Automating Processes for Lean Finance Teams with Complex Treasury Needs

As finance teams face increasing pressure to do more with less, automation has become a critical tool for improving efficiency and accuracy. However, implementing new systems and processes can be a significant challenge, especially for lean teams that are already stretched thin. 

In a recent webinar, treasury experts Tracey Knight, Eugene Spevakov and Niv Yaar  discussed the key considerations for lean finance teams looking to automate their treasury operations. Here are the top takeaways:

When is the right time to automate cash management processes?

The experts agreed that companies should look to automate as soon as their treasury operations start to become more complex, such as adding more bank accounts, entities, or currencies. Tracy Knight of Real Treasury noted that the ideal time is before teams become overwhelmed, so they can focus on strategic priorities rather than repetitive daily tasks.

Eugene Spevakov, formerly a treasurer at companies like AT&T and Finjan, identified three key factors that determine the right timing: the complexity of treasury operations, the specific requirements of the business, and the overall maturity of the finance tech stack. He emphasized the importance of being proactive rather than waiting until processes start to break down.

Niv from Panax added that lean teams often realize they need to automate when they start losing visibility and control over cash - for example, struggling to have the right currency available at the right time or being surprised by cash shortages or surpluses. Automating processes can help regain that control and visibility.

Overcoming implementation challenges

One of the biggest obstacles that lean teams face is simply finding the time to properly plan and execute an automation project. Tracy recommended backfilling regular job responsibilities so that team members can dedicate the necessary time and attention. 

Eugene stressed the importance of having an internal champion at the executive level, as well as buy-in from the IT team. Defining the right scope for the project is also critical - teams should focus on addressing their most pressing needs rather than trying to automate everything at once.

Niv highlighted the technical challenges around data connectivity and categorization, noting that this is a key area where lean teams often struggle. Automating the categorization of transactions can provide a strong foundation for building other treasury workflows.

Where should lean teams start with automating cash management?

When it comes to prioritizing which processes to automate first, the experts pointed to a few key areas:

• Cash visibility and positioning: Aggregating balances from multiple bank accounts into a single system is a common first step, as it eliminates the need for manual data entry and provides real-time visibility.
• Cash forecasting: Even a basic, short-term cash flow forecast can make a big difference, helping teams identify potential shortfalls or surpluses and make more informed decisions.
• Reporting and dashboards: Automating the generation of standard treasury reports and dashboards can save significant time, especially if the finance leadership requires frequent updates.
• Debt and FX management: Tracking debt balances, interest payments, and foreign exchange exposures are other areas where automation can provide value.

The experts emphasized that lean teams should focus on quick wins that provide immediate benefits, rather than trying to tackle everything at once. Niv noted that the key is to automate processes in a way that reduces reliance on spreadsheets and manual work.

Essential TMS or Cash Management features for lean teams

When evaluating treasury management systems or other automation tools, the experts said lean teams should prioritize ease of use and ease of implementation above all else. Tracy noted that the system needs to be intuitive enough for the entire team to use effectively, not just a small group of power users.

Eugene added that the implementation process itself needs to be straightforward, so that teams can start realizing benefits quickly rather than getting bogged down. He also stressed the importance of aligning the system's capabilities with the team's specific requirements.

Niv highlighted the need for automation tools to not just streamline data and processes, but also provide proactive insights and alerts. Things like excess cash notifications, liquidity policy violations, and collections anomalies can help lean teams stay on top of critical issues.

Overall, the experts agreed that automation is essential for lean finance teams dealing with complex treasury needs. By focusing on the right priorities and selecting the appropriate tools, these teams can regain control, improve visibility, and free up time to focus on more strategic initiatives. The key is to start small, prove the value, and then expand the automation footprint over time.

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