by Mauro d’Ambros,Treasurer, Bucher Industries
Before implementing a new treasury management system (TMS) Bucher had a combination of automated and manual processes for conducting treasury-related activities and for integrating transaction information into the corporate accounting system. We also had disparate systems and reports that formed the basis of our daily cash position on which dealing decisions are made. These needed to be reconciled manually and repeatedly, which was labour-intensive and prone to error, which in turn compromised our dealing decisions.
I had worked for Elopak previously, where we had implemented a new TMS very successfully, so we were seeking to achieve the same degree of efficiency and automation at Bucher. In 2007, therefore, we developed our Treasury Vision 2010, which aimed to create a highly automated, efficient operation, including selecting and implementing a new TMS. Our objectives were twofold:Firstly, to achieve full straight-through-processing for cash management;
Secondly, to automate the creation of accounting entries for treasury transactions (such as FX deals, sweeps, loans, deposit, interest, bank charges, FX gains/losses etc.) with an interface to our general ledger system (Abacus) so that we could rely on up-to-date information at all times.