Cash management
Ulster Bank cash management.... getting to the heart of local business needs
Business First talks to Colin McMillan, the bankʼs senior manager for Invoice Finance in Northern Ireland
manage their cash, but at Ulster Bank, they prefer to talk about tailored cash management solutions rather than just products.
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A strong online platform and a personalised service are at the core of the bankʼs offering. Whether businesses need support with day‑to‑day cash flow, or help with long term investment plans Ulster Bank says it can create an individual package to suit their needs.
Colin McMillan says that cash management is fundamental to all businesses. “When you look at any business sector regardless of size, cash management is a common, often pressing need, but particularly amongst SMEs,” he points out.
Some banks have tended to approach cash management in a piecemeal way. We think this isnʼt the best way to do it. We try to really understand the individual requirements of the business and to provide a holistic solution,” he continues. Whether an SME or larger corporate business, an Ulster Bank cash management solution will mean a highly bespoke package to suit a businessʼs requirements. The specialist range of solutions the bank offers include international cash management, foreign exchange services, on‑line banking with its ʻBanklineʼ service, Invoice Finance, Commercial Cards and Merchant Services. Mr McMillan says that Invoice Finance can be a critically important part of the bankʼs cash management offering for businesses and is proving particularly vital to those Northern Ireland SMEʼs experiencing cash flow pressures. “Invoice Finance speeds up the flow of cash into businesses by providing working capital facilities linked to the value of a company's debtor book. “Typically with Invoice Finance the bank will advance up to 85 per cent of the value of invoices, once they are raised, with the balance available, once the invoice is paid,” he says. “It is an excellent way of providing funding for a wide range of companies, particularly when working in tandem with other funding mechanisms.
“Invoice Finance gives the business the security and confidence to know that current and future financial needs will be met. It provides a flexible line of finance which is geared to increase as sales increase.
“Itʼs also a confidential arrangement keeping businesses in control and allowing them to continue doing what they do
here is a wide range of banking products available to help firms
best – building their business. “You would be surprised how many successful and well known Northern Ireland businesses use Invoice Finance. They use it because it gives them immediate access to greater levels of finance than would have previously been possible. The key benefit with Invoice Finance is that funding is linked to sales and not restricted by an overdraft limit,” Mr McMillan continues.
As well as helping on the cash‑flow front, the extra cash released through Invoice Finance can be used to fund growth or expansion.
“Invoice Finance has been effective in the past for companies considering an acquisition. As a financial tool it can be used to raise funds to supplement other lines of credit,” says Mr McMillan. “We have a significant amount of money to lend and we want to lend it in a way that is responsive and responsible,” he points out. “We want to put businesses in control of their cash‑flow and therefore to be more profitable. We want them to feel supported by their Relationship Manager and be able to manage their business finances more efficiently.” Invoice Finance might not be suitable for everyone but Colin McMillan says, the team at Ulster Bank wants to provide long term help and support by taking time to learn and understand businesses. He continues: “There has been a perception that banks arenʼt open for business, but that is absolutely not the case at Ulster Bank – we are very much open to good businesses, particularly SMEʼs. Our Relationship Managers across Northern Ireland will be only too happy to talk to SMEs about creating a cash management solution to best suit their requirements.” “We believe that Invoice Finance is one solution that can help in a big way, as part of our cash management proposition. We want to provide SMEs with a specific package that gets to the very heart of their needs and weʼre confident that weʼll continue to attract a large number of new customers as a result,” he adds.
For more information on Ulster Bankʼs cash management solutions and Invoice Finance, firms can call into their local Ulster Bank branch or business centre and speak to a Relationship Manager or visit
www.ulsterbank.co.uk/invoicefinance or e‑mail
cashmgt@ulsterbank.com
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