you’ll record on your income statement as revenue. But what if you’ve only been paid for half of those sales? Last month’s sales dollars will be on the books as $50,000.

Then, some items (like depreciation of supplies) count as a net expense. So it’s possible for your business to have a net loss, but positive cash flow. Want a more accurate view of your business’s financials? Make sure you’re looking at operating cash flow.

Ready to maximize your cash flow?

Contact your local Truist banker for more information on business solutions, or visit

Setting up a bank account is an exciting and important first step when starting your new business. Here are three quick tips for getting the best banking setup:

Step one. Open a separate business account. Having a separate account:

  • Protects your personal funds so they aren’t mistakenly used for your business
  • Allows you to see your business cash flow and profitability without having to filter out personal expenses, and
  • Builds credibility with bankers and investors by reducing the risk of tax mistakes

Step two. Determine what account type is right for your needs.

  • Project your monthly banking activity by looking at:
    • The amount of cash you’ll process each month
    • Transaction volumes, and
    • Your typical minimum and average balances

Business accounts have varying allowances and fees depending on your projected balance and activity, and your estimates will help you select the right account.

Step three. Simplify your banking with the latest technologies like:

  •  Online banking for instant account access and easy data downloads to your financial software
  • Online bill pay for scheduling one-time and recurring payments
  • Mobile banking to manage your finances and deposit checks from your phone or tablet

Get your business bank account started today

Visit or talk to a Truist banker to learn what you need to get started.

As a small business owner, how you manage your time matters. Financial software can help streamline your process and makes invoicing customers and paying suppliers easier. Here’s how to get your small business financial systems up and running:

Step one. Evaluate your financial software.

Financial software for small businesses:

  • Helps you track, organize, and manage finances
  • Minimizes mistakes and eliminates tedious manual work
  • Monitors cash flow and profitability
  • Syncs with online banking for information downloads, and
  • Organizes data for tax preparation

Step two. Decide between purchased software and Software as a Service.

With purchased software:

  • You pay upfront, but use the software for its life cycle
  • You install it on a limited number of devices, and
  • You’re responsible for maintaining the software with free or paid updates

Software as a Service:

  • Allows you to pay using a monthly subscription
  • Uses automatic updates to keep you current, and
  • Can be used on a variety of devices

Step three. Take advantage of cloud storage.

By deciding to store your data and backups in the cloud, you’ll have a secure and offsite solution. You’ll also:

  • Save on hardware and maintenance costs by eliminating in-house servers, and
  • Have instant access to important data, wherever you’re online

Ready to learn more about organizing your financial systems and boosting efficiency?

Visit or talk to your Truist banker to see how we can help you and your business.