For many corporate treasury departments reliance on spreadsheets is still a common practice today. The problem is, these manual methods are highly inefficient, error prone, and costly. Manually inputting or processing data (which typically involves pulling in data from many different sources) is a drain on valuable time of employees who are required to re-key the same information into multiple spreadsheets or systems. Data entry errors on spreadsheets also put companies at risk as they can lead to inaccurate cash positioning and forecasting.
Technology helps treasurers to construct policies and procedures that support the company in a globally competitive market, and assists them to take advantage of greater automation and best industry practices to ensure that resources are engaged in a value-added manner. Regardless of company size this is important. With a single centralised platform, corporations can achieve better connectivity to banks and other trading partners, establish consistent controls and audit capabilities and obtain a global view of information, regardless of how widely dispersed their operations.
That’s where cloud computing is assisting SME’s to align their practices with industry standards, without the crippling capital expenditure costs. Software as a service reduces costs and improves scalability for all businesses. TGold treasury management system offers a secure, reliable and cost effective alternative to traditional spreadsheets for financial controllers and company treasurers.
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