Are you tired of spending hours upon hours wrangling spreadsheets and manually updating data only to find errors and inconsistencies? Do you yearn for a more efficient and accurate way to manage your daily treasury tasks? It’s a struggle, to say the least. But what if we told you there’s a better way?
In this blog, we’ll take you on a journey through the typical day in the life of a treasury analyst and show you how to escape the tedium of manual processes by embracing automation.
Despite the impressive technological breakthroughs we’ve witnessed in this decade, such as autonomous cars, smart home devices, self-checkout kiosks at grocery stores, and voice assistants, it’s still surprising that spreadsheets continue to be the go-to tool for financial analysis in many businesses.
The following are the reasons spreadsheets hold back an analyst from working smarter:
How to improve treasury operations?
Thankfully, tools of today and tomorrow make it simpler to acquire data quantities greater than we can conceive, correlate the data more quickly than we can recall doing in the past, and generate a cleaner and more thorough analysis.
Discussed below are the ways treasury technology can help treasury analysts get rid of the friction from the processes.
Treasury technology can remove friction from treasury processes in several ways, including:
Overall, treasury technology can help treasury teams to work more efficiently, effectively, and securely by removing manual processes, increasing automation, and improving access to real-time data and analytics.
8:00 AM – Scan through emails and review financial updates while sipping coffee.
9:00 AM to 10:00 AM – Discuss any urgent issues, market developments, and upcoming projects.
10:00 AM to 11:00 AM – Watch the bank data get automatically captured into the system.
11:00 PM to 11:30 PM – Reconcile cash balances and build accuracy in financial records with treasury software.
11:30 PM to 12:00 PM – Review the forecasts and cash position reports that are generated automatically in the system.
12:00 PM to 1:00 PM – Socialize with colleagues over a delicious lunch.
1:00 PM to 1:30 PM – Analyze and report financial data with a single click in a few minutes.
1:30 PM to 2:30 PM – Wrap up urgent tasks, take on projects like skill-set training, and plan for tomorrow.
This leaves them with sufficient time to work on strategic tasks that drive their individual growth alongside the business’s growth, and also have enough time to hit the gym, binge-watch shows, and spend time with their family and friends.
HighRadius Autonomous Treasury Solutions is designed to simplify treasury operations to empower treasury analysts with the following:
Automate cash forecasting and cash management with our AI-powered Treasury suite and experience enhanced end-to-end cash flow visibility
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.