The need to automate certain processes in companies is fundamental nowadays. When it comes to data management and storage, artificial intelligence, machine learning and big data have evolved a lot in recent years. These advances have allowed treasury software systems to catch up with the needs of all types of companies. They are of great help to financial departments and save time and effort in repetitive tasks. Thanks to this treasury software, employees can do it faster.

Companies already using this type of software have demonstrated that improved productivity and financial efficiency is possible. The best thing is that it is a resource available to all types of companies, not just large corporations. With tools like this, all types of SMEs and companies can work safely and efficiently on a financial level, avoiding losing money in uncollected debts or non-payments to the Treasury due to lack of coordination.

Here is everything you need to know about treasury software:

Treasury software: what is it and what is it for?

It is a system of computer programs that allow automating processes related to treasury. In many cases, it has been done manually, but it is much more effective for the people who manage it to have a clearer control over the company’s liquidity. In addition to this control element, the software also serves to visually monitor financial transactions, financing, and tax obligations, among others.

Why do you need treasury software in your company?

It is an essential tool that more and more companies are incorporating, and can become a competitive advantage in some markets. In consolidated companies, it helps to improve efficiency and optimize the work of treasury managers, such as the CFO or controller . It is also a cost-saving factor that leads many to opt for this option. With the above, these are companies that used to manage treasury manually and have encountered more than one case of inefficiency in the process. That is why they now have an automation system that saves them worries and allows them to have total control over the liquidity factor, which is essential in any commercial company.

What are the alternatives for cash management?

There are basically two options.

  1. Continue to do things manually and keep much of the treasury accounts out of the digital realm. This type of alternative bases much of the responsibility on the human factor, which, as we know, can fail.
  1. Use proprietary software. This option seems similar to the software we are talking about, but there is an abysmal difference. To begin with, this type of program requires custom creation, something that comes at a high cost. In addition, they are often run by IT teams who are unfamiliar with the world of treasury, so they adapt management models from other areas. Thus, the functionalities available are not so specific. It should also be noted that they do not have a support and customer service system similar to that of specialized companies.

How does treasury management software work?

It works intuitively, as it is very easy to use. It is supposed to be created with an average level of computer skills in mind, so that anyone can use it. The sections and categories that appear in the software correspond to the terminology used in the industry, so that any specialist will be able to recognize their functions on the panel.

Its design is not very different from the software we use on a daily basis. The user can navigate through an interface based on UX or user experience, i.e. favoring comfort. Through the different sections, the treasury manager can identify different processes and check their status. This is a format that will be familiar to those who already work with CRM-type software.

The functionalities of treasury management software

Here are some of the functions of this type of software.

  • Track cash inflows and outflows at any time and place
  • Customizable alert system
  • Obtaining reliable banking data
  • Automated bank reconciliation
  • Short-, medium- and long-term cash flow forecasts

Orama becomes the perfect ally for companies when it comes to managing the company’s treasury in an efficient and automated way. Among many other functionalities you will be able to have in real time:

  • Categorized view of collections and payments
  • pro concept forecast
  • Future cash balance
  • Control of upcoming collections
  • Notification of maturities
  • Creation of future scenarios