Help! I've Outgrown Excel for Managing Cash and Risk
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Help! I've Outgrown Excel for Managing Cash and Risk
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Help! I've Outgrown Excel for Managing Cash and Risk
- 1. Help! I've Outgrown Excel for Managing Cash and Risk May 21, 2020
- 2. What does outgrowing Excel mean? 2 Copyright © Kyriba 2020. All Rights Reserved. Cash Management Payments Risk Management Opportunities to get better at:
- 3. Symptoms of Outgrowing Spreadsheets 3 Copyright © Kyriba 2020. All Rights Reserved. VisibilityProductivity Standardized Controls You suffer from a lack of:
- 5. Increase Productivity 5 Copyright © Kyriba 2020. All Rights Reserved. • Spreadsheets are easy…sometimes too easy • Become less effective when bringing data together from multiple sources & locations • Lack security • No controls • No audit trails • WYSIWYG • Poor for analytics and KPIs
- 6. Webinar Logistics 6 Copyright © Kyriba 2020. All Rights Reserved. • Simplicity • As easy as a spreadsheet • Automate import from ERP • Sophistication • Models, Extrapolation, Algorithms to build the “challenging” cash flows
- 8. Improved Visibility 1. Increase cash returns • Deploy idle cash – to investments or supplier early payments • Invest for longer / reduce debt 2. Reduce bank accounts/fees • Minimize bank accounts through better cash management • Reduce need for services such as ZBA (can self-manage) 3. Protect Cash • See potential fraud in real-time • Protect cash from currency/interest rate volatility
- 9. Improved Visibility Cash Forecasting 1. Simplicity • As easy as a spreadsheet • Automatic integration of data 2. Sophistication • Complex models & algorithms • Graphical variance analysis
- 10. Improved Visibility Key to Forecasting: Measure accuracy • Require detailed variance analysis to find the discrepancies • Need multiple time snapshots – quarterly assessment insufficient • Data visualization can be easier to target problems
- 12. Fraud & Cybercrime in Finance Access to Treasury Technology Fraud Detection Supplier Account Verification Investments & Trading Bank Account Mgmt Payments Can connectivity be compromised? Do I know my account signatories? Who can change them? Does my bank have the same list? How many bids before a trade? Can Settlement Instructions be modified? Do I have visibility into every payment? Are my controls consistent for every bank, every region, every person? Do I review my ACKs? Are there controls to prevent unauthorized change to supplier payment info? Do I use payment watchlists? Do I have a control center to view all transactions and modifications? How many layers of protection exist after your password Connectivity Fraud affects more than payments
- 13. What I need in my payment workflow Document Attachment Automated Confirmations One Set of Approvals Consistent Security Protocol One Set of Limits Encrypted Transfer Payment Request Encrypted Transfer BANK BANK BANK BANK YOUR COMPANY
- 14. Standardize controls Area of Responsibility Control Issue Payments • Payments have different approval chains depending on who initiated the payment request • Treasury team can modify payments initiated by A/P • Personnel in APAC have different approval steps than in US because there are less finance staff in Asia Cash Management • CFO lacks real-time visibilityinto actual/expected cash balances • There is no cash audit trail because spreadsheets are used Bank Accounts • Bank account signatories are not immediatelyupdated when someone transfers or leaves
- 15. Preventing Payment Fraud: Standardize! • Exceptions to a standardized process opportunity • Consistency is the key: standardize controls across all payments, in all geographies, by all people, within all payment systems YOU YOUR BANKS Payment Initiation Payment Request Payment Approval Payment Documentation Payment Transmission
- 16. In Conclusion…
- 17. You have outgrown spreadsheets when… • Spreadsheets are easy…sometimes too easy • Become less effective when bringing data together from multiple sources & locations • Lack security • No controls • No audit trails • WYSIWYG • Poor for analytics and KPIs 17
- 18. 100% Cloud Platform for CFOs 2,000 clients, 60,000 users, 100+ countries Fully integrated with NetSuite Global leader for cash and risk What is Kyriba
- 19. Leading corporates trust Kyriba
- 20. THANK YOU