Kyriba's Bob Stark talks about core benefits of TMS for corporations
New York, NY (PRWEB) October 26, 2012
Kyriba’s Bob Stark has been featured in Global Finance Magazine, in a video detailing the main benefits of treasury management systems. Watch video: http://www.kyriba.com/resources/articles-and-publications/kyribas-bob-stark-talks-about-core-benefits-tms-corporations
A large number of treasury departments are still using manual techniques, such as spreadsheets, to manage their treasury functions. In departments where daily functions - from forecasting to creating accountancy entries - are not automated, each staff member may be spending an hour or two every day undertaking such tasks manually. This is time that could better be deployed elsewhere, claimed Stark.
The number of tasks that have to be carried out by the treasury department in the average business is growing, particularly as companies are increasingly doing business abroad and moving into emerging markets. The size of the treasury departments, however, is not growing due to financial and economic restraints. As a result, treasury departments are being asked to do more with less. This, Stark explained, is where automation can really help.
“Saving time, becoming more efficient, is paramount” – Bob Stark
Automation will improve the efficiency of how a treasury department works – reducing the number of manually intensive tasks to be done and freeing up staff members’ time to be put to better use.
With the use of a treasury management system, every payment and transaction is tracked and recorded. No longer will a CFO have to ask who is doing what, as the answers will all be available to see. This helps from a company perspective, as it helps to improve transparency and accountability.
Manual processes, such as using Excel and other Microsoft Office programs, fail to produce an audit trail, which means if something goes wrong, it’s next to impossible to know when, where or how it happened and who was involved. Automation means that an audit trail is created for every single transaction and process.
“Organizations are looking to ensure that the right information and the right tasks and responsibilities are being assigned to the right people.” - Bob Stark.
The benefits of this greater level of audit control also includes helping a business to adhere to a number of regulations, not least the Sarbanes Oxley rules, added Stark. Creating audit control helps businesses to establish the right procedures in response to external regulatory pressures.
Gaining greater cash visibility through the use of a treasury management system can help a business to make better transaction decisions.
In an increasingly international business arena, global cash visibility is an essential tool for any business that wants to be able to open up strategic opportunities. With knowledge about how long cash will remain in a certain location, CFOs will be able to improve their investment decisions and make their cash work harder for their business.
“If you don’t have visibility into global cash you are missing the opportunity to do anything other than manage your treasury day-to-day.” – Bob Stark
Visibility is a ‘stepping stone’ that allows treasury departments to establish how much cash they have at any time and to optimize their use of this cash to the greatest benefit of the business as a whole.
WATCH VIDEO now>
Kyriba is the global leader in next generation treasury solutions in the cloud. We enable CFOs and finance teams to optimize their corporate treasury functions by delivering fully-integrated cash, treasury, payment, risk management and supply chain finance solutions through a user-friendly, scalable and secure SaaS platform. Kyriba improves visibility and productivity, enabling our clients to minimize risks and have better control over their treasury and finance decisions. With a client loyalty rate of over 98 percent, we support more than 700 organizations globally including market leaders such as Amway, Electronic Arts (EA), Interpublic Group, PulteGroup, Inc. and Qualcomm. For more information, contact treasury (at) kyriba (dot) com or visit http://www.kyriba.com.