Cashforce Webinar: Quick Wins Offerings

| 13-05-2020 | Cashforce

CashForce invites you to learn about their Quick Wins Offerings during a webinar on Tuesday, May 19th at 5pm (CEST). 

In the context of the current environment, many companies are looking for ways to create visibility on Cash and Working Capital.

This is why we would like to introduce Quick Wins Offerings to you:

  •  delivering a functional prototype within 30 days
  •  offered at a subscription period of only 3 months (with opt-out)

Date, time and registration

Date: May 19, 2020

Start time: 5.00 pm CEST

Register here

 

Download Leaflet 

Cashforce Webinar: How Treasury is dealing with the new normal

| 14-04-2020 | Cashforce

We highlight the following event, held by our partner CashForce  in collaboration with Citi; Webinar: How Treasury is dealing with the new normal

Only a short few weeks back Treasury professionals were operating in a relatively benign environment; managing routine funding needs, investments and supporting expected business growth.
Today, Treasury is in unchartered waters, working remotely, with a return to 2001 and 2008 levels of market uncertainty.
Join the panel of Corporate Treasury professionals (speakers to be announced) who are managing this business and market disruption at the frontline.
Together with Nicolas Christiaen (CEO – Cashforce), we’ll learn about their response and what steps could be taken now to prepare for the emerging new norm for Treasury.
Furthermore, Dr Duncan Cole (Principal – Citi Treasury Advisory Group) is joining this webinar.

Date, time and registration

Date: April 21st, 2020

Start time: 11am EDT / 5pm CET.

Register here

The 2019 DACT Treasury Fair: it’s time to connect

| 01-11-2019 | by Kendra Keydeniers |

The DACT (Dutch Association of Corporate Treasurers) is organizing their annual Treasury Fair at Hotel NH Conference Centre Leeuwenhorst in Noordwijkerhout on November 14th and 15th 2019. The DACT treasury fair is the most important annual treasury event in the Netherlands.

Practice-oriented workshops and specialist presentations on trends and developments. Information on the latest solutions, products and techniques in your professional field. And plenty of room for interaction with colleagues and peers. This is the successful formula of the DACT Treasury Fairs. This year, DACT is organising the 16th edition!

Exhibitors

There are more than 50 exhibitors present at the Treasury Fair. You can see an overview of all exhibitors here.

We are thrilled to highlight the treasuryXL partners who will host a booth at the expo and organize a product demo:


ILFA Group
ILFA Group supports companies and civil society organizations in obtaining financing and managing their treasury.
Product demo 17:
De obligatielening 2.0
Time: 13:00 – 13:30
Presenter: Irma Langeraert – ILFA & Jasper Verhoog – AKD

 

 

BELLIN | ENIGMA
BELLIN is the global leader in technology for corporate banking and treasury.
Product demo 11:
Tm5 – SWIFT GPI functionality / Company case: Darling Ingredients Int.
Time: 11:30 – 12:00
Presenter: Hien Dijkstra, Darling Ingredients Int.l | Bas Kolenburg & Roderick Kroon, Enigma Consulting

 

 

 

Treasury Intelligence Solutions GmbH (TIS)
TIS is the leading cloud platform for managing corporate payments, liquidity and bank relationships worldwide.
Product demo 8:
TIS Corporate Payment Solutions
Time: 10:40 – 11:10
Presenter: Luuk Linssen and Jörg Wiemer – TIS

 

 

Cashforce
Cashforce is a smart cash flow management and cash flow forecasting platform for working capital intensive businesses.
Product demo 6:
Cashforce
Time: 09:50 – 10:20
Presenter: Nicolas Christiaen, CEO Cashforce / Bart Messing, European Treasury Manager Dawn Foods

 

 

Treasurer Search
Treasurer Search finds candidates for both permanent and temporary positions in industry, trade, services and non-profit.

You can find their booth at the beginning of the expo.

Contact: Pieter de Kiewit, owner Treasurer Search

 

 

 

Would you like to connect with one of our partners? I recommend to schedule your appointment in advance to ensure your spot. You can contact me directly for assistance. Of course you can visit their booth at the expo anytime, don’t forget to mention treasuryXL.

Connect with treasuryXL

treasuryXL ambassadors Francois De Witte and Marco Lassche will be visiting the Treasury Fair on Friday, November 15th. Would you like to meet one of them and learn more about the treasuryXL mission and partnership options? Don’t hesitate to contact them directly and schedule your appointment today!

 

Marco Lassche
Ambassador

view profile and connect

 

 

 

François De Witte
Ambassador

view profile and connect

 

 

Treasury Fair programme

Thursday, November 14

Time: 19.00 – 23.30

EAT, MEET & GREET | info here

Grand Café Roundabout

Friday, November 15

Time: from 8.00

Registration, Expo, Workshops, Product demos, Master Class

Time: 16.00-18.00 Drinks

You can find an overview of the full programme here.

About the DACT

DACT, Dutch Association of Corporate Treasurers, is the professional association for (corporate) treasurers and treasury professionals in The Netherlands. It has 600+ members, employed by multinationals, large and midsized companies, but also working in public sector and nonprofit organisations.

As a professional association DACT stimulates the professional development of its members, offers a network that connects treasury professionals and facilitates a platform for the exchange of information and development of knowledge.

Kendra Keydeniers
Community & Partner Manager at treasuryXL

CASH FORECASTING SURVEY RESULTS 2019 TOO MUCH PROCESSING, NOT ENOUGH FORECASTING? – 5 KEY INSIGHTS

| 26-03-2019 | treasuryXL | Cashforce | Nicolas Christiaen

Cash is often labeled as the lifeblood of an organization as it enables a company to function. However, when it comes to forecasting cash, most companies face various challenges. Afterall, it starts with the uncertainty of the future, but more factors are at play. Decisions about risk vs reward, the essence of business, can be difficult. To learn more about the complexity of the topic from first-hand data, we initiated the first Cash Forecasting Survey together with the Financial Executives Consulting Group. This survey was focused on senior financial and treasury executives. The 225 respondents are active across a variety of industries (manufacturing, energy, retail, telecommunications, health care, …) that range from smaller businesses (35% under $50 million revenue) to big corporations (28% over $1 billion revenue).

This survey aims to dig a little bit deeper into the challenges that companies are currently facing, the underlying causes of these difficulties, as well as possible future trends and technologies that could ease these challenges. The results of the survey will be discussed in-depth during a webinar on the 27st of March, 2019 (11am EST / 4pm CEST). To lift the veil slightly we’ve distilled our top 5 key insights below.

1. CASH FORECASTING REMAINS THE TOP ISSUE

A company’s ability to forecast the future with any degree of certainty is determined by external factors (i.e. competitor’s actions, market conditions such as interest rates and local tax rates) or internal factors (availability of funds, staff available, technology in use, access to data etc.). Regardless of whether one is a pessimist or an optimist there should be very little to argue about the fact that cash forecasting is one of the central pillars of treasury, and therefore has been on the radar for improvement for many companies for a decade. The graph below hints at the current focus: Given the opportunity to rank the most important issues over the next year, “cash forecasting” comes out on top (34%). Furthermore, we see in the answers that there is a big focus on the outcome as such, as well as on improving the current processes that are at play (such as management reporting, upgrading financial systems).

WHAT IS THE MOST IMPORTANT ISSUE FOR YOUR COMPANY OVER THE NEXT YEAR?

2. TIME IS MONEY

For the past decades, Excel has been integral to businesses everywhere. It’s embedded in countless processes throughout the company, including within finance and treasury departments. While spreadsheets remain popular as a tool to accomplish many tasks, even their users admit that they are error prone. Moreover, maintaining data integrity within spreadsheets can be a cumbersome and manual task since this type of technology was never meant to be an integrated solution to business issues (i.e. data from one spreadsheet almost never flows seamlessly into another spreadsheet).

Nonetheless, as the graphic below lays out, more than 9 out of 10 respondents continue to use spreadsheets for collecting/creating cash forecasts & making comparisons to actuals. 69% of respondents however find the process too time consuming. On top of that, the graph clearly shows that this is the case in all surveyed treasury/finance areas. Overall, we can state there is still a great over reliance on spreadsheets, from cash forecast generation to debt management. Combined, these insights indicate a dire need for a better solution in the area of cash forecasting and treasury management.

DO YOU USE EXCEL SPREADSHEETS FOR THE FOLLOWING TASKS?

WHAT ARE THE LIMITATIONS OF USING SPREADSHEETS TO PERFORM?

3. PROCESSING AGAINST THE CLOCK

The following graph further illustrates how frustratingly long any spreadsheet driven forecast process can be. If we look at the distribution of respondents that spent more than 10% of their resources on creating/updating cash forecasts, we can see that 43% of respondents spend more than 2 hours a day on average on creating/updating cash forecasts. Naturally, with only limited resources available for processing, forecasts will be less than “perfect” until conditions are changed.  Investing in “better” technology has been shown to help the forecasting process, but technology alone (i.e. working faster) is not a substitute for working smarter (i.e. more strategically) as the following survey observation makes clear.

WHAT PERCENTAGE OF STAFF RESOURCES ARE SPENT ON CREATING/UPDATING CASH FORECASTS?

4. A TMS IS NOT MADE FOR CASH FORECASTING

It cannot be said with certainty what the “perfect” allocation of resources devoted to processing vs planning / analysis should be in the forecasting process. As mentioned earlier there is a continued reliance on a disparate set of 1980s technology (i.e. spreadsheets) perhaps because they are easy to use and offer a certain degree of flexibility. However, basing your forecasting on technology that offers little in the way of scenario planning, ability to sum up / drill down through an organization or track change by date, user, etc.  may constrain a company’s ability to measure its success.

In response to the weaknesses of spreadsheet driven forecasts many companies over the last decade have implemented a large number of Treasury Management Systems (TMS). Yet, the adoption of a TMS for forecasting purposes has been slow to occur. As the survey results show, more than 9 out of 10 respondents still use spreadsheets for cash forecasting, even when using a TMS. It is a surprising statistic and may indicate that a TMS maybe better at processing (e.g. cash positions, payment execution, cash accounting, etc.)  than at planning / forecasting.

WHAT FINANCIAL SYSTEMS ARE USED WHEN PERFORMING THE FOLLOWING FUNCTIONS?

5. NO PROPER REWARD STRUCTURE BASED ON CASH FLOW

As seen in previous paragraphs, the processes involved in cash forecasting are mostly done manually and with error-prone tools and processes. As a result, companies frequently struggle to foresee unexpected occurrences that impact the livelihood of their business. Bridging these gaps can pose considerable risks and can be very costly to overcome. Consequentially, one would expect companies to put rewards in place for their business units in order to draw out valuable insights when it comes to cash flow. Yet, 3 out of 4 companies don’t reward their business units based on cash flow. Even among the large companies (i.e. revenue > 500MM) only 33% of companies reward their business units based on cash flows. It prompts the question: If cash forecasting ranks as the number one issue, how come it is rewarded as a by-product rather than a focal point?

WHICH METRICS BELOW DOES YOUR COMPANY USE AND WHICH ONES ARE USED TO REWARD ITS BUSINESS UNITS?

CONCLUSION

As the survey shows, cash flow forecasting is an important tool used by businesses to peer into the future and work towards accomplishing previously set profitability, liquidity and risk goals.

Unfortunately, all forecasts will be “wrong” as the future is uncertain and forces companies to navigate through a seemingly infinite sea of scattered data that only increases over time and becomes prone to human error as it accumulates up and down the organization.

Though no forecast will be perfect, any forecast requires a certain amount of dedicated resources (e.g. staff time throughout the company, integrated sets of data and the technology to turn data into information). If too many resources are devoted to processing then there will be less time remaining, possibly reducing the quality of actual decisions made. Few companies should base their strategic decisions based mostly on time left over as it may harm, not benefit the company. Depending on the size of the company, the following trends can be seen:

  • At many large companies treasury departments have taken the lead on cash forecasting by beginning to replace their spreadsheets with more purpose-built applications such as a TMS, but even this type of system appears to have limitations, perhaps because it had its origins in processing transactions rather than comparing alternative futures and lacks real “what if” features.
  • At small to medium sized companies FP & A areas are often responsible for cash forecasting, but, as the survey shows, spreadsheets are not the best forecasting tool and ERP systems contain only historical data that is difficult to extract and project into the future.

There is no definite answer to what mix of resources should be employed to achieve success, but relying on the current mix of disparate technologies doesn’t seem to be the answer. Fortunately, advances in new technology available to users through out a company are paving the way towards a clearer future, one driven by analytics, visualization, automation and transparency of data across an entire company.

Curious about additional findings from our survey? Be sure to register here for the webinar on the 27st of March, 2019 (11am EST / 4pm CEST) where we will discuss these and other findings and learn more about the challenges and solutions of Cash Forecasting.

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Cash flow prognoses zijn van vitaal belang in corporate treasury

| 29-11-2018 | Cashforce | treasuryXL |

De lancering, eerder deze week, van het nieuwe liquiditeitsbeheerportaal van HSBC, moet begin volgend jaar worden gevolgd door een nieuw Cash Flow Forecasting-platform, dat laat zien hoe liquiditeitsbeheer en kasstroomvoorspellingen met elkaar verweven zijn. Er is een groeiend aanbod van leveranciers die zich op dit gebied concentreren, waaronder onze partner Cashforce.

Cashforce maakt verbinding met alle gegevensbronnen die het geld beïnvloeden, om een ​​zeer nauwkeurige cash forecast te bouwen. Slimme algoritmen worden toegepast om nog meer nauwkeurigheid te bieden en zullen
pro-actieve optimalisatie acties tonen. ”

Het belang van kasstroomprognoses neemt steeds verder toe. Bruce Lynn, Managing Partner bij The FECG LLC, is bezig met de laatste fase van zijn onderzoek onder 200 bedrijven wereldwijd en hun gebruik van cash flow forecasting en werkkapitaal management. Hij is van mening dat het belang van cash flow forecasting toeneemt omdat er sinds 10 jaar weer sprake is van een stijgend renteklimaat. Hij vindt dat:

  • De ‘beste’ bedrijven dit belang zullen erkennen en trachten de inherente variaties te verkleinen die zullen optreden omdat de toekomst onzeker is.
  • Ze zullen moeten investeren om “zichtbaarheid” te verkrijgen over hun “stromen” (werk, contanten, boekhouding, informatie). Investeringen zullen niet alleen veranderingen op treasury afdelingen, maar ook operationele afdelingen met zich meebrengen waar de grotere cashflows plaatsvindt.
  • De “slimmere” bedrijven zullen hun personeel naast de bestaande beloningen ook belonen voor het genereren van meer en stabielere kasstromen
  • Probleem (zoals onderzoek lijkt aan te geven): gebrek aan informatie op operationeel niveau; relatieve onbelangrijkheid van kasstromen versus winst. Hoge afhankelijkheid van de technologie van 1980 (dat wil zeggen spreadsheets)
  • De overige bedrijven zullen hun kapitaalkosten zien stijgen naarmate ze overgefinancierd raken of te weinig investeren. Het risico zal vooral hoog zijn voor bedrijven die vreemd vermogen gebruiken om het verwachte rendement van het eigen vermogen te verhogen.

Binnenkort zal er een survey uitgebracht worden waarvan de resultaten hier gedeeld zullen worden.


Cashforce – Cash forecasting & Smart Treasury

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Cashforce raises €2 Million to accelerate international rollout

| 27-02-2018 | Nicolas Christiaen | Cashforce | sponsored content |

Cashforce, a fintech leader in Cash forecasting & Treasury solutions for corporates, announced today that it has closed € 2 million in Series A financing. The internal funding round was led by Volta Ventures and Michel Akkermans (Pamica NV), reinforcing their previous commitment to the company. The Series A financing enables Cashforce to accelerate the ongoing international roll-out and fuels its rapid global growth and industry leadership as a premier provider of Cash forecasting & Treasury solutions. Organisationally, staff will be expanded, and operations will be scaled up – with a significant number of new hires in 2018. Product-wise the company is working on developments that will enable even more insights and potential savings for its clients. Commercially, supporting and growing the customer base and increasing customer success and adoption as well as continuing to build strategic partnerships and alliances are part of the strategic plan.

“Cash management & Treasury is evolving from a focus on data acquisition to Treasury automation and data analysis, enabling Treasury departments to bridge the gap between the Finance and other operational departments and enable data-driven strategic decision making. On top of that, Cash flow forecasting has become the major focus of the industry.”, said Nicolas Christiaen, CEO and co-founder of Cashforce. “This investment also re-confirms our investors’ confidence in the leadership that Cashforce has established in the Treasury space, our continued rapid growth and the potential to re-define the category.”

Additionally, Cashforce announced that Michel Akkermans will become Chairman of the board. Michel Akkermans is a serial entrepreneur in fintech companies. Amongst others, he was the Chairman and CEO of successful companies such as FICS and Clear2Pay. After the global payment solution company Clear2Pay was acquired by FIS in 2014, he became an active investor and board member in several companies and private equity organisations, as well as a venture partner and Chairman of Volta Ventures.

Cashforce: The Leading Cash forecasting platform for the Modern Corporate

Cashforce is a next-generation Cash forecasting & Smart Treasury Management System, focused on automation and integration for corporates. It helps corporate finance/treasury departments save time and money by offering accurate cash flow forecasting, pro-active working capital management analysis as well as flexible Treasury reporting & automation.

Cashforce is unique because it offers full transparency into what exactly drives the cash flow of mid-size & large corporates with different complexities such as multi-entity, multi-bank, multi-currency and complex ERP(s). Smart algorithms are applied to generate highly accurate Cash forecasts. The intelligent simulation engine enables companies to consider multiple scenarios and measure their impact. Its intuitive user interface allows for extensive and tailor-made analysis & reporting possibilities. Unlike other enterprise software players, the platform is set up quickly, even in the most complex environments, and connecting seamlessly with any ERP system through its ‘plug-and-play’ connectors. As a result, finance/treasury departments can be turned into business catalysts for cash generation opportunities throughout the company.

“While we started off as a Cash forecasting tool, we have added Advanced Working Capital analytics and Smart Treasury functionalities, and are now operative as a comprehensive modular Treasury Management System (TMS). This makes Cashforce a one-stop-shop for the many analytical and operational practices that benefit Financial and Treasury departments,” says Nicolas Christiaen, CEO of Cashforce. “The endorsement we get from both industry experts and clients progressively confirms that our solution really does bring change into the Treasury market. We now see that potential customers compare the classical TMS providers to Cashforce with Cashforce ending up as the preferred solution! Then you know you’re on the right track. We therefore strive to continue our vision to further integrate and automate to provide our customers with an even more effortless experience.”

“Cashforce has brought a very compelling solution to the corporate Cash management market, which is clearly seen in its results. Since its last financial injection in early 2016, Cashforce has demonstrated a rapid growth, including well over 100% annually recurring revenue growth”, explains Michel Akkermans, the company’s recently appointed chairman.
“With a surge in employees to over 25, an increasing and global interest from the market and partnerships with leading corporate banks, private equity firms & Treasury consultants, Cashforce has been expanding both reach and product. We have heard back from multiple existing customers about their positive experiences with the solution and its impact on their business, and they strongly believe in its trajectory moving forward”.

“Cashforce set foot in the Netherlands this year and has been growing substantially, proving that the company can be scaled up relatively easy,” says Nicolas Christiaen. “This would not be the case without the help of Volta Ventures and Michel Akkermans, who not only provided funding, but also lent their vast strategic experience in our market. The plans for Western-Europe as well as the US are outlined, and this funding round will be valuable to accelerate the international roll-out.”

About Cashforce (www.cashforce.com)
Cashforce is a ‘next-generation’ Cash forecasting & Smart Treasury platform, focused on integration and automation. With its technology, Cashforce is helping Treasury departments from large capital-intensive businesses save time and money by offering cash visibility & pro-active cash saving insights. The platform is easy to use and install, and connects seamlessly with any ERP system. Cashforce is headquartered in Belgium with an office in Amsterdam and New York, serving customers globally such as TomTom, Hyundai and Greenyard among many others worldwide.

About Pamica (www.pamica.be)
Pamica is the investment company of Michel Akkermans.

About Volta Ventures (www.volta.ventures)
Volta Ventures Arkiv invests in young and ambitious internet and software companies in the Benelux. The fund has € 55 million under management and is supported by EIF and ARKimedesFund II.

Press Contact Information
Nicolas Christiaen – Nicolas.christiaen@cashforce.com – +32 479 65 52 95
Michel Akkermans (Pamica NV) – peggy.salien@pamica.be – +32 3 202 40 30

 

How does liquidity forecasting accelerate growth: Cashforce @ DACT Treasury Fair

| 17-11-2017 | treasuryXL | Cashforce |

DACTThe DACT (Dutch association of Corporate Treasurers) will be holding their annual Treasury Fair in Noordwijk at the Hotel van Orange on 23rd and 24th November 2017 – the most important annual treasury event in the Netherlands. Discover treasury best practices, learn about the latest trends and exchange experiences. It will contain 9 practical workshops throughout the day on topics including,  trade finance, supply chain finance, liquidity forecasting, cyber security and the Blockchain. There are more than 50 exhibitors present at the Trade Fair including Cashforce – a partner of treasuryXL, who are also presenting a Workshop.

Company Profile

Cashforce is an innovative Cash & Treasury Management System, focused on automation and integration. As a ‘next-generation’ Cash management solution, Cashforce helps finance/treasury departments save time and money by offering accurate cash flow forecasting, flexible treasury reporting & automation.Cashforce is unique in its category, because it allows users to drill down to the transaction level details and the system integrates seamlessly with ERP systems & banking systems. In addition, an intelligent simulation engine enables companies to consider multiple cash flow scenarios and measure their impact. As a result, finance / treasury departments can be turned into business catalysts for cash generation opportunities throughout the company.

Workshop

Cashforce will be co-presenting a Workshop at 13:45, entitled How does Liquidity forecasting accelerate growth and what’s the role of the treasurer

The 2017 Global Treasury Benchmark Survey from PwC shows that companies worldwide hold a staggering $ 1.1 trillion (!) of excess liquidity in their business operations. These hidden liquidities can be tracked by an accurate and automated cash management and forecasting process. These can then be used to lower the company’s working capital or to realise additional growth.

Setting up an automated cash management & forecasting process has at last been made possible as a result of technological progress. Currently, 87% of treasurers still use manual spreadsheets. However, this process can be organised much more efficiently.

To demonstrate how this can be achieved, this workshop sets out the challenges of accurate cash flow forecasting, supported by a case study presented by the Interfood Group.

With $ 1.4 billion in annual revenue, Interfood is one of the leading global dairy traders and suppliers. Through 15 global offices worldwide, Interfood distributes over 800,000 MT of dairy products a year. Together with Cashforce, Interfood has set up an automated cash forecasting process. The case will be presented by Vincent Almering (Finance Director Interfood B.V.). Vincent has led the project from start to finish and acts as the key lynchpin for the different users (Traders / Treasury / Finance / CFO). Vincent will share the challenges and benefits of cash flow forecasting as well as his experiences. Finally, there will be a discussion on the main lessons learned, aimed at treasurers who are looking for a solution for an automated and accurate cash forecasting process.

Speakers: Vincent Almering, Financial Director Interfood B.V. – Nicolas Christiaen, CEO Cashforce. Moderator: Martijn Duijnstee, Manager Business Development Cashforce NL

Language: Dutch

If you are at the Treasury Fair, please take your time to visit their stand and mention treasuryXL.

We wish Cashforce success at the DACT Treasury Fair!!

If you want to find out more about Cashforce and their services and products please refer to their company profile on treasuryXL.