The overwhelming majority of treasury professionals are highly educated. Some have certified treasury professional certifications, others have master’s degrees, and some have a combination of both. However, without an enterprise-class treasury management system (TMS), most of their day is spent on manual, time consuming, non-strategic tasks (data mining, updating spreadsheets, bank portal entitlement management, bank account management, bank fee analysis, and payment processing, etc.).
While a majority of corporate treasuries still depend on spreadsheets to run their treasury related operations, more and more organizations are adopting treasury management systems (TMS). Implementing a TMS can improve the effectiveness of your treasury function, allowing treasurers to standardize processes, centralize key functions, create a straight-through processing environment, and provide a single source of truth for all financial data.
Once again, it’s the time of year when we worry about things that go bump in the night. And for treasurers around the world, there’s plenty to be concerned about. Here are nine stats that are likely to strike fear in the heart of every treasurer.
1. 74%--Percentage of U.S. financial professionals that were victims of payments fraud in 2016