Excel Shortcuts for Finance Pros
This article is written by: Automation Boutique In treasury and finance, where every second counts, mastering Excel can be a superpower. We’ve all felt the pressure of looming deadlines and the endless sea of data analysis, financial modeling, and report generation. It’s in these moments that we find ourselves thinking, “There’s got to be a faster way.” And there is. Excel shortcuts are the fastest way to transform tedious tasks into swift actions. Today, let’s explore some of these shortcuts, all gleaned from our cleverly designed mouse mat that does more than just support your wrist. Editing with Speed and Precision Formatting Made Easy Navigate Like a Pro Audit with Confidence Insert/Delete Without a Hitch Formulas and Functions: The Heart of Excel For those of us navigating the complexities of finance and treasury, these shortcuts can boost productivity and efficiency. Integrating these shortcuts into your daily routine can transform your Excel tasks, shifting focus from manual data entry to strategic analysis and decision-making. Now, take a moment and think: Which shortcut is going to be your new favorite? Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information Notice: JavaScript is required for this content.
Franklin
Introducing our Treasury Masterminds Board
We are happy to announce our Treasury Masterminds Board members, a panel of leading corporate treasury experts from around the world. This esteemed group will lend their deep domain knowledge and years of practical experience to guide and enrich the content and events we provide, give insights on treasury topics and discussions, and provide answers to questions in our treasury community. The Treasury Masterminds come from diverse backgrounds, geographies, and industries. But they all share a passion for treasury management along with track records of excellence and innovation in the field. We will frequently call upon their expertise through: Treasury Masterminds Board members Benjamin Defays Benjamin landed in Treasury by chance about 12 years ago, and it quickly became his passion. He started my journey with a CAC40 company, then switched to the largest private company in the US, and now he is with the world’s largest alternative asset manager. This gave him the opportunity to take part in 3 TMS implementations plus one for a trade finance platform, being in charge of FX risk, liquidity management, and solutions implementation with various cash pooling structures, trade finance activities, credit and collection management, but also automation activities such as RPA and various workflow tools to help monitor activities and measure performance, with managerial roles at different levels. He has been a board member of the Association of Corporate Treasurers of Luxembourg (ATEL) for several years, in charge of education and the sustainability of the Treasury function. He teaches and co-founded various Treasury Management training programs Sebastian Muller-Bosse Sebastian is a young treasurer with a passion for treasury and technology. With experience in both banking and corporate treasury, he has transitioned into treasury consultancy and interim management, bringing a unique blend of expertise to his work. Dedicated to spreading knowledge and creating awareness about corporate treasury, Sebastian is particularly focused on reaching students, graduates, and young professionals. His tech-savvy approach and commitment to automation make him a valuable resource in today’s rapidly evolving financial landscape. Patrick Kunz Patrick is the founder and treasury consultant at Pecunia Treasury & Finance BV. A boutique treasury consultancy firm based out of the Netherlands. Servicing clients in the Benelux, Germany, Nordics, and wider EMEA. Patrick has seen more than 30 treasuries, from big to small, from profit to non-profit. He has 25 years of experience in his 15-year Treasury career. Patrick is both interim manager and consultant and also has a wealth of tech knowledge, having led several TMS, Payment Hub, and FX Hub implementations. Pecunia’s unique concept of working with 80+ freelancer associate interim consultants means they always have a suitable treasury, data, corporate finance, or cash management expert in their ranks at a competitive price. Jessica Oku Jessica is a Treasury & Finance Executive with over 12 years’ experience in Strategic Treasury, Banking and Finance, working for top banks and multinationals. With a proven track record of developing innovative financial strategies and optimizing portfolios for multi-million-dollar enterprises. Throughout my career, she has developed and executed initiatives that have redefined success and driven remarkable results. From optimizing the capital structure of a beverage multinational that led to savings of over $1 million to strategic negotiations that resulted in a 40% decline in finance costs, structuring diverse funding and debt instruments and derivatives, transforming individuals into product experts, achieving process efficiency across different strategic business units, and negotiating 5-year tax waivers on business pioneer status, her commitment to excellence is unwavering. Jessica has a passion for coaching talent and teams to drive transformational organizational change. She is currently driving impactful change as the Director of Fund Development at Women’s Health Coalition Alberta, Canada. She received an award in 2021 for the Professional Achiever’s Award 2020 (Business Outstanding Performance Award). Alexander Ilkun Alex is passionate about allowing companies to focus on developing their businesses. He achieves this by implementing best-practice Treasury processes, empowered by automation and visualization. Alex has been a regulator speaker at Treasury conferences regarding wider Treasury-related and emotional intelligence topics. Tanya Kuznetsova Tanya is Director of Treasury and Cash Cycle Transformation at Baptist Health Care, based in Florida, where she is responsible for implementing the best practices in cash management, working capital optimization, reducing costs associated with treasury operations and attracting capital. She has 20 years of treasury management experience in a variety of industries around the globe: transportation, retail & wholesale, and healthcare. As a treasurer and an independent consultant, Tanya has integrated technology advancements and improved processes into organizations of varying sizes, including non-profits under $1 billion and a $22 billion retail business with 13,000 stores. In addition, she advises high-tech companies on projects involving the newest technology applications in finance, such as AI, machine learning, and APIs. She holds the professional designation of Certified Treasury Professional. She is an award winner recognized for her achievements in implementing supply chain finance solutions. Tanya served as president and is currently a board member of the North Carolina Treasury Management Association. She contributes to the professional community as an educator and a speaker. She is the author of “Alice and the Treasury Island,” a book about career development and professional growth, as well as a number of online courses on fintech and digital assets. Royston Da Costa Royston is a Certified Treasury Professional (CTP) and an affiliate member of the Association of Corporate Treasurers (AffilACT). He has over 36 years’ experience working in Treasury. 21 of which he has had as an Assistant Treasurer at Ferguson, a NYSE (primary) and FTSE (secondary) listed company. He has extensive knowledge and skills in treasury technology, automation, foreign exchange, cash management, and international payments. Royston is responsible for the UK intercompany loan portfolio and continues to drive forward the group’s strategy on Treasury technology. He worked at Sky, Gillette, PolyGram, Seagram, and Vivendi Universal. Royston is a regular speaker at international conferences, focusing on Treasury technology. He is passionate about implementing Treasury best practices and enhancing financial and operational efficiency. James Kelly James Kelly is an accomplished senior finance executive with deep…
Excel for the Modern Corporate Treasury
This article is written by Automation Boutique Excel has been a trusted tool for treasury and finance professionals for decades. Most of the treasurers we speak to today still indicate that Excel is a vital tool in their treasury operations. It is widely used for key processes, like cash flow forecasting, cash management, risk management and reporting. While Excel is familiar and extremely flexible, improvements to existing Excel-based processes are urgently needed to also make it a successful tool for the coming years. The good news is that Excel contains many hidden gems that allow you to develop models that are automated, robust, and easily auditable. The popular narrative has been to transition away from Excel in corporate treasury, mainly due to its potential for errors and the complexities of managing large files. At first glance, this is understandable, because most Excel-based processes have significant problems: But here’s the thing: a lot of treasurers (even those who are using a Treasury Management System (TMS)) still use Excel for important tasks. Why do they do this? First, a lot of treasurers have found out that there isn’t a single TMS that does everything they need. So, they still need Excel for some tasks. Second, some companies don’t have the budget or the need to buy a TMS. For them, Excel is the main tool they use for their treasury management. So, getting rid of Excel completely might not be the answer. Maybe there’s a better way to use Excel and still enjoy what it offers? How to Excel like a Pro Contrary to popular belief, we think Excel can remain a valuable tool for corporate treasury when used correctly. To maximize its potential, corporate treasurers should: 1. Use Automation Reduce manual tasks to make your work smoother and minimize errors. Options range from traditional methods like Visual Basic to newer tools like Power Query and Power Pivot. Optionally, RPA (Robotic Process Automation) can be added to automate the data refresh, data fetching, and action-taking based on the Excel outcome. 2. Ensure Traceability Knowing the journey your data has taken is crucial. Let’s break down why this matters: 3. Document the Excel-process It is important to document the purpose of the Excel file, the assumptions, how it was designed and how it should be used. Again, making use of Excel’s hidden tools can save a lot of effort for this often-neglected task. 4. Utilize Built-in Tools Over the years, Microsoft has improved Excel with powerful tools that can upgrade your existing Excel files: Power Query This tool lets you automatically gather and transform data from various sources, such as websites, databases, XML files, CSV files and other Excel sheets. You can perform actions like filtering and merging data with a few clicks. Importantly, Power Query remembers each step you take, which makes your process clear, robust, easy to replicate and to audit. Main advantages of Power Query include: Power Pivot This is another powerful tool within Excel that enhances your data analysis. Essentially, it allows you to manage and analyze large amounts of data, making your reports interactive and comprehensive. Main advantages of Power Pivot include: Looking Ahead with Excel Excel continues to be a key tool for corporate treasurers, but there’s a need to make it work better and more reliably. There are many features in Excel to help with this, but they are often hidden or forgotten. We at Automation Boutique can help you with reconstructing your Excel-based processes, making them automated, robust and easily auditable. Consider kicking things off with our “How to Excel” hands-on workshop. In this interactive and engaging session, we will work together to reconstruct your own Excel models, diving deep into Excel’s best practices and hidden gems. Don’t hesitate to contact us for further details. Happy Excel-ing! Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
How to Explain RPA To Your Granny
This article is written by: Automation Boutique Remember when children used to believe that there was a tiny man inside the radio speaking? Or when they checked the back of the TV looking for the show host? We are back to those days, and again, it is due to a new technology: Robotic Process Automation (RPA). Where is the robot in robotic process automation? The robot is not a physical one. There is no metallic little man walking around and clicking buttons inside the computer. The “robot” is just a set of instructions that the computer follows on its own, without the need for a human to do it. Your granny will surely remember when people used to grind corn into flour by using water mills propelled by a nearby river. That is automation. The movement of the mill (whose energy was supplied by the passing water current) could be called a robot. You see, the robot is not the mill itself, which would be equivalent to the computer (as the water current would be to electricity). The robot is the virtual (not physically existing) “executer” of the automated action, in this case, milling. We could imagine a little man pushing the mill incessantly. In the RPA world, we call this imaginary man a robot. What does this “automation” thing mean? Automation consists of mechanising actions so that they can be executed without the need for a human to be present or to spend time and effort on them. Put simply, automation is making someone or something else do it for you. Remember when previous generations built a scarecrow using straw and their granny’s hat to keep birds and wild boars away from plantations (as grandma can tell you, birds and wild boars love to destroy grain fields)? Imagine having to do that yourself: being out all night posing in the darkness to keep those naughty beasts away from your corn! That is not what the old generations did. Instead, they automated animal scaring. After understanding who the “robot” is and what automation means, we can move on to the only word left: process. What is this mysterious process that is being automated? In the case of a watermill, the process is grinding corn into flour. In the case of a scarecrow, the process is, you guessed it, standing in the field day and night while looking scary. In RPA, the process could be typing (writing on the computer, in case grandma is giving you a funny look) to send an email (a letter sent over the internet), or it could be going to a website (a website is like one of those internet places where your teenage grandson appears on pictures sticking his tongue out) and finding some information in it. All of this, or any other pre-defined, repetitive, and rule-based computer tasks, can be automated, just like previous generations automated grinding and scaring animals away. In automation, rules can be as complex as needed, but must leave no room for ambiguity. If ambiguity cannot be avoided, hyper-automation is required, which is, judging by Granny’s face (see picture above), best left for after naptime (and a whole other article). So here we have it. Robotic Process Automation: We use a robot (imaginary little man or, more seriously, a set of instructions given to a computer) to take a process (some work to do, usually divided into discrete steps) and automate it (do the work for us). Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
Why AI will not Take our Jobs
This article is written by Automationboutique AI has the potential to automate 60–70% of tasks that employees do today, as estimated by McKinsey & Company in June. But is AI set to replace the majority of jobs? No, it isn’t. A new MIT study sheds new light on the role of AI in automating jobs. The MIT researchers analysed the tasks AI would need to perform to replace jobs. They found that, while AI could technically handle specific tasks, the financial investment is currently too high for most companies. For example, a case study the researchers did shows that automating a part of a baker’s job using AI will be way more expensive than the savings the bakers get from the automation itself (… we think the 🤖 loaf might not taste as good either). This is a situation that we encounter regularly. In those cases, we don’t just look at what can be automated; we carefully weigh whether it should be, economically and ethically. If things don’t add up, we don’t push for automation. It is about finding that sweet spot where humans and AI collaborate, each doing what they do best, improving the workplace, not diminishing it. Having strong principles in place can make all the difference in making the most of new technology. Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the
A Day in the Life of a Treasury Robot
This article is originally posted by our Partner Automation Boutique A concept that’s both fascinating and futuristic is the treasury robot. Let’s take a look into what a day could look like for one of our treasury robots: 6:00 AM – Bank Data Gathering with APIs and RPA 🦠My day doesn’t begin with coffee but with data collection. I use APIs whenever possible for a smooth retrieval of bank account balances and transactions from various banks. For banks that do not offer APIs, I gather the MT940 statements. For those without MT940 capabilities, I deploy my Robotic Process Automation (RPA) skills to log in to the banking portal and scrape the required data. After all data is collected, I ensure it is imported into the Treasury Management System and initiate the reconciliation process. When my human colleague arrives later, she only needs to review my work and manage any exceptions. 7:00 AM – Updating FX Rates with API Integration 💱 I then update the Foreign Exchange (FX) rates in our Treasury Management System. This is automated through the integration of an API from the ECB (European Central Bank), which allows for regular updates and ensures our financial operations use the correct FX rates. Before updating the system, I perform some checks to make sure that the rates I gathered are correct and complete. For any rates for which I have doubts, I notify my human colleagues with a message on Teams. 8:00 PM – Updating the Cash Flow Forecast Next, I focus on updating our cash flow forecast. By synchronizing data from our bank accounts, ERP, CRM, and historical trends, I create a draft of our updated cash flow forecast. My human colleague will later make manual adjustments based on her judgment before the forecast is used in decision-making. If she wants, I can help her spot patterns I can find in the data, such as seasonality in the cash flows or find those clients who always pay late at the end of the year. 10:00 AM – Crafting the Weekly Report 📊 Mid-morning, I start creating the weekly report on cash movements and liquidity positions within the group. Using Power Query, I transform raw data into insightful information, which is then automatically visualized in both Excel and Power BI. After a thorough review and approval by a human colleague, I email this crucial report to management. 1:00 PM – Counterparty Risk Management and Anti-Fraud Checks using APIs 🔠In the early afternoon, I focus on risk management and fraud prevention activities. I conduct counterparty risk analysis by interfacing with credit scoring companies through APIs. Simultaneously, I validate supplier bank account details, a critical step for maintaining our financial security and integrity. 2:00 PM – FX Risk Management 💱 After completing the anti-fraud checks, I turn my attention to FX risk management. I calculate currency exposures by analyzing upcoming payables and receivables in various currencies. Then, I determine the necessary trades and ensure they align with our company’s risk strategies and policies. Afterward, I input these trades onto the dealing platform. They are not executed immediately; instead, I notify my human colleague to review and approve them. 5:00 PM – Optimizing Overnight Deposits for Yield Maximization 🌙💰 As the business day winds down, I suggest the best strategy regarding automatic overnight deposits. This task involves analyzing various investment opportunities to ensure the best possible yield on our company’s cash reserves. Maybe one day my colleagues will let me also execute the transactions, it would be easy for me! So, that’s a snapshot of a day in my life, the life of a treasury robot. But here’s an important thing you should know about treasury robots. The treasury robot, as described, doesn’t actually exist as a single entity. In reality, what we’re talking about are various software robots, each specialized in different processes and automation technologies (like RPA, AI, APIs and Power Query). When these are combined, they create what can be metaphorically referred to as “the treasury robot.” This means it can be fully customized to fit the unique workflow and needs of any company, making the concept both versatile and adaptable. With the technologies we have at our disposal today, we can create this kind of “treasury robots”. Imagine the potential! How would you design your company’s ultimate treasury robot? Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
Patrick Kunz