Cash management

Speaker: Mark Barron

Chief Financial Officer, ESI Enterprises, Inc., Van Nuys, CA

My name is Mark Barron. I'm the chief financial officer for ESI Enterprises. We are a wholesale distributor of consumer electronics.

I started using the CEO Mobile service the first day it came out. I couldn't wait for it to come out, because up until that point, I was stuck at my desk at 2:15, 2:20 in the afternoon. I couldn't be anywhere else. I'm not tied to my desk anymore. I can send a wire from anywhere, or find out about a deposit anywhere I am in the world.

Every day, I use the CEO Mobile to send wires, and every day I look at my cash position.

You can send many wires at the same time, because a lot of times, I only have a few minutes to send all the wires. When you go to send a wire, you can check the box to email it to yourself, which is a huge benefit.

Mobile banking is part of our business continuity plan, because our whole business is structured around it. Everything has to do with cash management and cash position, and what wires are coming in or going out, so it's critical to the success of our business, as well as the continuity planning of our business, that we're able to access our banking transactions on an as needed basis.

Twice before, the power went out to our offices. Our Internet no longer worked, so we were unable to go out through the CEO desktop to do wires. So fortunately, my people had already input the wires on both occasions, and I was able to send those wires through my phone.

For the people behind the scenes, they can be at their desk, doing what they're supposed to be doing, but us that are on the go, meeting customers, trying to make things happen, then to have the CEO Mobile at our disposal, it's unbelievable.

There is nothing like it that I've ever experienced. You're able to send a wire. You're able to see your daily banking transactions, so for upper management, this is a huge benefit for the company and for them personally.