Setting up proper accounting for your virtual branch is crucial for future success. The value of your online presence must be clear and concise in order to foster the support and funding it needs from the leadership in your company, so it's time to start strategizing how to measure this. The truth is that it's very likely that your virtual branch is much more profitable than you think, but is being underrepresented in your general ledger. The future of your business may depend on the quality of the digital solutions that you offer, so start investing in your online services today!
Notes
š The importance of setting the proper accounting in your General Ledger (GL). 00:52
ā
Your virtual branch may include consumer online banking, online cash management/treasury services, mobile banking, executing payments, access to eCommerce and others can be part of the virtual branch. 02:08
ā You are probably not accurately representing the actual activity of customers on your GL: Peterson paints four scenarios to show you that. 04:23
š² GL accounting is important because it drives executive decision-making on where money is spent. 08:25
ā¼ļø The virtual branch must have its own management and budget: the support of the virtual branch by the C suite and board must be equal to or exceed the support given to physical branches. 10:45
ā Your virtual branch is likely your largest and most profitable branch: this exercise will not only highlight the need for a permanent change to your GL, but also make it clear that the virtual branch needs to be upgraded. 13:06
Links
Ā Email David: david@davidpeterson.com Ā
Ā Connect with David: www.linkedin.com/in/dlpspeaks
Ā Learn more about David: www.davidpeterson.com
Ā Consult with David: www.i7strategies.com
Ā Sail with David: www.i7sailing.com