Blog   Tagged ‘financial’

Scarred by Great Recession, small business owners are still playing it safe

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.

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Don’t Get Sacked Buying a Big Screen for the Big Game

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The big game is just around the corner and many people are thinking about buying a new big screen. You may think you’re getting a Hail Mary of a deal, but make sure you’re not getting blitzed. Here are some ways to score the TV you want and advance your financial goals down the field.

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  • Your budget is your playbook. Even if you can’t execute every play perfectly, the closer you can stick to your plan, the more points you’ll put up on the board.
  • Plan out your maximum price, the features you want and the size you want.

For example, when you start looking, you may be thinking about buying a 47-inch TV for $700, but then you find a great 47-inch TV marked down to $500. Then the helpful sales associate says that they have a 50-inch marked down from $1,000 to $750. They say that with the bigger TV you save 300 dollars instead of 250 and you’re still under your budget.

Watch out: they’re going for an interception!

If you have a budget and you spend the full amount, you did not save any money. You were never going to buy the $1,000 dollar 50-inch TV. When you came in the store, you were thinking you’d be happy with the 47-inch model. Remember the play you’re running, buy the size you originally wanted and you’ll have another $250 to put towards saving. 

  • In the NFL, players will watch hours of game tapes to learn about the other team. Do your homework by checking out customer reviews or other trusted sources.
  • That helpful sales associate may also offer you no payments or no interest for months. But even the worst referee would call a flag on this play. These deals often take the form of deferred interest, so if you don’t pay back the full amount in the given time frame, you could owe interest for the entire length of time. Every loan and credit card is different, so be sure to read the fine print before you sign on the dotted line. You may gain 10 yards on the play, but paying a high interest rate can set you back worse than a 15 yard penalty.

Remember, buying a TV is just one play in one game. For saving money, the season never ends. NFL players train their entire life to get to the big game. We save money our entire life to get to retirement. Don’t let spending sideline you. 


John R. Moreau is a product manager for Consumer Loans and Deposits at UMB Financial Corporation. He joined UMB in 2008. Moreau earned a Bachelor of Science from Arizona State University and a Master’s in Economics from the University of Missouri-Kansas City. He is currently pursuing a Ph.D. in Economics at the University of Missouri-Kansas City.

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The business of doing good: How to manage your non-profit’s finances (Part 3)

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Recently, UMB hosted a group of almost 40 representatives from Colorado Springs non-profits to talk about a variety of financial management tips for non-profit organizations. In my previous blog posts I highlighted two topics that came up during the conversation: streamlined fundraising processes and supporter/employee enthusiasm. The third subject we discussed was the idea that non-profits need a bank that acts as an extension of the organization.

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Most people probably don’t automatically make the connection between a bank and a non-profit, but the two organizations can work together to create a productive partnership. An important part of the support non-profits need to thrive is the relationship they have with their bank. Since funding is the primary way to ensure that the non-profit can continue to operate, good financial management is key. A strong relationship between a non-profit and their bank may give the staff peace of mind and help them to focus on doing good things for their community and less about their financial management.

Some challenges that non-profits face include getting sufficient funding, board and associate development and staff retention. Your bank may be able to direct you to resources that can help you overcome these challenges:

A good relationship with your bank can also help your organization achieve a sound financial structure. In addition to keeping the organization up and running, a solid balance sheet could help attract new leadership to your organization. One of our non-profit clients came to us with a potential board member who was interested in joining the organization’s investment board. The potential board member was passionate about the organization but concerned about their investment risk management. After talking with UMB and the non-profit leadership about the investment risk, he was no longer worried and joined the board because he could focus on his passion for the organization.

Non-profits offer many invaluable services to their communities. While these organizations differ from for-profit businesses in their mission and goals, they have the same business principles. Treating the financial management of a non-profit like a business helps the organization in the long run because they’re able to focus on serving the needs of their community.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Doyle is community bank president for UMB’s Colorado Springs region. He is responsible for guiding strategic direction in the Colorado Springs region as a member of the Colorado management team. He joined UMB in 2011 and has eight years of experience in the financial services industry. He earned a bachelor’s degree in finance from Florida State University in Tallahassee, Fla. and a master’s degree in business administration from Oral Roberts University in Tulsa, Okla.

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Internal Fraud: How to protect your company

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You don’t want to believe it. But the numbers just aren’t adding up. You want to trust the people who work for you, but eventually you have to come to terms with the fact that someone in your company is stealing money. Not only does it hurt your business, but it’s often a heartbreaking realization for you as a manager or owner.

It’s not always easy to figure out who is the culprit, but there are steps you can take to detect and hopefully prevent fraud within your company.

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Dual control and separation of duties

Understand who is in charge of what financial responsibilities and make sure there are no gaps. Create a system of checks and balances so that the same person who is running payables (bills, invoices, expense reports) isn’t the same person who is reconciling the accounts (balancing the company checkbook, so to speak).

It’s also a good idea for business owners to review financial statements on a weekly or monthly basis.

Automated fraud detection

Consider implementing Positive Pay. This automated fraud detection tool is offered by most banks. It’s a relatively simple process. Your company issues checks every month and you send the bank a list of all those checks, including check numbers, amounts and payees. The bank makes sure the checks match up as each one clears. This eliminates any fraudulent or altered checks. Automated fraud detection is a great solution for companies as long as they already have dual controls in place.

Anonymous tip line

Businesses should also consider setting up an anonymous fraud tip line. Internal fraud is most often detected by a tip from another associate. As a business owner or manager, you can’t know everything that’s going on in your company. Giving your associates an anonymous way to notify you is a simple, effective way to detect internal fraud.

Other processes and procedures to consider:

  • Reputable third-party audits
  • Periodic reviews of policies, procedures and controls
  • Diversity of associates’ job functions, including rotation of job duties at times
  • Periodic spot checks of your account payables/receivables, payroll, etc.

Don’t think it will happen to you? Keep this in mind. 61 percent of financial professionals reported that their organization experienced attempted or actual payments fraud in 2012. And 26 percent of fraud is committed by an organization’s own associates (Source: Association for Financial Professionals). Even though you want to assume the best from your associates, you should have systems in place to ensure that you don’t become another internal fraud statistic.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Bibens is a treasury management officer for UMB’s Commercial Deposits department. He is responsible for providing consultative technology and cash flow management solutions to companies and public entities throughout the Greater Missouri area. He joined UMB in 2010 and has 10 years of experience in the financial services industry.

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Your culture drives innovation

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Mike Hagedorn is back to expand on the idea of company culture. This time, he highlights the importance of allowing your culture to drive innovation.

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Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.

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Embracing Opportunities

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Meet UMB’s chief financial officer, Mike Hagedorn. In his eight years at UMB, he has embraced his role as CFO and its many opportunities. Expanding this role beyond the traditional expectations of a CFO, he is a champion of the company culture. Here he shares his thoughts on this important position in the company and what it means to him.

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Bank deposit products provided by UMB Bank n.a., Member FDIC. Equal Housing Lender


Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.

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