Top US Business Banks
From issuing loans, helping to minimize taxes, managing foreign exchange rates, working out internal financing details and setting up a business spending credit card, corporate banking are far and widespread. Not only do American businesses need to maintain their internal business expenditures, but also are required to keep on top of international banking needs.
Here are the top US business banks who continue to retain popularity during recessionary times.
Along with a revolving line of credit, international wire transferring and account reconciliation, CitiBank and their CitiBusiness channel offer business installment loans and commercial mortgages. Business owners can increase their working capital or fund large capital expenditures and business initiatives through 26 and 60 month term loans with competitive interest rates. Businesses looking to expand or purchase an owner-occupied commercial property can also take advantage of loans with terms of up to 15 years and mortgage or commercial pay back periods of up to 25 years. Online investing options are also available with secured and unsecured short-term options. CitiBank’s international offices also help to manage foreign trade. Additionally, CitiBusiness has also specifically designed programs for healthcare and legal professionals to simplify their banking needs.
Commercial banking product offerings of J.P. Morgan include lending, treasury services, investment banking and investment management for businesses ranging from $10 million to $2 billion. Each client is assigned a Client Service Professional to lead them in the direction of their needs to one of their seven channels: middle market banking, commercial term lending, mid-corporate banking, real estate banking, Chase Business Credit, Chase equipment finance and community development banking. Their list of products and services is extremely lengthy, with such offerings as asset and wealth management, employee stock ownership plans (ESOP), international banking, securities safekeeping and treasure services. J.P. Morgan also hosts a resource center with commercial banking-related publications and J.P. Morgan Chase hosted webinars.
Chase Business offers advanced savings and checking accounts to maintain funds as well as business debit and credit cards that offer rewards programs for future benefits. Short and long term credit options are useful for everyday spending needs and build equity by buying or building owner-occupied commercial real estate. JP Morgan Chase is also an international leader in the global foreign exchange market when it comes to wiring money internationally, along with their specialized programs for retirement plans, mutual funds and investment banking. Their online Business Resource Center is also accommodating to start up businesses looking to create a business plan, ways to finance their business, marketing techniques and ways to manage and anticipate cash flow needs.
ING Commercial Banking
The Commercial Finance Division assists companies in raising working capital by financing their inventory, purchasing orders and receivables and is ideal for wholesale and transport businesses and companies with a need for working capital and to low-solvency businesses with less access to other financing options. Their Corporate Investments division focuses on putting their financial resources and structuring capabilities to enable company management teams and shareholders to realize their financial plans. Corporate clients are also provided with a team of banking and finance experts headed by a senior manager to understand the client’s needs.
Morgan Stanley Smith Barney
The BusinesScape Program is a convenient source for start-up business owners to get them from initial growth to maturing the business. Other investment services and business management solutions include cash management services to maximize working capital, lending services for business expenditures, employee stock ownership plans and BusinesScape Business Advisory services to maximize a business to compete on a global level.
Bank of America Merrill Lynch
Bank of America Merrill Lynch serves companies with annual revenues over $3 million, middle-market and large corporations and institutional investors. Their list of products and services range from asset-based finance, equities, foreign exchange, merchant services to retirement and benefit plan services.
PNC offers a variety of financial services and products to help manage resources and maintain a company’s goals. Services and solutions include fraud prevention, investment servicing solutions, lending options, mezzanine capital services, equipment financing, PNC advisory webinars and asset management, among others.
For those interested in investments and trading, E*TRADE offers comprehensive resources for online investing, easy-to-use trading tools to understand market trends, investing and trading education and access to an investor resource center.
Six issues at the top of tax and finance leaders’ agenda
New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.
According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.
And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.
Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.
Trend 1: Businesses seek more strategic counsel from tax
Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.
According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”
Trend 2: Tipping point for resourcing models
Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.
Trend 3: Digital tax administration is moving faster than expected
in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.
"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."
Trend 4: Data simplification and lower-cost resourcing are top priorities
Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.
At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”
Trend 5: Skillsets are shifting
Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.
Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact
Trend 6: 2020 brought productivity improvements
Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.