National Veterinary Associates: Treasury Transformation Award Runner-Up

Awarded to the company that embraced technology for optimal transformation and efficiency of their treasury department. Nominated by Elire and PWC.

Challenges

• Goal was to streamline banking structure by 75% to increase control over cash, reduce cots and optimize liquidity management globally.
• Started with over 160 banks and 1,700 bank accounts to support their growing practice of over 1,400 veterinary clinics, hospitals and pet resorts worldwide.

Solution

• Cash position worksheets focusing on account grouping by departments, budget codes, and Regions, fulfilling requirement to capture data from Bank transactions and categorize them based on sub accounts found within the description.
• Implemented a more scalable strategy to unlock trapped cash, mobilize liquidity, reduce vulnerability to rising interest rates, and standardize treasury and payment controls with Kyriba.

Results

Achieved close to 100% visibility into their day-to-day activities:

• Automated and achieved 98% visibility to cash
• Reduced bank portals and centralized all processing onto Kyriba
• Automated accounting reporting
• Complete digital integration of debt and FX, reducing FX risk exposure