The following are the differences between On-premise treasury management software and Cloud solutions:
|Cost||Depending on the solution complexity, licensed TMS costs from $200K – $400K. Users also need to pay an extra annual maintenance fee.||SaaS business cash flow software runs on an annual subscription basis. The price can range from $45,000 – $60,000, including a one-time setup fee.|
|Ease of use||A TMS doesn’t support all devices, and it requires training before use.
Only high-end TMS vendors have an excellent round-the-clock customer support system.
|Cloud treasury solutions have an easy-to-use interface.
It is device-independent and has an excellent customer-support module.
|Updates and maintenance||TMS requires frequent updates with the help of IT on a weekly or monthly basis.||Updates and maintenance are the responsibility of the vendors, not the users. The updates are also customizable.|
|Time-saving||TMS can save up to 50% of the time spent performing repetitive tasks such as:
||Cloud-based treasury systems can help recover as much as 80% of the hours wasted on manual tasks per year.|
|Implementation||Implementation takes 5 to 6 months.||Implementation takes only 3 to 4 weeks.|
An On-premise Treasury Management System (TMS) is a locally hosted software. It helps automate, record, and control core treasury functions.
The typical use of a TMS involves:
Many enterprises assume a TMS can solve all their operational cash management issues. But the costs associated with maintaining the solution can be exponentially higher. Additionally, the return on investment takes years to appear due to these reasons:
SaaS, or Software-as-a-Service, is a cloud-based technique for delivering software to users. Instead of purchasing and installing an application, SaaS consumers subscribe to it. Users can access the SaaS application from any internet-connected device as the application.
The Cloud is better for digital transformation. It allows for better flexibility and agility across an enterprise. Cloud treasury solutions help enterprises scale faster in the following ways:
The following are the advantages of cloud treasury solutions for large companies:
A CPG firm achieved 96% accuracy in A/R forecasts and was able to track open invoices of 1000+ customers. The HighRadius cloud treasury solution also offered them these benefits:
Get in touch with our solution expert to learn how a cloud treasury solution can help you meet your targets.
The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.