Despite commendable technological advancements, it is rather unfortunate that businesses are still using old-school spreadsheets to manage work in the treasury department. If you are looking to automate things and want to increase operational efficiency, it is necessary to consider treasury management systems (TMSs) at some point. TMS are designed in the way as ERP software, except these products are directed towards the treasury tasks. Companies such as Groupe Azur have come up with incredible solutions, but before you take the leap, here’s a look at the aspects that matter.
Features, features and more features
Today, treasury management systems have all sorts of features, and most importantly, these are pretty easy to integrate and implement, although most new companies are likely to require support from the software provided. The best systems have features cash flow predictions, financial risk management, payment activity watcher, tools for liquidity planning, and access to real-time data in form of charts and tables. Some are even using artificial intelligence, so that the management can get advice, take strategic decisions and consider all the relevant aspects before taking next steps.
The tricky question of costing
Much like ERP, considerable effort goes in designing TMS, so treat this like an investment for your company. Costing, however, needs more attention. Features do matter, but you also need to be sure of the pricing. Usually, treasury management systems come with a bundle of features, and you have to understand what’s necessary and what can be avoided. A product that ticks most of the boxes of your requirement list is what you must pay for. To sum up, just because a product is expensive doesn’t mean it’s the best for your company.
Implementation, support and more
While selecting a TMS for your business, you have to consider if the software provider will offer support and assistance for all levels of integration and implementation. It is also necessary to consider if the company is a known one and whether they have adequate experience in handling work related to customization of treasury management systems. The tech support also matters after the product has been integrated. The company’s customer care team should be accessible at all times.
Take your time to understand treasury management systems and if possible, ask for a demo. Reviewing the highlights of a product in context to the treasury work of your company is the best way to take a call.