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With interest rates on the rise and
the real dollar impact of short-term investment decisions increasing, Treasury
organizations are taking a hard look at their operations. In this environment,
cash management process inefficiencies, reconciliation errors and poor cash
forecasts will have a real impact on the bottom line. This closer look often
reveals a harsh reality: too much time spent on processing and reconciliation,
limited automation, poor integration with the general ledger and weak cash forecasting.
Treasury organizations have the opportunity to improve the bottom line of the
company.
To address these issues MCR takes a close look at the entire Cash Management
process, its interaction with the rest of the organization and its integration
with key financial systems. While bringing expertise and successful strategies
from other Treasury experiences, MCR recognizes the best solutions must address
your specific financial situation, your financial goals and your existing financial
processes. MCR's three-phased team approach to process improvement develops
a unique solution that best meets the business needs of your Treasury area.
Conduct Assessment. MCR's comprehensive assessment identifies
all process improvement opportunities and determines functions that can be automated
or will benefit from technological solutions. Once you better understand your
Treasury processes, you will be prepared to improve them.
Improve Processes. Process improvement focuses on the two
critical objectives of improving the Cash Management process: 1) create efficiencies
that free up Treasury staff time to perform higher value activities and 2) improve
daily cash management to either increase short-term investment income or decrease
short-term interest expense. These objectives are achieved by making use of
cross-functional teams from Treasury and Accounting to design improved business
processes critical for success.
Implement Technology. Technology solutions have become a critical
component of successful Treasury departments. Before purchasing Treasury automation
software, it is critical to develop a business requirements definition. This
document ensures the right software will be purchased with the right modules
and, perhaps as important, the right negotiations can occur with the software
vendor.
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