Treasury Management Software: From Manual Work To Strategy

Treasury managers are increasingly expected to become strategic leaders who oversee the financial health of the business, manage short-, medium-, and long-term planning, and maximise working capital by proactively leveraging market trends. However, inefficient processes and outdated systems often hinder their ability to transform treasury into a truly strategic department.

In this article, we explore the challenges related to manual work and inefficiencies that treasury managers and CFOs face in their day-to-day operations. We also discuss how Unified Treasury Management Software can elevate treasury functions from manual tasks to strategic activities, enabling more effective financial leadership.

Treasury managers need to feel confident in the financial data to deliver strategic value to the organization. Additionally, they need flexibility, the ability to adapt quickly to market shifts, and the ability to plan beyond short-term horizons. Managing working capital efficiently - so doing more with less - adds to the complexity of treasury management. The scattered and disjointed nature of financial information is a primary challenge that prevents Treasury managers from fully exploiting their strategic potential.

Managing treasury becomes a time-consuming and manual process due to outdated and multiple systems that hinder real-time visibility of cash positions and spending data across the entire organisation. To avoid blind spots and identify accurate cash position or available cash, financial data needs to be manually aggregated and consolidated from various sources. This approach leads to a slow decision-making process and missed opportunities. Further, multiple currencies create reconciliation challenges, resulting in inaccuracies and delays in predicting cash and liquidity.

Today, spreadsheets are a common way to organise fragmented data, but they also require a time-consuming and error-prone manual process. The Deloitte survey indicates that 65% of treasury professionals spend significant time on data gathering and consolidation, emphasising the need for an efficient method.

With improved visibility, long and medium-term liquidity planning and forecasting become more accurate. The diversification of cash makes businesses more resilient and capable of weathering any market storm, and forecasts allow businesses to allocate funds appropriately to ensure continuous growth.

Moreover, as the organisation expands to new countries and jurisdictions, a treasury management system will continue to provide value, both by removing manual work and by providing insights into the organisation's financial health.

To effectively navigate the complexities of global financial markets, treasury managers and CFOs of cross-border businesses must embrace treasury management solutions to propel treasury management into a strategic function. The introduction of a new tool may seem daunting, especially if many institutions, subsidiaries, or people are involved. Our mission at Fyorin is to help you unify your treasury, diversify liquidity risks, and transform treasury management into a truly strategic function. With our treasury management tool you can:

Gain 100 % Visibility into cash positions across different bank accounts, currencies, and subsidiaries and make informed decisions.

Safeguard your company's assets in volatile markets. Diversify liquidity risk with our extensive network of financial institutions while minimising foreign exchange exposure.

Unify Financial Data. Fyorin streamlines your financial operations by automatically aggregating and centralising data from multiple financial institutions and sources for accurate and fast forecasting.

Simplify Operations Across Multiple Banks. Improve profitability by controlling FX fees and banking costs through consolidating treasury in one place. Fyorin allows you to manage your existing bank relationships as effortlessly as if you were dealing with a single operator, conveniently and efficiently.