Multiple times over the last several months, I had the opportunity to speak with Treasurers and Cash Managers at various organizations, both small to medium size companies and large ones. One of the questions that come up very frequently is regarding the tangible benefits of using a Treasury Workstation, more so a Treasury Management System. Yesterday, one of our customers had to put together a list of benefits they derived out of using the Treasury Sciences Suite of Products. So here it is - the list of benefits
Dramatically simplified the accounting review for daily banking activity by reducing 10 pages of daily accounting journal entries requiring review to 1 page of entries requiring review and 9 pages of entries directly uploaded to the General Ledger. We’re enhancing the technology to further reduce the need for any manual review prior to upload.
Over 80 users have been boarded with a goal of over 200 spanning multiple subsidiaries and such user groups as: Accounting, Disbursements, Payroll, and Cashiering.
Currently processing about 25% of the Organization's wire and ACH payments through the new payment platform, replacing 3 different Bank of America payment platforms with a single user interface. At completion of the conversion project, 100% of these payments will go through the new system.
Developed intuitive user screens that allowed a simple web delivery (webinars) of online training which simplified the roll out process to remote organizations.
The majority of daily investments and redemptions of investment cash by our subsidiaries (about 80 transactions per month) are now paperless (replaced faxes and emailed notices) and secure (no Faxes, emails, or telephone calls)
o Eliminates missed settlements
o Allows straight through processing with accounting treatment printed directly on bank reports
o Ensure identity of all users
Central delivery of online bank reports reduces bank fees by $10-$15K per month.
Faster, more accurate determination of daily cash position is giving the Treasurer’s Office detailed funding requirements for the day about ½ hour earlier, which translates into improved investment yields.
Better identification of cash available for investment is allowing us to reduce balances left at our bank by about $3-$10 million per day and upgrade them for better investment returns by making them available for direct investment by the Treasurer’s Office
I hope that the above list (I have only altered it enough such that it does not reflect the name of the customer and any other confidential data) provides a tangible list of benefits of adopting a web based Treasury Management System or Treasury Forecasting. If you have any questions, or comments or feedback please let us know by posting a comment here or sending us an email. I hope that this information will help you in your decision making process-when choosing a Treasury Management System or Treasury Workstation.