One of the key tenets of growth in an environment of increasing competition is collaboration. The left hand needs to know what the right hand is doing to work most effectively, meaning that treasury and accounting functions can no longer operate in silos.
The success of one increasingly hinges on the efficiency and accuracy of the other. While treasury has traditionally focused on managing liquidity and cash flow, the ripple effect of these efforts extends deep into the accounting department.
As a result, the ability to streamline processes like reconciliation, journal entries, and month-end close can drastically improve accounting efficiencies, saving time and reducing errors.
Companies like CrowdStrike and SunOpta are using modern treasury technology to not only transform their treasury operations, but also deliver significant benefits to their accounting teams. By automating workflows, enabling intelligent transaction tagging, and centralizing data, the right treasury technology helps bridge the gap between these essential finance functions.
Let’s take a look at how this collaboration works in practice and the tangible benefits it can bring to both your treasury and accounting teams.
The Challenge: Disconnected Workflows and Manual Processes
For many organizations, manual processes create significant inefficiencies at the intersection of treasury and accounting. Bank statement reviews, transaction reconciliations, and journal entries often require hours of tedious work. As a result, accounting teams are left combing through weeks of data at month-end, risking delays, errors, and missed opportunities for strategic insight.
Take CrowdStrike, for example. Before adopting Trovata, their accounting team spent countless hours manually reviewing bank statements to identify zero-balance account (ZBA) transactions and complete journal entries. SunOpta faced similar challenges, with their lean two-person treasury team juggling high transaction volumes and maintaining daily cash reports. Both companies needed a solution to streamline workflows and create a centralized source of truth for their financial data.
The Solution: Automated Data Flow Between Treasury and Accounting
Trovata’s platform introduces automation, tagging, and real-time visibility to transform the way treasury and accounting collaborate. Here’s how:
Transaction tagging and general ledger (G/L) coding
Tagging can seem like a relatively simple feature at first glance. But when used the right way, a robust, rule-based tagging system can completely change the way you collect, organize and use your data.
For example, Trovata’s tagging functionality allows treasurers to label transactions with the appropriate debit and credit G/L codes as they occur, eliminating the need for manual sorting and categorization during month-end close.
At CrowdStrike, Trovata’s tagging system reduced manual effort and enabled faster reconciliation of ZBA transactions, saving their accounting team 10 hours per month. While SunOpta used tagging to map transactions directly to Oracle, improving accuracy and reducing discrepancies between treasury and accounting records.
Tagging also facilitates fast and accurate forecasting and scenario planning. Need to see the impact of a drop in revenue for a specific product line or geographic region? Simply adjust the assumptions for the relevant tag and watch the numbers adjust in real-time.
Automated reconciliation and journal entries
Automation is at the heart of the modern treasury technology approach. By using tagging and rules-based workflows, transactions can be automatically categorized and reconciled daily, instead of waiting until month-end.
This daily reconciliation provides real-time updates on cash positions, giving their team more time to focus on strategic tasks like cash forecasting. CrowdStrike’s accounting team can now export ZBA transactions with a single click, dramatically reducing the time spent on journal entries.
Centralized, real-time data
By consolidating data across multiple bank accounts and systems, Trovata provides a single source of truth. This ensures that both treasury and accounting teams are working from the same, up-to-date information, improving collaboration and consistency.
SunOpta’s treasury team no longer needs to manually compile bank data across hundreds of bank accounts. Instead, they log into Trovata for real-time visibility into their global cash flow and transaction history.
Real-World Impact: Efficiency and Collaboration
The benefits of these features extend far beyond time savings. By streamlining workflows and improving data accuracy, modern treasury technology fosters better alignment between treasury and accounting.
Freeing up resources
For CrowdStrike, the ability to tag transactions and automate journal entries freed up resources for higher-value tasks. Accounting no longer had to comb through bank statements manually, and treasury could focus on strategic planning.
Greater efficiency
At SunOpta, Trovata saved 10 hours per month on reconciliation and journal entries alone. This gave their lean team the bandwidth to tackle other responsibilities, from FP&A to accounts payable. By providing real-time insights, Trovata also enhanced SunOpta’s ability to meet audit requirements and respond to ad-hoc requests.
Focused objectives
These other benefits could be best described as tactical. They help teams do what they already do, in a better way. But the benefits of alignment between treasury and accounting go much further than this.
By ensuring access to the same data and less time to manually organize it, teams can improve their communication and collaboration. This leads to a better understanding across the team of the areas that are working well, and those which need greater focus.
It can help them identify key areas for growth which can be passed on to the executive team, and allow them to spend more time to find ways to improve the key metrics for the organization’s growth plans.
In short, it shifts focus from finding out what is happening to the company’s financials, to understanding why it’s happening and how to improve it.
A New Era of Treasury and Accounting Collaboration
Modern treasury technology is more than just a cash management platform — it’s a bridge between treasury and accounting, designed to enhance collaboration and efficiency.
With intelligent tagging and automated workflows, Trovata simplifies journal entries, reconciliation, and reporting. Trovata also consolidates data across multiple bank accounts, providing a single source of truth for treasury and accounting teams.
Unlike legacy systems, Trovata’s intuitive platform can be implemented in a matter of weeks, not months.
As companies like CrowdStrike and SunOpta have shown, the right treasury technology doesn’t just optimize treasury functions, it transforms accounting as well. By streamlining workflows, reducing manual effort, and improving data accuracy, Trovata empowers finance teams to operate at their best.
Treasury software is no longer just for treasurers. By improving accounting efficiencies, tools like Trovata are redefining how finance departments collaborate. The result? A more agile, accurate, and efficient organization.
Book a demo today and see the difference for yourself.
