Thursday, 6 September 2018
As your business grows, managing your company's resources can get more and more complicated.
While it was good enough to rely on spreadsheets when your business was small, it can become time-consuming and inefficient to continue to do so as you expand.
With an integrated treasury management system, you'll be able to automate and streamline your processes, making them more effective and efficient.
Here are some of the benefits your business will see with a treasury management system.
1. Save time through automation
Automating your treasury management processes will free up employee resources to focus more on strategic activities, including forecasting, managing risk, and complying with regulations.
2. Accelerate cash-flow cycles
One benefit of an automated treasury management system is the reduction in lag time on cash receivables and payable solutions. This provides your business with faster access to available funds and better liquidity, which can enable your business to become more agile in its decision-making and execution.
3. Reduce risk
Whenever you do something manually, there's the risk of making a mistake. A streamlined treasury management process minimizes the potential for human error. It also allows you to implement security strategies to protect your business from fraud and cyber attacks.
4. Provide better real-time data
It can be hard to make good business decisions when you don't have up-to-date information in front of you. Not only does a treasury management system provide easy access to all of your financial data in one place, but it also gives you an accurate picture of what your business looks like right now.
This especially makes it easier to create more accurate cash flow forecasts. It also gives you better insight into discovering inefficiencies and opportunities to optimize your processes.
5. Achieve full audit control
Having all of your treasury management processes in one system makes it easier to audit. There's a single audit trail, and each transaction comes with a complete list of actions pertaining to that payment.
The best way to automate and streamline your treasury management processes is by working with a trusted bank that offers that service.
To make sure you choose the right one, follow these steps:
As you complete these steps, you'll be better equipped to choose the right treasury management system for your business.
The content provided is for informational purposes only. Neither BBVA Compass, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial advisor about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA Compass or any of its affiliates. All accounts and credit are subject to approval, including credit approval. BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank is a Member FDIC.
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