When it comes to treasury management, the tools and technologies you use can either empower your team or hold them back. Treasury software is no exception—choosing the right platform is crucial, but so is choosing the right time to invest.
Timing your purchase strategically can significantly influence the success of your implementation and the speed at which your team can reap its benefits. While many organizations wait until the need becomes urgent, proactive treasury teams know that purchasing software earlier in the year can unlock substantial advantages.
By aligning with financial cycles and capitalizing on quieter periods like the summer slowdown, you can optimize both the setup process and long-term treasury performance.
In this blog, we’ll explore why the start of the year is the ideal time to purchase treasury software, how to leverage seasonal business trends to streamline implementation, and what key factors treasury leaders should consider when selecting the right platform for their organization.
Why It’s Best to Purchase Treasury Software Early in the Year
Many companies begin their strategic planning and budgeting process in the latter half of the previous year, aiming to be operationally ready at the start of the new fiscal year. Treasury software is often part of that planning, as it helps streamline cash management, improve forecasting, and support financial decision-making. But why is it best to act early rather than waiting until later in the year?
The beginning of the year is an ideal time to purchase and implement treasury management software for numerous reasons:
- Aligning with Financial Planning Cycles: Early-year purchases allow treasury teams to integrate software as they set up their financial strategies for the year. The earlier the implementation, the sooner the benefits can be realized, from better visibility into cash flow to more accurate forecasting.
- Simplifying Bank Connectivity: Integrating with banks is one of the most complex and time-consuming aspects of treasury software implementation. Starting this process early in the year provides ample time to complete bank onboarding and connectivity tasks before the pressure mounts as the year progresses..
By purchasing treasury software early, your team is positioned to have the software fully integrated and operational by mid-year, setting the stage for enhanced cash management and smoother financial operations as your company moves through its fiscal cycle.
Capitalizing on the Summer Slowdown
Post purchase, you need to roll out the system. The summer months present a unique window of opportunity for treasury teams. The slowdown in internal activity during this period—largely due to PTO—makes it an ideal time for planning and executing your implementation strategy.
- More Time for Planning: With fewer day-to-day demands on your team (depending on your industry), the summer months provide breathing room to configure your platform’s instance to best suit your needs. Treasury teams can take advantage of this lull to carefully plan out the implementation process, working closely with their vendor as well as their banking partners.
- Smooth Rollout for Q1: By starting the implementation process in the summer, your treasury system will be ready to go by the end of Q3. This allows your team to hit the ground running in Q1 of the following fiscal year, equipped with a fully integrated platform to support cash management, forecasting, and other key treasury functions. Starting early ensures that there is time to address any potential issues or fine-tune the system before the financial year-end pressures hit.
Why the Timing of Implementation Matters
In our experience, we typically find that customers may purchase Trovata for a specific purpose such as improving cash forecasting or accessing real-time data. However, during the implementation process our customers often discover the depth of customization is incredibly robust enabling them to expand the scope of their use case.
By purchasing early in the year and leveraging the summer slowdown, treasury teams can avoid rushing through the process, and focus on fine tuning the platform to suit their needs and drive efficiencies.
Moreover, implementing a new system requires change management. Treasury teams need to be comfortable using the new platform, and other departments like finance and accounting need to understand how it will impact their workflows. Implementing a new system mid-year gives your team the extra time to complete thorough training, test the system, and ensure smooth interdepartmental coordination.
Why Trovata is the Ideal Solution for Treasury Software
When it comes to treasury software, according to Deloitte’s 2024 Global Treasury Survey, there are three top areas practitioners want to address.
- Risk mitigation (e.g., fewer human errors, enhanced security, increased controls)
- Automation of manual processes
- Visibility and increased reporting capabilities
Trovata excels in these areas. Built to simplify bank connectivity, Trovata offers the largest open banking API library in the market, directly connecting you to 50+ enterprise banks and over 13,000 additional banks via SWIFT and sFTP.
The best part? Trovata automates data aggregation and normalization removing the risk of human errors. So you gain real-time visibility, spend less time wrangling data, and more time on gaining strategic insights.
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Additionally, Trovata’s API bank connectivity streamlines implementation, empowering you to establish a single source of truth in weeks without needing IT support.
Here are a few more key reasons Trovata stands out as the best treasury solution:
Transaction Search
Trovata offers a powerful, Google-like search experience that enables treasury teams to sift through billions of transactions with ease. This feature transforms Trovata into the ultimate data categorization engine, allowing users to quickly filter and drill down into specific transactions or groups.
Whether you’re tracking specific payments, identifying anomalies, or gathering data for audits, Trovata accelerates the reporting process, providing actionable insights that enhance decision-making and streamline cash management.
Cash Forecasting
Trovata’s automated forecasting leverages machine learning to establish a forecast baseline, analyze historical data trends and increase forecast accuracy.
Additionally, we give you the power of flexibility over forecast variables. Whether you automate bank or ERP data feeds or copy & paste from spreadsheets, we let you tailor your cash forecast to meet the needs of your business.
Cash Positioning
Trovata’s cash positioning feature gives you instant visibility into the status of your accounts, enabling you to easily pinpoint which ones will experience cash surpluses or deficits.
This information is crucial for making real-time investment or borrowing decisions. With Trovata, treasurers can manage short-term liquidity more effectively, optimize interest income, and minimize costly overdrafts, ensuring that every dollar is put to its best possible use.
Cash Reporting
Trovata provides treasury teams with the tools to generate comprehensive and customizable reports, including direct method cash flow statements, detailed vendor/partner analyses, and subsidiary cash flow reports.
These reports give a clear picture of how cash is moving throughout the organization, allowing for deeper insights into operational efficiency and performance.
Payments
With Trovata, payment processes are revolutionized by direct access to banks’ payment rails via APIs. This eliminates the need for outdated batch-based processing, providing real-time payment execution, greater transparency, and instant reconciliation.
By automating payment workflows, Trovata helps treasury teams reduce transaction fees, minimize errors, and streamline payment cycles, all while enhancing visibility into every step of the payment process.
Trovata AI
Trovata’s AI capabilities bring a new level of efficiency to treasury operations. Using natural language prompts, users can quickly generate reports, build forecasts, or perform cash flow analytics.
Developer Portal
Trovata’s Developer Portal empowers your technical teams with access to an extensive library of APIs, designed to integrate custom multibank data feeds into your applications.
Why Trovata is the Right Fit
Purchasing treasury software early in the year isn’t just about timing—it’s about choosing a platform that sets your organization up for success. With Trovata’s industry-leading open banking API library, extensive bank connectivity, and real-time data capabilities, your treasury team can focus on what really matters—optimizing cash management, improving liquidity forecasts, and navigating financial uncertainties with confidence.
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By capitalizing on the summer slowdown and implementing early, your team will be ready to hit the ground running in Q1, ensuring your financial operations are as efficient and effective as possible. Trovata not only simplifies the integration process but also offers a scalable, future-proof solution for all your treasury needs.
Now is the perfect time to act. Secure the benefits of early implementation with Trovata and position your treasury team for success in the year ahead. Schedule a demo today!
