According to the Cash Forecasting & Visibility Survey by Strategic Treasurer, 91% of companies still use spreadsheets for cash forecasts.
Spreadsheets historically have been used to gather, track, and reconcile data for years.
The hurdles faced by the treasury department while doing cash forecasting with spreadsheets are:
An on-premise Treasury Management System (TMS) is a locally hosted software. It helps automate, record, and control core treasury functions.
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.
It provides the following benefits:
Companies can use SaaS solutions to connect their people, processes, and clients, enhancing efficiency and visibility in treasury and risk management.
SaaS treasury solution adds value by allowing the treasury processes to be scaled and replicated across the company to other areas that perform the same or similar process with minimal extra effort and cost, significantly benefiting in high gross savings. Companies can invest that saved amount in M&A or by buying stocks for achieving faster ROI.
Treasury teams can use SaaS solutions to easily access, gather, and exchange data. Because data collection is automated, treasury can concentrate on more value-added activities such as analyzing data.
A cloud-based treasury management system frees up the bandwidth of analysts. They can focus on liquidity planning instead of manual data gathering and modeling. With accurate and readily available data, treasurers can make confident investment/debt decisions.
Go live within weeks and with negligible IT involvement since our cash forecasting software doesn’t require additional software or hardware investment.
But one must embrace change and adapt the following steps to get started with new technology:
Talk with our solution expert today to get more insights on SaaS treasury software and the benefits your company can get from adopting it.
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.