If you’re looking for ways to improve your treasury workflow, consider investing in an intelligently automated treasury management solution. Skip cumbersome back-and-forth emails that increase the risk of fraud. With intelligent automation, you can reduce time wasted on everyday manual tasks, reduce the risk of fraud, and even ensure compliance with your company’s guidelines. Automating your treasury processes can free up time and resources to focus on more strategic initiatives to help grow your business. Here’s a closer look at how an automated treasury management solution can benefit your organization.

How can I improve my treasury workflow?

When you improve the efficiency of your treasury workflow with an intelligently autonomous treasury management solution, you can: 

• Save time, save money and reduce errors 
• Gain insights for both cash and investments, all in one place
• Uncover and reallocate underutilized funds
• Create, view, and share timely and customized reports

The Risks of Manual Treasury Workflow and Compliance

When workflows are missing the critical piece of intelligent automation, they can be cumbersome, have a higher risk for fraud, and often require redundant steps prone to error, which can be avoided through access to a more effective treasury workflow.

Wasted Time Resulting from Inefficient Processes

Workflows that rely on email are often inefficient and risky. Consider this: someone in the company emails a fellow employee with a request for funds via wire or ACH. The email recipient then logs on to the bank portal (using an RSA key) to wire the money and replies to the original email confirming they initiated the wire and that it requires approval. The approver must then log in themselves (using their own RSA key) and approve the wire. Once approved, all parties must be notified by email yet again. When workflows are this complicated, they introduce many opportunities for mistakes. An automated TMS can streamline processes, saving valuable time and resources.

Greater Opportunities for Fraud

As mentioned above, common fraud attempts happen when someone is requested to initiate a wire. They may receive a fake email request that appears to come from their superior. These requests can look very real. Fraudsters can make the email appear as though it came from an authorized person, using that person’s email signature, and may even mimic the communication style of the superior to make the email seem legitimate.

Manual treasury workflows, with their back-and-forth communications, can be confusing and overwhelming, not to mention a massive opportunity for fraud. Imagine what an auditor thinks when they ask to see the workflow and receive a confusing email trail, similar to the example above, for assessment.
Treasury Curve embeds the treasury workflow directly into the app for efficient and secure communication. Users can print a simple report to share with the auditor or let the auditor access the app and see the workflow. This gives the peace of mind that the transaction data is in order, easy to access by the user, and helps avoid potential fraud. It’s a win-win for everyone involved.

Potential of Inadvertent Non-Compliance

Companies are required to ensure compliance with their written investment guidelines. Treasury teams have the task of properly managing and documenting treasury workflow to ensure they have fulfilled this obligation accurately and promptly. The objective is to stay within these guidelines and only make certain investments that are consistent with the company’s safety and liquidity objectives.

Analyzing the investment criteria and ensuring the proper workflow has been followed helps companies determine if they have maintained compliance. Problems arise when errors are made, and discovering you are out of compliance after running a report is like realizing you left the barn door open after the horses have already run out. With Treasury Curve, investment guidelines can be set in advance, ensuring the company stays compliant.

How Treasury Management Systems Can Improve Management

Are you tired of constantly needing to supervise liquidity and workflow efficiency, accuracy, compliance, and validity? Automation makes it easier to remain vigilant through automation and controls and can help management teams avoid tedious reviews of complex processes and guidelines. This frees up time for more strategic and fulfilling work and increases your treasury teams’ control.

By automating your treasury processes, you can provide your treasury department with easy access to accurate and up-to-date data for improved decision-making. With a treasury management solution, your treasury team will have all the information they need to make informed decisions about deploying capital and increasing returns. Timely treasury data is essential for making informed decisions about where to allocate and invest company funds.

Experience a Transformed Treasury Workflow

Many treasury management solutions help to improve the accuracy and timeliness of data entry, eliminate manual tasks and errors associated with paper-based processing, and streamline complex treasury management processes. But investing in an intelligently automated treasury management solution like Treasury Curve can be a true change agent for a treasury team. Treasury Curve can create more efficient use of working capital, reduce costs, and improve decision-making by automating processes typical TMS systems can’t touch. With Treasury Curve, organizations can uncover unused funds and intelligently put those funds to work by investing them with one of our fund partners or moving cash into one of the 11,000 global financial institutions capable of directly connecting to Treasury Curve.

In addition, an intelligently automated treasury management solution like Treasury Curve can help improve the efficiency of your treasury operation by providing clear visibility into your cash position and improving forecasting accuracy.

By improving your treasury workflow, you can receive timely data when there are changes in your cash position or when payments are due. This gives you the visibility you need to identify potential risks and take action to avoid them. An intelligently automated treasury management solution can help you optimize your use of working capital and reduce costs while improving overall risk management.

Finally, a solution like Treasury Curve can help an organization comply with regulations by providing documentation of all transactions. Mitigate risk by viewing the early warning signs of potential problems and taking corrective action quickly. In today’s fast-paced business environment, treasury automation is essential for staying competitive.

Stop Wasting Time

Investing in an automated treasury management solution is a smart way to improve your treasury workflow next year. Automation can help reduce costs, improve efficiency, and provide better decision-making capabilities in your treasury. In addition, automation can help you mitigate risk and comply with regulations. An automated solution is a great place to start if you’re looking for ways to improve your treasury operation. Ready to equip your business with a reliable treasury management system and stop missing key financial opportunities? Book a demo with Treasury Curve today!

Key Takeaways:

• Automating your treasury processes can free up your time and resources to focus on more strategic initiatives.
• Automating repetitive manual tasks can reduce costs incurred by human error. This also frees up time to work on higher-value projects that are more rewarding for your staff.
• Receiving timely updates of changes to your cash position gives you the visibility you need to identify potential risks and opportunities so you can act quickly.
• Treasury Curve embeds the treasury workflow approval directly into the app for efficient and secure communication. Users can even print a simple report to share with the auditor or let the auditor access the app and see the workflow.