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  • October 10, 2018
    Articles

    Digital Guarantee Management:
    Move from tedious paperwork
    to electronic process management

    Avalmanagement

    “Three hundred and seventy-five thousand and thirty-three Swiss francs”. If you are involved in guarantee management, you’ll know that it is often still necessary to write guarantee volumes in words. Besides this, treasurers also spend lots of time dealing with complex requests, ticking numerous boxes correctly and accurately transferring addresses. The margin of error is zero.

    Guarantee management is a specialist area where details really matter, and where a well-trained eye, top levels of concentration and lots of hard work are preconditions. At corporate groups, this often involves many subsidiaries and therefore numerous players and parties.

    When a subsidiary needs a guarantee, it often takes several days and no-end of coordination until the bank guarantee is finally available. During these tedious coordination processes, it is often necessary for a colleague to pick up the phone after the fifth email and personally ask about the guarantee – but that doesn’t make things any more efficient. Double data entries are not rare, cost everyone involved lots of time and increase the error rate. And, if high volumes require several approval steps, then compliance checks and even more patience are necessary.

    The objective: Less paper, more speed

    Imagine you could do away with this paper chase and digitalise your guarantee management as far as possible. Starting with the request for a guarantee, on to the approvals process and distribution, all the way to issuing the associated documents. Paper-based applications which are circulated within the group and later forwarded to the bank by fax, email or post, would then be a thing of the past.

    That is all possible with a digitalised process and tailor-made workflow management: Reduce your processing times, forget tedious typing work and have more time for performing analyses. The following case study highlights what this could look like in practice.

    Local applications, centralised checks

    When a subsidiary needs a guarantee, it simply enters the request via a standardised form directly in TIP. Group Treasury is automatically informed about the guarantee request via the workflow module and then decides in the next step whether this should be processed. If the request is granted, the competent treasurer can directly select in TIP the relevant bank or credit insurer which should issue the guarantee. Depending on the agreed guarantee limit, Group Treasury then also adjusts the ideal utilisation level and manages the allocation of business among the group’s banks.

    guarantee request form

    Form for subsidiaries to locally request a guarantee: Straightforward field names and mandatory fields ensure from the first working step on that all necessary information is provided.

    One size fits all – the digital TIP form

    Every bank issues its own forms, each of which needs to be processed separately. Given that the information required for a guarantee request hardly varies from bank to bank, this complexity is not really necessary. For this reason, we have developed a standardised form which is already pre-filled with your master data in TIP, meaning that you only need to add the details of the relevant guarantee. And what’s even more practical: Printing, signing and scanning the documentation is not necessary with this process due to the fact that you sign the request digitally and can send it directly from TIP to the bank via email at the click of a button.

    Guarantee Workflow

    An overview of the process: From the local generation of subsidiaries’ requests to analysis options, TIP allows you to manage and track the entire process.

    And the future looks even rosier: It will soon be possible to generate bank guarantees in MT798 formats directly in TIP which the system forwards to the bank via SWIFT FileAct. The electronic bank confirmations are subsequently imported into the system and compared with the guarantee request for security purposes. If everything is OK, the process can be closed with just a few clicks.

    Certificates for group-level guarantees at the click of a button

    Group-level guarantees can also be requested and even issued in TIP. Once the purpose of the guarantee has been clarified and the group-internal guarantor defined, the only thing missing is the certificate. In order to also handle this digitally, the guarantee text is dynamically generated based on the previously captured guarantee details. This automation saves everyone involved time and clarification steps. It will only take Group Treasury a few clicks instead of numerous manual steps to issue the guarantees. Thanks to the workflow and the standardised forms with an in-built commenting feature, the number of queries in the entire request process has been significantly reduced. Manual reprocessing is not necessary.

    Fee accounting and analysis reports at a glance

    Once a guarantee has been issued, the next step is to deal with the associated fees and charges. This involves breaking guarantee-related charges down into different classes so that these can be calculated and allocated in TIP. Issuing and amendment charges as well as minimum commissions can be clearly differentiated between. External charge classes can be used to check that the charges billed by banks and credit insurers are correct. Due to the internal charge classes, Group Treasury can also see at a glance which amounts needed to be passed on to the relevant subsidiaries. This is made possible by clearly structured reports which can be generated in a few seconds at the press of a button. This will save your accounts department a considerable amount of work related to booking guarantees and setting up accruals, and allow the treasury department to analyse the utilisation of guarantee lines directly in TIP.

    Guarantee Reporting

    Reports on guarantee charges and line utilisation: The biggest advantage of digitalisation becomes obvious at the end of the process – The availability of the complete data means that all relevant information and calculations can be accessed directly in TIP.

    Increase transparency

    Independence from specific individuals and policy compliance are often the key arguments in favour of considering a new system solution for guarantee management. Approval levels and deputisation rules need to be clearly defined and also complied with. In addition, Group Treasury also needs accurate and full process documentation in order to ensure that an end-to-end audit trail exists. Every guarantee request in the workflow module passes through various statuses, each associated with specific tasks. Besides this, those involved can also add comments to requests at every stage of the workflow. As a result, the question of “Who did what when?” can be easily answered at any time and it is obvious where a request currently is in the process and which tasks need to be completed by whom.

    Audit Trail

    Audit trail and to-do list in the workflow module: Does a guarantee request still need to be approved or has the request already been sent to the bank for the certificate to be issued? These questions can be easily answered with the aid of the workflow module and therefore accelerate the smooth process.

    Digitalised from end-to-end

    There is more to the buzzword Digital Office than you might think. In order to really do away with paper-based documents, you also need digitalised document management. That is why the treasurers can store all of the documentation relating to the underlying transaction and the copies of guarantee certificates directly linked to the data record and speedily access these again.

    Digital Document Management

    Document management based on the guarantee data record: Obvious for everyone, easy to find and also paperless

    Conclusion

    Less work and more compliance – digital guarantee management works (nearly) at the touch of a button. Naturally, you still need the expertise of an experienced treasurer, but the tedious coordination/clarification work and the manual processing of numerous forms and certificates are a thing of the past – with TIP. Create a group-wide database for comfort letters and bank guarantees with completely digitalised document storage which makes it possible to generate reports which offer many advantages, not only for Group Treasury but also for your accounting department.

     

    An overview of TIP Guarantee Management

    Guarantee Management with TIP

    Register for our guarantee management webinar on 30 October

    Do away with endless paperwork and manage your guarantees as digitally and easily as it gets. This webinar will highlight how you can manage your guarantees largely automatically and, above all, electronically. REGISTER now.

     

     

  • September 24, 2018
    Events

    New webinars on digitisation

    Our FREE YOUR DATA treasury webinars continue from October to December. Three short webinars provide you an insight into various treasury application areas and show you how you can benefit from digitisation. Invest 30 minutes and discover how smart solutions can not only save you time but also considerably improve the quality of your outputs.


    30 October: Guarantee Workflows
    Do away with endless paperwork and manage your guarantees as digitally and easily as it gets.

    Locally apply for and centrally check, amend, approve and monitor your guarantees at any time. This webinar will highlight how you can manage your guarantees largely automatically and, above all, electronically. This process starts with applications from your subsidiaries and extends to include communication with your banks, the issuing of documents and the analysis of the guarantee lines available.

    SPEAKER
    Hanna Böhm (Project Manager)
    Hubert Rappold (CEO)

    Register now for 30 October 2018:
    German 1:30 pm to 2:00 pm
    English 5:00 pm to 5:30 pm
     CET

     

    8 November: Self-Service BI with the Excel Cube
    Prepare ad-hoc analyses with your latest corporate data accessible in Excel.

    This webinar will highlight how you can access your financial data directly in Excel. Account data, guarantees, derivatives and even your cash flow forecasting data are available by means of drag & drop for ad-hoc analyses. Filter by reporting currency, time periods and hierarchies, and speedily prepare the report you need spontaneously for your management team. All you need is an understanding of Excel tables to be able to use the Excel Cube.

    SPEAKER
    Dominik Scheitz (Consultant)
    Martin Fikar (Head of Consulting)

    Register now for 8 November 2018:
    German from 1:30 pm to 2:00 pm
    English from 5:00 pm to 5:30 pm
     CET

     

    6 December: Cash Flow Forecasting
    Making your cash flow forecasting as automated and smart as it gets.

    This webinar shows you how cash flow forecasting can learn from your historical data, rely on existing data in your systems and combine both to deliver dependable cash flow forecasts. We will also show you how user friendliness and immediate responses on the quality of cash flow forecasts can also win over your subsidiaries. This not only improves the quality of forecasting but also your contacts with subsidiaries.

    SPEAKER
    Gerald Dorrer (Senior Project Manager)
    Hubert Rappold (CEO)

    Register now for 6 December 2018:
    German from 1:30 pm to 2:00 pm
    English from 5:00 pm to 5:30 pm CET

  • September 12, 2018
    Events

    Digital treasury with TIP
    at EuroFinance in Geneva

    EuroFinance Geneva 2018

    Meet us in Geneva at the EuroFinance Annual Conference 2018 and take your treasury to the next level.

    The Treasury Information Platform TIP offers you amazingly flexible and smart treasury and reporting solutions. Regardless of whether you have already deployed a treasury management system or still prepare reports manually with Excel – TIP is the key to saving you valuable time and increasing the quality of your data.

    Our solutions for cash flow forecasting, automatic bank fee monitoring, risk management, guarantees and derivatives work on the basis of smart workflows. This helps you to respect your compliance requirements, investigate the reasons for deviations with your subsidiaries and work more efficiently and time saving. Furthermore, our clients appreciate TIP for the easy handling and how this motivates subsidiaries to use it regularly.

    You want to learn more about our ideas on digital treasury?

    Meet us at booth S81 – we look forward to your visit.

  • September 12, 2018
    Events

    Digital treasury
    at TIPCO’s annual user conference

    TIP user meeting on digitisation

    On 20 September, we again look forward to welcoming our clients and to exciting, practice-related inputs directly at Frankfurt Airport. This year’s client event will be focussing on digitisation in treasury. Starting with the digitalisation of trade finance processes and the self-generation of reports by your treasury department to the use of predictive analytics in cash flow forecasting.

    We would particularly like to thank our clients and other speakers from Deutsche Telekom, REWE, Thomas Cook, STIHL, Schott, and Deutsche Bank.

    Click here for the programme.

    Not registered yet?
    Then send an email to events@tipco.at

  • June 25, 2018
    Events TIPCO

    Treasury solutions with TIP – revisit our webinars.

    treasury webinars

    From February to June, we focused on a new area of treasury every month and presented possible solutions in our treasury webinars with which daily tasks can be organised and tackled efficiently and easily.

     

    Bank relationships

    The kick-off was with our bank relationship management module, which not only monitors, compares and reduces bank fees largely automatically, but also allows you to access and analyse all other data associated with bank relationships at the press of a button.

     

    Cash visibility

    Our cash visibility webinar mainly dealt with gaining an overview of all cash flows within your corporate group. Which bank accounts exist and where? How is group-wide liquidity looking? And how can you easily analyse all relevant data in simple reports to keep yourself and your management continuously up-to-date?

     

    Cash flow forecasting

    Since good cash flow forecasting needs to fulfil many requirements, the overview was followed by a detailed view of the cash flow forecasting module. How can you leverage your historical data in order to look ahead as reliably as possible? How are data from your subsidiaries taken into account in your forecasts without numerous emails and phone calls in advance?

     

    FX Exposure & IFRS 9

    The treasury information platform TIP also offers solutions related to the issues of FX exposure and IFRS 9 reporting; solutions which, closely integrated with smart workflows, can simplify your reconciliation processes and avoid transmission errors. They also make your work more efficient and accurate.

     

    Treasury processes

    The participants in the last of this webinar series, focussing on treasury processes, discovered how this works in practice with the aid of automated workflows.

     

    If you missed one of the treasury webinars and want to find out more about it, don’t worry. Simply request access to recordings on our Free Your Data webinar page or request a demo. We will also be happy to discuss your requirements in person. If you also want to be kept posted, simply sign up on our website to our newsletter.

     

    We look forward to your challenges!

  • June 19, 2018
    TIPCO

    The TIPCO Advisory Board asks:
    How can we support the requirements of Treasury departments to an even greater degree now and in the future?

    TIPCO Advisory Board

    Who is in a better position to know what a system must be able to do than a treasurer with many years of experience? No-one. This is why we invited eight experienced treasurers and TIP users to become members and guests of our TIPCO Advisory Board.

    The aim of the TIPCO Advisory Board is to address the requirements of companies at an early stage, to give feedback on planned products and to test new modules and services for their suitability for daily use.

    What are the strengths of the Treasury Information Platform TIP? Which additional functionalities would be desirable? How is TIP used in practice every day? A wide range of topics was covered during the first meeting at our head office in Vienna, reflecting above all the need for even more digitalisation. Keywords such as ‘predictive analytics’, ‘self-service BI’, ‘eBAM’ and ‘robotics’ were high on the agenda.

    In addition to grand visions, there were also a number of smaller suggestions for improvement which were a great help to us. After all, only when used every day can it be clearly seen how meaningful intelligent input screens are, how quickly tasks can be implemented and how intuitively the application actually is in practice.

    Our eight sparring partners pulled no punches in the first meeting, for which we are very grateful to them. Nevertheless, we were able to spend the day in the company of very satisfied customers, confirming the performance claim and quality of TIP.

    The TIPCO Advisory Board consists of seven experienced treasurers and the management of TIPCO and will convene at least twice a year.

    Members:
    Christine Pitzen, Britta Baier, Jörg Bermüller, Thomas Linnert, Christian Melcher, Markus Müller, Dirk Schreiber, Martin Winter, Hubert Rappold

    Guest expert: Thomas Stäubli

    We would like to express our sincere gratitude to our Advisory Board members and our guest expert for a very constructive and enjoyable first meeting.

  • June 8, 2018
    TIPCO

    Martin Fikar joins as a new partner

    Martin Fikar

    We are delighted to announce the addition of a new partner. As Head of Consulting, Martin Fikar is one of our leading treasury experts who provides our consultants with valuable support. Diverse perspectives and action-oriented decision-makers are key to the quality of our work, which is why we strive to make our management team as broad-based as possible. Martin is not only one of our most important experts, but also an exemplary team player with outstanding leadership skills. That’s why we are delighted that he has decided to take on this new position and to play an even more important role within the company in the interests of our clients and his colleagues. Congratulations Martin, and, most of all, thanks!

  • June 7, 2018
    References TIPCO

    Merck wins the 2018 Treasury Today Adam Smith Award!

    Merck - Adam Smith Award

    We sincerely congratulate our corporate client, Merck for winning the 2018 Treasury Today Adam Smith Award for First Class Relationship Management. It was a pleasure to be part of the treasury transformation process at Merck! http://treasurytoday.com/adamsmith/2018

  • April 30, 2018
    Events TIPCO

    ACT Annual Conference in Liverpool: Meet TIPCO at booth #170

    ACT 2018 with TIPCO

    Meet us in Liverpool at the ACT Annual Conference and take your treasury to the next level.

    The Treasury Information Platform TIP offers you amazingly flexible and smart treasury and reporting solutions. Regardless of whether you have already deployed a treasury management system or still prepare reports manually with Excel – TIP is the key to saving you valuable time and increasing the quality of your data.

    Our solutions for cash flow forecasting, automatic bank fee monitoring, risk management, guarantees and derivatives work on the basis of smart workflows. This helps you to respect your compliance requirements, investigate the reasons for deviations with your subsidiaries and work more efficiently and time saving. Furthermore, our clients appreciate TIP for the easy handling and how this motivates subsidiaries to use it regularly.

    We look forward to your visit.

  • April 10, 2018
    Events

    Finanzsymposium in Mannheim with TIPCO

    Finanzsymposium Mannheim

    The Finanzsymposium will once again be opening its doors on 25 April. We look forward to you visiting our booth #72 and taking part in the TIPCO workshops in collaboration with our clients Thomas Cook, Intersnack Group and DIEHL.

    Find out more about smart reporting with TIP and how you can both save valuable time and improve the quality of your data and analyses in the areas of cash flow forecasting, bank relationship management, risk management, guarantees, derivatives and workflows.

     

    TIPCO workshop schedule on Systems Day – 25 April 2018

     

    14:15 – 15:05 (Ottmar Breitenbach)
    Spot-on reporting for Thomas Cook:
    Discover how this leading tour operator uses TIP to flexibly analyse its data at the touch of a button.

    • How can you compile data from different source systems in a single report?
    • What’s the best way to set up reporting – from strategic reporting to flexible ad-hoc analyses?
    • How does the maximum degree of automated and flexible reporting look in practice?

     

    15:35 – 16:25 (Dr. Werner Hoffmann)
    A unified treasury system for the Intersnack Group:
    Optimal financial reporting with TIP

    • How do you establish a uniform treasury information system?
    • How can you optimise your cash flow forecasting?
    • What should risk monitoring of your group-wide FX exposure include?

     

    16:55 – 17:45 DIEHL (Thomas Hafner, Nadine Glass)
    TIP & Reval – how DIEHL gets the most out of its data:
    Complete TMS integration for top-notch planning and reporting.

    • How can you get to grips with a complex system landscape?
    • What are the secrets of top-quality cash flow forecasting including all treasury data?
    • How can complex reporting requirements be flexibly implemented in practice?

     

    All the above workshops will be taking place in Variohalle 1.

     

    Interested in a 1-on-1? Send a short email to events@tipco.at and we will promptly be in touch.