Cash flow management and keeping a tab on treasury components are key aspects that businesses cannot afford to ignore. If you want to take the efficiency and work of the treasury department to the next level, you have to consider a treasury management system at some point. Companies such as https://www.groupeazur.ca/en/ have come up with effective solutions, but before you select a TMS for your business, we recommend that you check these critical aspects.
- Start with the features. The role of treasury management systems extends beyond just recording inflow and outflow of cash resources. The best ones have been designed to offer much more. Besides charts and tables that help in taking decisions and understanding data in real time, some even use AI to offer advice to the management. To sum up things, start by evaluating the features of the concerned TMS, which offers a brief idea of what it can do for your business.
Pro tip: Insist on getting a demo for the product. Unless the parent company explains why their product is the best, you shouldn’t be buying it in the first place.
- Eventually, every software or system that you select for your business has to offer enough to bear the costs. This is the precise reason why features are important. In terms of the costing, don’t just see the final price, but what you are getting for it. For example, you may not require a few features, but you might be still paying for it.
Pro tip: Find what the features can do for your company. Don’t be just enamored by the idea alone.
- Implementation and flexibility. Treasury management systems need to be flexible, much like ERP software. You need to understand how long it would take to implement the system, and whether the system would fit into the existing framework of your business. TMS often help in risk management, so if you are using other solutions, you need to check if the software can work with those.
Finally, let’s talk of support. For treasury management systems to work as expect, you need support, training and guidance from the parent company, so ask as many questions as you want. Find more on what they plan to offer in terms of using their system and allow them to convince you for the investment. With a tad more focus on the key aspects, selecting a treasury management system shouldn’t be a hard task.