How Lean Treasury Teams Can Maximize Yield with Automated Reporting and Forecasting

Written by Sergio Garcia
January 19, 2024

Save time while maximizing yield? For lean treasury teams stuck in the time-consuming loop of manual data reconciliation and rigorous quality checks, achieving such a goal may seem out of reach. The weight of labor-intensive processes can turn even simple tasks into daunting challenges, leaving minimal space for proactive forecasting. Automated treasury management is essential for overcoming these challenges.

Expectations for finance teams are at an all time high. In fact, according to a survey from Accenture, a staggering 99% of business leaders said it’s important that real-time processes and operations inform better business decisions. Furthermore, nearly half of business leaders surveyed expect 90% of their finance processes and operations to be real-time within three years!

The absence of a robust system for cash reporting and forecasting limits the capacity of treasury professionals to provide strategic recommendations and optimize yield, compelling you to earmark surplus funds for potential expenses.

Implementing automated reporting and forecasting can provide you with the insights necessary to streamline cash allocation and unleash your company’s maximum yield potential. But, how can you get started with transforming your workflow?  In this post, learn how the treasury team at Sealaska were able to effortlessly implement Trovata to transform their operations and maximize yield. 

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Cash Management for 30+ Global Subsidiaries

Sealaska, the Alaska Native regional corporation for Southeast Alaska, has been a stalwart in business for over 50 years. With a rich history and a commitment to sustainable practices, the corporation faced challenges in managing their complex treasury operations efficiently. 

Their growth over the years led to a complex organizational structure with operations spanning the globe. The manual reconciliation of daily balances across their diverse banking partners became a time-consuming and repetitive task. They spent hours collating data in spreadsheets, hindering their ability to focus on strategic insights and organizational growth. These challenges also limited their forecasting capabilities, restricting their view to a month out. 

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Transforming Cash Reporting and Forecasting with Automated Treasury Management

Sealaska turned to Trovata’s innovative platform to address their challenges. By leveraging Trovata’s APIs, Sealaska streamlined the aggregation of bank data, creating a Multi-Bank Data Lake™ that offered a comprehensive overview of cash flow across their global bank mix. Trovata’s machine learning functionality automated cash reporting and forecasting, empowering the treasury team to spend less time on manual tasks and more on strategic analysis.

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Normalized Data and Single Source of Truth: Trovata’s platform normalized data, providing Sealaska with a single source of truth. This eliminated the need for manual logins to multiple portals, saving significant time and effort.

Multi-Entity Finance Management: Trovata enabled Sealaska to manage the complexities of multi-entity finance seamlessly. They were able to compartmentalize data for their subsidiaries, ensuring they could only access their relevant accounts, reports, forecasts, and data, while the team at Sealaska accessed an overarching view of all their financial data.

Easy and Flexible Implementation – No IT Required: Sealaska implemented Trovata without the need for IT assistance. The flexibility of Trovata’s API allowed them to customize their setup and make changes as needed throughout the process.

World-Class Customer Service: Sealaska not only gained powerful technology but also a true partnership with Trovata’s team of experts. The consistent quality of customer support, regardless of the team member, ensured that Sealaska’s needs were met promptly and effectively.

“We were able to connect with the banks via Trovata, and we didn’t need IT, which was huge for us!  We did most of the setup heavily using Trovata’s help. The nice part was that it’s flexible enough that we were able to make changes as needed throughout the process. The tagging was flexible, searching transactions was flexible, being able to do it ourselves with Trovata doing all the heavy lifting. Their consistent support made the entire process seamless.”

McKenzie Knudson – Senior Treasury Analyst at Sealaska Corporation

Measurable Impact on Treasury Operations

The implementation of Trovata brought about significant results for Sealaska:

  • Time Savings: Over 10 hours per week were saved by automating bank data aggregation with Trovata’s Banking APIs.
  • Improved Forecasting: Sealaska evolved from 1-month cash planning to forecasting for 13 weeks to 1 year, providing deeper visibility and enhancing their strategic planning capabilities.
  • Global Cash Visibility: Trovata’s multi-bank, automated cash management platform empowered Sealaska with aggregated bank information across all their global bank accounts, enabling better data-driven decisions. Armed with deeper intelligence they have been able to maximize yield potential in less time.

“Prior to Trovata we would just hold large cash balances, so we didn’t have risks of not having enough cash in the bank. Now we’re able to have interest being earned outside of our cash accounts, which is huge for us in the current interest rate environment!”

McKenzie Knudson – Senior Treasury Analyst at Sealaska Corporation

Transform Your Treasury Operations with Trovata

Sealaska’s success story with Trovata highlights the transformative impact of streamlined treasury management. By embracing automation, Sealaska not only saved valuable time but also gained deeper intelligence for cash optimization and growth opportunities. Trovata’s user-friendly platform, coupled with outstanding customer support, has positioned Sealaska for continued success in their mission to uphold sustainable practices and serve their shareholders effectively.

As a cloud native platform, Trovata allows teams to collaborate from a single source of truth, without the concerns of spreadsheet versions and manual formula creation. Not only that, but because we connect directly to the source of your banking data through the use of highly secure open banking APIs, that is always available in real time, consolidated from all of your banking portals automatically, and always 100% accurate

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From there, we provide a sophisticated suite of tools to conduct complex forecasting and scenario planning, with a UX that makes it easy to iterate on the fly as the landscape changes. The cherry on top of all that is Trovata AI, which provides a natural language interface between your team and your financials, allowing even the most junior staff to create reports and models that were once the sole domain of the MBA’s and technical analysts.Experience firsthand how Trovata is transforming treasury operations through APIs, AI, and revolutionary bank connectivity. Book a demo today!

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