X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Microsoft: Winner of the 2021 Silver Alexander Hamilton Award in Technology Excellence

Microsoft’s bank account structure reflects the company’s size and global market position. Every day, Microsoft receives more than 1,600 bank statements from more than 80 banking partners. Managing these data flows and pulling transaction information into the corporate enterprise resource planning (ERP) system used to be a significant pain point for the cash operations team.

“The process for importing bank statements was very cumbersome,” says Sabin Jafri, senior treasury manager in the cash operations group. “We leveraged predefined ERP reporting to extract data from the statements. But our ERP system and bank account database did not talk to each other, so the ERP didn’t always know when a new account was added or an old account was deleted. Someone had to review line items on a daily basis to ensure the account structure was up to date and all our bank statements were coming in on time via SWIFT.”

The cash operations group used Excel to track receipt of electronic bank statements. They extracted data using macros and VLOOKUP formulas. “We were trying to be more efficient by creating macros to run behind the scenes, but there was the potential for errors if data came through in a different format,” Jafri says. “Invalid formats cause issues with VLOOKUP and require additional manual corrections.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

More from this author

Dig Deeper

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.