Companies don't have to be big to benefit from a reorganization of their overseas banking arrangements. That's evident from the experience of Day International Group Inc., a Dayton, Ohio, printing and textile industry supplier. After revamping its international banking structure, especially in Europe, Day not only reduced its bank fees, but also improved its internal controls by getting a better handle on its daily cash positions.

Day, which had sales of $277 million for the 12 months ended Sep. 30, has major European manufacturing operations in Germany, the Czech Republic and the U.K., and sales offices in France, Russia, Switzerland and Italy. Steve Skerl, Day's treasurer, says the company's overseas operations had grown fairly rapidly, primarily through a series of acquisitions. "When we acquired companies, we also inherited their banking arrangements," he says. In late 2000, "we realized that we needed to do something different."

Day's goals? Instead of a hodge-podge of banking arrangements, "we wanted to put everyone on an even keel, with one person in charge of European cash management, and provide that person the information necessary to control and minimize our cash balances by country," Skerl says. Day also wanted consistent pricing from its banks and the ability to pool its balances in Europe, instead of having cash sitting in various locations.