Improving Work-Life Balance for Treasurers by Modernizing Your Tech Stack

Written by Nicki Matchett
April 19, 2024

As a treasurer, you may find yourself struggling with burnout amidst the labor intensive processes you struggle with daily. But, the reality is you’re not alone. In fact, a recent survey found that 58.3 percent of finance and accounting professionals are burnt out by a lack of work-life balance

Additionally, a recent study found that the finance industry is second only to agriculture with the largest levels of workplace burnout! 

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This data highlights the clear need to improve work-life balance in corporate treasury. Cash is the lifeblood of any organization. Treasury professionals have become strategic partners that enhance liquidity risk management, improve working capital, and ensure smooth operations across the organization. But this critical role often comes at a cost – a stressed and overworked treasury team.

The culprit? Outdated and inefficient treasury infrastructure. Manual data entry, fragmented information, and time-consuming processes eat away at valuable hours, leaving treasury professionals scrambling to meet deadlines and sacrificing work-life balance.

Here’s the good news: modernizing your treasury technology isn’t just about efficiency; it’s about empowering your team and reclaiming a healthier work-life balance. In this blog post you’ll learn how. 

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How Prioritizing Digital Transformation Helps 

The finance function is changing, with new technologies offering the ability to automate manual tasks, reduce risk by eliminating data transcription errors, and freeing up staff to spend more time on high value, strategic work.

Not only can prioritizing digital transformation help finance and treasury operate in a more efficient and strategic way, but it will also provide the added benefit of helping to reduce burnout. The resources allocated to digital transformation can be used to improve workflow and data integration across the company.

So instead of spending your copying and pasting data from one spreadsheet to another, manually sorting through thousands of line items to find a single rogue transaction, or trying to work out why your financial model is broken. 

Removing that busy work and redirecting the time to strategic analysis makes it far more likely that you’ll find purpose in your work and reduce the likelihood of burnout. Here are the tools you’ll need to get started with taking back your time while boosting productivity. 

Essentials to Improve Work-Life Balance in Corporate Treasury

1. Automation is Your New Best Friend

Leverage modern treasury tech to automate repetitive tasks like data aggregation, payments processing, and cash flow forecasting happen automatically. Modern solutions offer robust automation capabilities, freeing up your team from mundane chores.

work-life balance in corporate treasury

This translates to:

  • Reduced Errors: Manual data entry is prone to errors. Automation minimizes this risk, ensuring data accuracy and saving time spent on corrections.
  • Increased Efficiency: Repetitive tasks become a thing of the past. Your team can focus on strategic analysis and proactive risk management.
  • Improved Productivity: With less time spent on tedious tasks, your team can achieve more in less time, improving overall productivity.

APIs for Simplify Data Aggregation

APIs act as digital bridges between systems, enabling treasurers to unlock the power of real-time data exchange. This empowers treasurers with real-time data, streamlined cash management through automated workflows, instant insights, and unparalleled visibility into payments, balances, and cash flow for faster, more efficient analysis.

work-life balance in corporate treasury

The API Advantage: Simplified Bank Connectivity and Faster Implementation

Unlike legacy TMS technology that often requires complex integrations with each bank, APIs provide a simpler and more efficient way to connect. Legacy TMS platforms can be cumbersome to set up and require significant IT resources. APIs, on the other hand, offer:

  • Plug-and-play connectivity: Many banks now offer pre-built APIs that can be easily integrated with treasury workflows, streamlining the connection process.
  • Reduced implementation time: The ease of API integration translates to faster implementation timelines for new treasury solutions. This allows treasurers to reap the benefits of real-time data management much sooner.
  • No IT support required: Due to the ease of implementation with APIs, IT support is not needed to get you started. You can connect directly with your banks that offer API connectivity. 
work-life balance in corporate treasury

2. Streamline Workflows and Centralize Multi-Entity Data

Gone are the days of chasing down approvals and struggling with cash flow data scattered across disparate systems or entities. Modern treasury technology centralizes all your treasury activities – no matter how complex your bank mix.

work-life balance in corporate treasury

This translates to:

  • Enhanced Collaboration: Real-time data visibility and streamlined workflows facilitate seamless collaboration within the treasury team and with other departments.
  • Improved Decision-Making: Centralized data empowers faster and more informed decisions based on real-time insights.

3. Let Data Do the Heavy Lifting

Treasury professionals are drowning in data. Modern treasury tech solutions come equipped with powerful analytics tools that transform raw data into actionable insights. Automate reporting and forecasting to gain deeper intelligence and focus on strategic analysis.

work-life balance in corporate treasury

This translates to:

  • Data-Driven Decisions: Insights from transaction trends, cash flow forecasting, and risk analysis empower informed decision-making, leading to improved financial performance.
  • Proactive Risk Management: Identify potential risks early and take pre-emptive action to mitigate their impact, preventing financial setbacks and ensuring business continuity.
  • Reduced Time Spent on Analysis: Automated reports and data visualization tools streamline analysis, freeing up time for strategic thinking and value-added activities.

4. Invest in Your Team (and Your Sanity)

Modernizing your treasury technology is an investment in your team. Replacing outdated systems with user-friendly and intuitive solutions can significantly improve morale and job satisfaction.

This translates to:

  • Reduced Stress and Burnout: By eliminating tedious tasks and streamlining workflows, you create a more manageable workload, reducing stress and preventing burnout.
  • Empowered and Engaged Team: Equipping your team with powerful tools fosters a sense of empowerment and allows them to focus on their expertise, leading to higher engagement and increased value creation.
  • Attracting and Retaining Top Talent: A modern and efficient treasury environment positions your organization as a desirable employer for top talent in the competitive financial services industry.

The Takeaway:

Modern treasury technology isn’t just about automating tasks  – it’s about empowering your team and creating a work environment that fosters well-being and work-life balance. By embracing innovative solutions, you can ensure a thriving treasury department with a happy and productive team. After all, a well-rested and engaged treasury professional is a valuable asset to any organization.

Ready to take the first step? Evaluate your existing workflows and identify areas for improvement. Research modern treasury tech solutions that align with your specific needs and budget. With a commitment to modernization, you can unlock a world of efficiency, empowerment, and a healthier work-life balance for your treasury team.

Trovata: The Tech Solution to Improve Work/Life Balance for Treasurers

The Trovata platform combines the fundamental components of a modern treasury tech stack into a single platform. The data lake and sophisticated visualization and forecasting tools allow teams to see their financial data easier than ever, and analyze it in more ways than has ever been possible.

work-life balance in corporate treasury

If you’d like to learn more about how Trovata can improve your finance and treasury workflow, while creating a more engaged, skilled and satisfied workforce, book a demo today!

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