From the September/October 2012 issue of Treasury & Risk magazine

AHA Editors' Choice Middle Market Excellence Award in Cash Management

Amping Up Visibility Into Cash Worldwide: Cunningham Lindsey Group

Cunningham Lindsey Group, a third-party loss adjuster based in Tampa that operates in 50 different countries, implemented a treasury workstation to automate what had been highly manual treasury processes.

Cunningham Lindsey’s four-person treasury team was working with 52 controllers worldwide who provided cash forecasts and bank reporting via spreadsheets. Prior to implementing a workstation, treasury received weekly cash updates from just 25% of its entities worldwide, covering about 8% of its global bank accounts, and experienced an average variance of 20% on its cash forecasts.

The company selected Kyriba, says Elizabeth Ecsy, director of treasury, because its cash forecasting system “is fairly customized and fairly easy to use as well.” Cunningham Lindsey also put in place SWIFT connections with all of its banks able to able to provide SWIFT reporting.

Now the controllers of all the company’s units have access to Kyriba. They feed their cash forecasts into Kyriba and can also use it to view bank balances.  

Cunningham Lindsey now has visibility into 92% of its global bank accounts, up from 8% prior to implementing the workstation, and went from weekly updates from its global units to daily updates.

“That visibility has been absolutely priceless to us to be better able to manage our funds globally,” Ecsy says.

With the workstation providing better visibility and more accurate cash flow forecasts, treasury was able to respond to senior management’s goal of reducing cash on the balance sheet, cutting the company’s cash balances by 140%. The company was also able to pay down a bank revolving credit facility sooner than expected, cutting interest costs and freeing cash for investments

 

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