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gtnews TMS Buyers Guide 2011 feature
1.
a buyerâs guide
to Treasury ManageMenT sysTeMs 2011 Whereâs the Cash? At a time when having the best possible visibility over cash is a critical issue for treasurers, how can using a treasury management system (TMS) provide this visibility, while also enhancing cash management techniques? Words: Ben Poole As cash flows around a company, it can create errors, particularly when trying to consolidate Treasury Solutions, says this means that as large financial risks for the organisation. information from various different systems,â much cash as possible can be generated The treasurer needs to know what cash the Nelson notes. from internal sources, minimising the need for company has and where it is, as well as have external borrowing. âThis will have a further In this context, a TMS can be used as a visibility over accounts payables (A/P) and positive effect of improving the organisationâs secure and stable destination to aggregate accounts receivables (A/R). The topic of cash creditworthiness. Additionally, it will enable the forecasting data from remote business visibility is particularly relevant today, as many organisation to plan the accurate deployment units with the organisationâs bank positions corporates are choosing to optimise their of cash where and when it is needed, to and treasury transactions. This enables the working capital position in order to rely less finance business operations efficiently and treasurer to construct the cash forecast on bank funding. effectively,â says Higdon. over a defined time horizon. Jason Torgler, Many corporate treasuries use a treasury vice president of strategy at Reval, says Beyond the potential for improved cash management system (TMS) to support their that a TMS enables quicker analysis of a forecasting, a TMS can also enhance the A/P cash management activities. The first area companyâs historical bank transactions and and A/R processes. Serving as a payment where a TMS can prove its worth is in the vital more streamlined data integration from other factory can do this for A/P. A bank-agnostic TMS discipline of cash flow forecasting. financial software and remote operations. can import A/P from a variety of systems, batch âAdditionally, a TMS maintains an audit trail payments and send the payment instructions Enhancing Cash Management Techniques and provides sophisticated forecast to actual to partner banks. âThis method creates a single variance analysis. These are critical tools point of payment execution and forecasting, Cash flow forecasting is perennially one of when the treasurer is attempting to enforce while outsourcing the payment format the top three disciplines that treasurers cite performance and accountability of the reporting maintenance to the TMS vendor,â says Mauricio as in most need of improvement. As Tom subsidiaries,â explains Torgler. Barberi, chief marketing officer at Kyriba. Nelson, cash management specialist at Wall All articles © 2011 C-Stream Limited Street Systems, says: âCash flow forecasting A key benefit of a TMS is that the treasury Barberi also points out that consolidating all is perhaps the most important function a will be able to match the projected cash flow A/R in the TMS will help build an accurate treasury provides and everything else flows over time against known demands, including forecast and allow for aggregated daysâ sales from that, for example investment, hedging operating flows, dividend, interest and royalty outstanding (DSO) reporting by payer. âThis and funding decisions.â But the process can payments, and non-routine costs such as those will give the corporate the ability to identify face many problems. âManual reporting is relating to new investments and acquisitions. vendors and suppliers who pay outside of an inefficient process, which can lead to Paul Higdon, chief technology officer at IT2 stipulated terms and follow up with those 7
2.
a buyerâs guide
to Treasury ManageMenT sysTeMs parties,â he explains. In addition, a rolling can work in the same environment, adding âą What support is provided by the TMS date adjustment can be made to the cash their specific business knowledge and share on a local basis? record upon import, which can automatically the information with HQ,â explains Parren. âą What are the additional costs involved adjust the expected receipt date by the late Technically, for a decentralised TMS to be in the doing the above? pay history of that counterparty. feasible, it is necessary to have a web-based or enterprise resource planning (ERP)-based Finally, Soan argues, the system should fit According to Paul Bramwell, senior vice architecture that is able to be accessible into the organisation, rather than forming president (SVP) treasury solutions for SunGardâs everywhere at the same time. the organisation around the restrictions AvantGard, one recent trend has seen some TMS vendors make acquisitions within the of the system. âIn my point of view,â argues Parren, âa A/R space to leverage the value of accurate centralised environment only becomes A/R forecasting through accurate cash possible with a TMS.â For example, Demonstrating Visibility - Reporting to management and also short-term debt based centralisation has increased administration Senior Management on securitising receivables. âKey aspects of costs in in-house banking (i.e. when cash is While cash visibility is critical for an receivables of interest to the treasurer are pooled and internal current accounts have organisation to maximise its working capital quantity and quality, and both of these variables to be maintained). A TMS enables a quasi- position and in turn reduce its dependency control the amount and margin of borrowing automatic administration, which is vital for a on bank funding, treasurers are also under securitised on balances,â notes Bramwell. centralised treasury structure. increased pressure to demonstrate their cash visibility competency to senior management. David Soan, managing director of BELLIN A Centralised Approach to Cash Visibility This is a legacy from the credit crisis and Treasury Alliance, comes to this point from a it is here to stay. Many modern TMS are Treasurers will want to take advantage of the slightly different perspective. âWhen the right equipped to help the treasurer generate either TMS benefits already mentioned, but does the TMS has been selected for the company, it summary-level or detailed cash management effectiveness of using a TMS for corporate should not matter whether the treasury is reports for senior management. cash management purposes depend on the going to be centralised or not,â says Soan. organisational structure of that treasury Rather, he suggests that the following points âThe key to providing complete and up-to- department? Fortunately, according to Bart need to be taken in to account: date information needed by management is Parren, director of product management the automatic updating of the TMS database âą How will the users connect to the TMS? at Hanse Orga, there are benefits to be with all relevant information in real time, as had whether your treasury structure is âą How easy will it be to roll out the TMS if the data is inputted, uploaded or detected,â largely decentralised or centralised. âIn a additional subsidiaries and users need to says IT2âs Higdon. With such a solution in decentralised environment, local subsidiaries be added? place, senior management can depend on Figure 1: An Example of a TMS Dashboard Reporting Cash Management KPIs All articles © 2011 C-Stream Limited Source: Hanse Orga 8
3.
a buyerâs guide
to Treasury ManageMenT sysTeMs 2011 the accuracy and completeness of their support the level of data accumulation integration of cash and liquidity management on-demand cash management reporting, of a TMS. âThis means that data is re- with the front office as an example. âThe same including summaries of cash positioning and keyed extensively, similar to working on a liquidity position that is used to assess how cash flow forecast. spreadsheet,â he says. much cash the business makes in the medium- term can be used as the basis for an evaluation âAdditionally, the database can support the of credit lines and loans, as well as for foreign derivation and reporting of key performance Future Developments exchange [FX] positions,â says Parren. indicators [KPIs] for management The potential for TMS to provide greater benchmarking of the accuracy and timeliness support for corporate cash management in Wall Street Systemsâ Nelson suggests that of quantities and events, such as forecast the future comes from technical innovation regulation will continue to play a part in accuracy, bank account reconciliation that vendors can make in this area. A large the role of the treasurer, placing increasing performance and payment execution, part of this will be seen in the delivery channel pressure on issues of reporting, risk to support proactive, best practice cash of the TMS itself. SunGard AvantGardâs assessment and visibility of accounts. âThere management operations,â says Higdon. Bramwell suggests that cloud-based TMS will be a continued demand for stronger global offerings are starting to become more systems, as well as a desire for reducing the TMS Versus Bank Cash Management Portals accepted and will be the big growth area for number of systems in use,â he says. There are a variety of options for treasurers cash management solutions. âCoupled with to consider when it comes to choosing mobile device technology - where reports, Conclusion support for their cash management practices. metrics, payments and approvals are done on Corporate cash management is a complex field For example, some choose to use the cash a wireless device - companies will be able to that requires tools capable of managing the management portal offered by a bank, operate without being tied to a single location workflow and reporting needs across the entire sometimes at the expense of a TMS. Bank or bank,â Bramwell says. organisation. SunGard AvantGardâs Bramwell portals are central sites where users can view Revalâs Torgler believes that software-as- notes that, while ERP extensions and bank balance and transaction information and make a-service (SaaS) will continue to dominate portals can offer some of the functionality, payments, primary for that specific bank. the TMS adoption landscape. âOrganisations a TMS can provide comprehensive tools to âFor organisations with one cash will demand rapid deployment from a manage an entire organisationâs cash, risk, management bank and limited need for single solution, without the headaches of bank account structure and consolidated integration of other activities, bank portals are internal IT resourcing and scheduling,â he reporting. With the prolonged elevated useful,â says Revalâs Torgler. However, he adds says, while also making the point that the importance of cash, this breadth of functionality that a TMS is adopted when requirements TMS marketplace will no longer tolerate the is vital for treasury efficiency. exist across global, multi-bank environments frustrations of costly upgrades, post-purchase. and include cash positioning, reconciliation, âToo many treasury departments have been cash flow forecasting, accounting integration, left high and dry and unsupported due to older portfolio management, cash pooling and TMS software versions,â Torgler notes. intercompany lending and financial risk In addition to developments in management - requirements that many technology, Hanse Orgaâs treasurers of multinational corporations will Parren believes that have. The additional advantage here is that a treasurers should bank-agnostic TMS gives treasurers freedom be looking out for over which banks they give their cash integration and management business to, rather than being efficiency as a trend tied to a particular bank via their portal. over the next 18 Barberi from Kyriba makes the point that months, citing the bank portals provide very basic cash position worksheet functionality and do not All articles © 2011 C-Stream Limited 9
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