Kyriba Helps Qualcomm Increase Global Cash Visibility

Objectives

• Automate treasury processes performed manually using spreadsheets
• Increase global cash visibility and monitoring of international bank accounts
• Improve reporting capabilities – more frequent review of bank account activity and authorized signers

Before Kyriba
Qualcomm spent a significant amount of time on manual processes and had outgrown the use of Excel spreadsheets to manage cash and bank accounts. The monitoring of international bank account activity and investment of excess cash within their international entities was a key area for process and control improvement.

Why Kyriba?
Compared to the other solutions Qualcomm reviewed, they preferred the functionality offered by Kyriba – particularly the cash forecasting capabilities, flexible reporting, and the intuitive user interface. Qualcomm also liked the Software-as-a-Service model compared to both the installed solutions and ASP offerings, as they wanted a pure web solution that eliminated the need for internal IT resources.

With Kyriba
Qualcomm has successfully implemented Bank Reporting, Cash Positioning, Cash Forecasting, GL Posting and identified Payments, Bank Fee Analysis, and Bank Account Management as Phase 2 items.

• Bank Reporting Qualcomm chose to implement global balance and transaction reporting for their worldwide bank accounts across 7 banks in North America, Europe, and Asia. This provides them visibility into 95% of accounts, improving visibility significantly. Qualcomm chose to report on prior day for other continents while reporting on current day in North America.
• Cash Positioning Qualcomm performs all cash positioning in Kyriba and was especially pleased with the flexibility to configure the system around their different bank account structures. Through the automation of Kyriba, Qualcomm was able to save significant time for daily positioning within the US as well as globally. Qualcomm also improved time and accuracy of their Forecast to Actual Reconciliation process, improving the efficiency of cash positioning and forecasting.
• GL Posting One of Qualcomm’s priorities was to automate tagging and posting of accounting entries from bank transactions to their Oracle GL system. Kyriba’s automatic GL Posting module is used to post several hundred domestic transactions via interface to Oracle, which allows them to automate over 99% of the transactions. This has completely streamlined their accounting process and reduced the manual classification and review previously necessary.To aid with Sarbanes-Oxley requirements, Qualcomm has significantly improved their audit and control mechanisms – key to their internal treasury audit. Transparency of user access and full segregation of duties within the organization were the top improvements. Qualcomm also expects to take advantage of the dual-administration features of the Payments module and the ability to provide an audit trail on bank account signatory activity.

Technology and IT
The Kyriba platform has worked flawlessly since Qualcomm implemented the solution, including when the upgrade to new versions, which requires no user involvement. While Qualcomm did require an IT resource to provide the specifications for file import into the Oracle GL module, they have been working without internal IT support of any kind and absolutely no hardware was purchased.