SaaS-Y Business Consulting

PT 5 - I am continuing a series of posts addressing some of the most common objections to treasury management systems (with the understanding that I believe the benefits outweigh the objections by far and that the objections can be prevented, overcome, or managed). ❌ #4 - Difficult Integrations There are essentially 3 types of integrations available with a TMS 1️⃣ Vendor to Vendor - This is where your TMS vendor has a partnership with another vendor to build and maintain a standard integration between the two systems. Usually for an additional price, they make it available to you, and they will make sure that it is maintained through changes and upgrades. Examples are your TMS to/from ERP, TMS to/from market data providers, TMS to/from trading portals, etc. 2️⃣ Developer Portal - Some TMS have made developer portals available where you (meaning someone from your company with the expertise to do so) can build API calls against the fields the TMS has made available. So, the key here is to ensure the fields you need are available through the developer portal. Don't just assume that all fields are available. The vendor may charge an additional fee for you to have access to the developer portal. 3️⃣ Export/Import - It is an old method that is often your only option. You can export information out of one system (in the standard format) or maybe in a report that will allow you to define the output (fields, layout, naming conventions, etc.) You then import the information into the other system. If the data is not perfectly formatted the way the receiving system requires, the system may provide a tool to format the data on the way in. If not, you'll need to use some type of "middleware" to get the data into the correct format for importing. Exports/Imports can usually be scheduled, and SFTP can be used to transmit the data to the correct locations/servers. There is usually no additional cost to this beyond the middleware that may be required and the costs associated with the setup and maintenance of the SFTP. There may be manual steps and coordination required with this one making it less desirable. You may have read my previous posts that question the value of APIs for balance and transaction reporting. For this however, integration between systems, APIs really shine!! 👍🏾The value you get from your TMS is multiplied when you integrate it with other systems like an ERP, trading portals, reconciliation systems, other internal sources of payments or forecast data. Don't miss out on getting that value!! -------------- If you (or someone you know) are ready for a TMS or a simpler cash management system, reach out to SaaS-Y Business Consulting for a free consultation. We can help you survey the entire market and select the system that is perfect for you. Find out more about our ERR NOT selection process at www.saasybc.com. #tms #treasury #treasurymanagement #cashmanagement #donttrytodoitalone

Get ready to #breakthebank of boredom! #Letsgetdigital Tampa Bay Association for Financial Professionals We're thrilled to announce that one of our own Treasury industry titans, Tracey Knight, Principle Consultant at SAAS-Y will be speaking at our 1:30PM EDT session of our upcoming Annual Forum on June 7, 2024. “Trust us, you won't want to miss this wealth of knowledge!" Session Description: TMS + ERP: The Value Multiplier A fintech evangelist will detail many ways that integration between a treasury management system and an enterprise resource planning system add more value to an organization. She'll discuss new technologies to treasury/finance like APIs and ML and how they are driving treasury/finance to new levels. Tampa Bay Association for Financial Professionals Annual Forum Date: Friday June 7, 2024 Location: Embassy Suites by Hilton, Tampa Airport Westshore Accepting sponsors through 05/31/2024. Can't wait to see you there! 😀 #treasurymanagement, #ctp, #fpac, #tampabay

PT 4 - I am continuing a series of posts addressing some of the most common objections to treasury management systems (with the understanding that I believe the benefits outweigh the objections by far and that the objections can be prevented, overcome, or managed). ❌ #3 - Difficult Reporting This one needs some explanation. Most systems (new and legacy) do a pretty good job at making operational reports around one particular module fairly easy. Now let's note a few key words here... "Operational reports" - operational reports don't have to be beautiful, they just need to be easy to create and run, accurate, and understandable. Reports like: your cash position, a portfolio report of your debt or investments, returned payments, etc. "One particular module" - there is likely no need to "join" tables to create a report from one module and if there is, it is likely to be a very easy and straightforward join. So the objection is usually about creating "pretty" reports that you give to senior management or use in a board presentation. And, the objection is about creating reports across multiple functional areas (modules) like cash, forecasting, and debt. Or debt, accounting, and payments. Or any combination of tables for which the join function is difficult. What's the answer? I think you'll find that vendors have been making some progress in providing standard reports that accommodate the most common needs. But ad hoc reporting can still be difficult. Some products make it easy to export data to Excel or to a data lake, or open up all stored fields to API calls, from which you can use a third party tool (like PowerBI, Tableau, etc.) to create pretty reports. You'll likely still have to figure out the "joins" and/or set up a report that essentially displays multiple outputs on the same page (like 5 different report sections that output to the same view.) That will allow you to create a "cash flash" report (or whatever your desired report is called) that shows cash balances in native currencies and USD equivalents, FX rates, outstanding debt with WACC, and your 90 day forecast all on one page. Keep in mind that you have to consider how the reports will be shared or distributed and the costs/benefits/risks associated with each method. This objection of difficult reporting isn't totally solved, but I have seen some major steps in the right direction from vendors (usually at an additional cost, however.) This is the area that I'd encourage all of the new vendors to carefully consider. The need for reporting (on paper, PDF's or presentations) has not gone away - nor is it likely to - and online reports and views alone are not enough! ✅ If you (or someone you know) are ready for a TMS or a simpler cash management system, reach out to SaaS-Y Business Consulting for a free consultation. Find out more about our ERR NOT selection process at www.saasybc.com. #tms #treasury #treasurymanagement #cashmanagement #donttrytodoitalone

PT 3 ❌ #2 - Long (and expensive) Implementations 4️⃣ Scope Creep is a project destroyer! Scope Creep happens when, as you are implementing a module, you think of something more you can do that isn't in the project plan, and then you add it to the plan and increase the original scope. Every so often, there might be something absolutely crucial that was overlooked and needs to be added to the plan, and in those rare cases, it makes sense to do so. More often, however, they are just additions - additional things you can do to continue making improvements. RESIST THESE! Write them down and keep them in mind for later, but do not change the plan. Instead, get the system up and running with the original plan. Realize the benefits from the initial plan. Complete the implementation with the timeline and requirements originally scoped. The problem is that all too many people think of implementation as a one and done event. IT IS NOT! That's like saying you stop learning after graduation. No, learning is life-long! Similarly, improving your treasury with new automations, new modules, new ideas, and new processes should be continuous! After the original scope is completed, and if you have the "superusers" in place that I wrote about last time, they should be able to continue making improvements, often without outside consulting help. When you lease a car, do you really think that the monthly payment is all you'll ever have to spend on your car other than gas? Just like you should expect to buy new tires, get oil and fluid changes, and maybe buy new windshield wipers, you should expect to need a little "expert" help from time to time (above and beyond what the superusers can do) from the TMS vendor's consultants and/or from third-party consultants. They can help you do more, over and above the original scope - add new modules, new banks, new integrations, new significant functionality, move to better or best practices, etc. So include dollars in your annual budget for continuous improvement!!!! If you enjoy reading my posts and get value from the things I write about, please follow me and my business page, SaaS-Y Business Consulting. If you (or someone you know) are ready for a TMS or a simpler cash management system, reach out to SaaS-Y Business Consulting for a free consultation. We can help you survey the entire market and select the system that is perfect for you. Find out more about our ERR NOT selection process at www.saasybc.com. #tms #treasury #treasurymanagement #cashmanagement #donttrytodoitalone

PT 3 ❌ #2 - Long (and expensive) Implementations 4️⃣ Scope Creep is a project destroyer! Scope Creep happens when, as you are implementing a module, you think of something more you can do that isn't in the project plan, and then you add it to the plan and increase the original scope. Every so often, there might be something absolutely crucial that was overlooked and needs to be added to the plan, and in those rare cases, it makes sense to do so. More often, however, they are just additions - additional things you can do to continue making improvements. RESIST THESE! Write them down and keep them in mind for later, but do not change the plan. Instead, get the system up and running with the original plan. Realize the benefits from the initial plan. Complete the implementation with the timeline and requirements originally scoped. The problem is that all too many people think of implementation as a one and done event. IT IS NOT! That's like saying you stop learning after graduation. No, learning is life-long! Similarly, improving your treasury with new automations, new modules, new ideas, and new processes should be continuous! After the original scope is completed, and if you have the "superusers" in place that I wrote about last time, they should be able to continue making improvements, often without outside consulting help. When you lease a car, do you really think that the monthly payment is all you'll ever have to spend on your car other than gas? Just like you should expect to buy new tires, get oil and fluid changes, and maybe buy new windshield wipers, you should expect to need a little "expert" help from time to time (above and beyond what the superusers can do) from the TMS vendor's consultants and/or from third-party consultants. They can help you do more, over and above the original scope - add new modules, new banks, new integrations, new significant functionality, move to better or best practices, etc. So include dollars in your annual budget for continuous improvement!!!! If you enjoy reading my posts and get value from the things I write about, please follow me and my business page, SaaS-Y Business Consulting. If you (or someone you know) are ready for a TMS or a simpler cash management system, reach out to SaaS-Y Business Consulting for a free consultation. We can help you survey the entire market and select the system that is perfect for you. Find out more about our ERR NOT selection process at www.saasybc.com. #tms #treasury #treasurymanagement #cashmanagement #donttrytodoitalone