Protect Your Assets

Fraud Tip: Automate Routine Financial Tasks

As a small business owner, you’re pulled in many directions and have your hands in almost every aspect of your business. But one area to which you should pay particular attention is keeping close tabs on routine financial tasks. Small business owners who lack the time or resources to keep track of their money are more susceptible to fraud and crime. Automating your finances is a practical way to overcome these resource constraints and more effectively protect your business.

Here are three ways you can automate routine financial tasks to protect your business quickly and easily.

1. Automate cash reconciliations.

If you had the time to reconcile your cash daily, spotting fraud early and stopping it would be much easier. But manually entering expense data makes reconciling a time-intensive task for many owners. However, it is possible to automatically reconcile and track your money daily and conveniently with online tools. Many banks offer cash management solutions for small businesses that make tracking cash easier by automating daily reconciliations, as needed.

2. Automate and streamline your financials.

Most businesses have accounting software packages that automatically generate detailed financial reports that help track and audit for theft and fraud. Unfortunately, because you need to input financial information manually, you are unlikely to have this information at your fingertips when you need it.

Downloading your financial information from online accounts into your accounting software package enables you to more easily and quickly get the information you need to track and monitor your money. Your online banking account should allow you to download your financial information into your accounting software automatically, avoiding manual data entry.

3. Track your expenses online.

If you make most of your payments online, tracking your expenses will be much easier. Doing business electronically gives you convenient access to all of your financial information online, quickly and in real time.

For example, certain online tools allow you to export your payroll expense information directly into a spreadsheet software or QuickBooks®. That way, your accountant or bookkeeper can easily generate reports that help you track, manage and allocate labor costs.

If you pay electronically, your financial institution should allow you to track all of these transactions online at any time, from anywhere with a secure connection. Banks make it easy to set, compare and analyze monthly budgets by storing information about all of your personal and business credit and cash accounts.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.


Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.