Introduction
There are many ways to skin a cat, as they say, and the same is true for treasury reporting. As treasurers, we like the familiar, we like to see reports we can read and understand with ease. However, achieving this can be more complicated than it first appears. For companies that offer resources to support functions to access tech and data support, we find treasurers are able to automate data collection and manipulation. Although achieving this can be challenging. Communicating exact requirements and outcomes to an individual outside of the treasury requires time, patience and a lot of testing. For other treasurers who do not have access to such resources, their teams are stuck in spreadsheets. Palm wants to change this and democratise access to great reporting for all treasury teams. The data you share with the Palm via your TMS and bank statements are automatically categorised and formatted into beautiful visuals that tell the story of what has happened in your business.
What Does Best-in-Class Treasury Reporting Look Like?
Right Every Time
An error found in a report undermines the entire process and the treasury team. However, sadly this can be a common theme when there are lots of manual touchpoints in the preparation process. Building trust in the data takes time, often from the most experienced team members who understand the complexity of the business and its context. This is a luxury, not all teams have, and therefore many analysts find they are running through processes and reports each month only to find errors or omissions months later.
Consistently accurate reporting, on the other hand, demonstrates control, reliability and trust to the wider business and will lead to treasury becoming a valued function the CFO and board continuously rely upon.
Compliant with Internal Policies
Compliance is another critical component of exemplary treasury reporting. Reports must adhere to internal policies and regulatory requirements. This ensures that the organisation stays within legal boundaries and maintains its reputation. Best-in-class reporting systems are designed to automatically align with these policies and flag any instances of non-compliance.
Timeliness
By connecting to your bank statements and TMS data is refreshed automatically and the time it takes to produce reports is greatly reduced.
Insightful for the Reader
Effective treasury reporting goes beyond just presenting numbers; it tells the story of the business's financial hygiene. This involves focussing directly on financial risk—identifying potential threats and opportunities. By highlighting the aspects which require the most attention this enables decision-makers to strategise effectively, ensuring the long-term stability and growth of the organisation.
Why Is It So Difficult to Achieve?
Dependence on Internal Data Teams
One of the significant challenges in achieving top-notch treasury reporting is the reliance on internal data teams. Accessing information, building reports, or making changes often requires specialised skills that may not be readily available. This dependence can lead to delays and bottlenecks, hampering the overall efficiency of the reporting process.
Time-Consuming Data Collection
Data collection is a laborious task that involves gathering information from various departments and systems. This process is time-consuming and prone to errors, especially when done manually. The involvement of multiple teams further complicates the task, as coordination and communication become critical factors in ensuring data harmonisation between the different information sources and formats are achieved.
Human Error
Human intervention in any process introduces the risk of error. In treasury reporting, even a minor mistake can have significant repercussions. The manual entry of data, cross-referencing of figures, and interpretation of complex financial information are all vulnerable to human error. These mistakes can undermine the reliability of the reports, leading to misguided decisions or disregarded reports.
Why Does It Not Get the Attention It Deserves?
Time-Consuming and Rushed
The time-consuming nature of treasury reporting, coupled with tight deadlines, means that it is often completed in a hurry. This rush can compromise the quality of the reports, as there is little time for thorough verification and analysis. The focus can be on meeting deadlines rather than improving the process, resulting in a cycle of subpar reporting. This does not do justice to the amount of work and energy required to produce these complex documents and dashboards.
Neglected Mid-Month
Between reporting cycles, there is often little appetite or capacity to continuously improve the reporting process. The focus shifts to other pressing tasks, and the opportunity to refine and enhance the reporting system is neglected. This lack of continuous improvement means that the same challenges and inefficiencies persist month after month.
How Palm Addresses These Challenges
+ Expertly Curated Reports
Palm simplifies the treasury reporting process by offering a suite of expertly curated reports. With our team of experts, you no longer need to rely on in-house resources. The power is in your hands to access accurate and reliable reports without the usual hassles.
+ Our Team at Your Disposal
Use our product team and engineers to bring your reporting vision to life. The team can create reports live on-screen with you, utilising any data and metrics we have in our platform. Choose from a range of visuals and bring your design to life.
+ Out-of-the-Box Solutions
Palm provides excellent out-of-the-box reports that you can access instantly. These reports are designed to tell the story of cash and treasury performance, giving you a clear picture of your financial health. With these ready-to-use solutions, you can save time and effort, focusing on what truly matters—strategic decision-making.
+ Customisable Features
Flexibility is a key advantage of Palm. If you need additional features or specific customisations, Palm allows you to request these enhancements. This ensures that the reporting system evolves with your needs, providing you with a tailored solution that meets your unique requirements.
+ Future Self-Serve Model
Palm is continually evolving to offer even greater convenience. In time, this will develop into a self-serve model where you can generate and customise reports on demand. This will empower you to take full control of your treasury reporting, making the process faster, more efficient, and more aligned with your specific needs.
How Does Palm Design the Reports?
In-House Expertise
Palm employs in-house treasurers who work directly with our product team. This collaboration ensures that our reports are designed with a deep understanding of treasury processes and challenges. Our in-house experts bring their practical experience to the table, creating reports that are not only accurate but also highly relevant and insightful.
Market Insights
We dedicate a lot of time to speaking with treasurers in the market and leaning on our networks to test and give feedback on our product. By engaging with professionals who are actively involved in treasury management, we gain valuable insights into the challenges they face. These conversations inform our report design, ensuring that we address real-world issues and provide practical solutions.
Continuous Improvement
Palm is committed to continuous improvement. We regularly update our reports based on feedback from users and changes in the market landscape. This commitment to ongoing refinement ensures that our reporting solutions remain cutting-edge, providing you with the best tools to manage your treasury effectively.
Conclusion
Achieving best-in-class treasury reporting is no small feat. The challenges are significant, from reliance on internal data teams to the risk of human error. However, with the right tools, these challenges can be overcome.
Palm offers a comprehensive solution that addresses these challenges head-on. With expertly curated reports, out-of-the-box solutions, customisable features, and a future self-serve model, Palm democratises reporting and empowers you to take control.
To learn more about Palm's reporting capabilities, book a demo today and take the first step towards best-in-class treasury reporting.
