Global treasury teams are wasting an average of 4,812 hours per year using traditional spreadsheets to manage their cash, payments and accounting operations, according to a new Kyriba survey of 100 plus major brands in the U.S. and Europe.
The biggest Excel time-waster, according to survey participants, was getting the daily global cash position, which sucks an average of 1,296 hours per year, followed by treasury-related accounting tasks (1,176), payment fund transfers (960), cash forecast generation (792), and 588 hours per year for other key tasks.
Headquartered in Saudi Arabia, The Zahid Group is a leader in industrial engineering that has several subsidiaries, including their flagship company Zahid Tractor. For more than 60 years, Zahid Tractor has distributed Caterpillar machinery and equipment to the Kingdom of Saudi Arabia in both private and public sectors. Expanding growth and a demand for optimization of cash led the Zahid Group to search for a modern tresury and risk management solution (TMS).