The solution partner provided TAG with a comprehensive TMS solution, addressing critical areas such as FX deal capture, cash management and cash forecasting. With features for managing debt and cross currency interest rate swaps within the system, TAG was able to automate payments and streamline debt servicing processes. The company was also able to begin forecasting debt in conjunction with cash.

The integration of workflow and approval processes simplified payment creation and workflows, offering greater efficiency within the platform. The solution partner also expanded payment types, reducing reliance on direct bank portal payments and enhancing overall payment flexibility for the business’ treasury operations.

With only six months remaining on the existing TMS license, TAG was under significant pressure to implement quickly whilst also avoiding the Christmas shut down period. TAG took a staged approach prioritising the most critical project milestones and completing logical stages before moving to the next deliverable. This enabled the company to de-risk the tight implementation timeline. By providing a dedicated resource from the treasury team as subject matter expert along with high engagement from all other treasury team members as well as great support from the TAG IT team, the platform provider and HSBC, the project was delivered on time and within budget.

Daily cash reconciliation and payment preparation has been streamlined, reducing time to prepare by 30%. Journals are now prepared daily within a few hours (or less) of the cash reconciliation, ensuring timely GL postings compared to weekly or even monthly with the previous manual intensive processes. As a result, the monthly close cycle for cash has reduced from 1 to 1.5 days to 0.5 days. This newfound efficiency reduces turnaround time and frees up valuable staff resources. Onboarding new treasury team members has become easier and faster, facilitating seamless integration and improved productivity.