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A Treasurer's End-of-Year Checklist

Dec 17, 2019 9:25:52 AM

The end of the year is near and in the world of Treasury that means audits, annual reports, and budget planning for the new year! Hold the eggnog...because your December will be packed with fun Treasury-themed festivities.

Alright, we get it. Even with such a fun-packed career like Treasury, sometimes you just feel like taking a step back and enjoying the sun...or snow. Worry no longer, fellow Treasurers! We have compiled a to-do list with all your end-of-year activities. With this handy list, you can stay on top of your end-of-year activities and sit back and enjoy your eggnog this year.

A Treasurer’s End-Of-Year Checklist:

Step 1:

Review outstanding receivables. It is important to evaluate potential bad debt, determine if accounts need to be written off, and decide if an allowance for bad debt needs to be set up.

Step 2:

Double check that everything is reconciled, review all incoming and outgoing fund flows to ensure they reconcile back to your GL and everything is coded appropriately.

Step 3:

Look over the end-of-year financial statements and document any unusual items. It is crucial to provide your notes to the auditor and include them in your year-end Treasurer’s report.

Step 4:

Finalize your budget for the new year and ensure it is fully approved by upper management.

Step 5:

With a new year, comes new tools. Make sure to evaluate new tools, like cash management automation software, before the year-end and include them in your 2020 budget plan.

There you have it, Treasurers! Your end-of-year checklist all in one place.

...and if you are looking to automate cash management and forecasting, read below:

Trovata.io, the only modern, big data platform in finance/treasury that is built on open banking providing a richer digital user experience. Real-time cash management & forecasting. No implementation. No IT.

Why is Trovata.io different than older, legacy systems?

Trovata.io is directly integrated with banks that allows its users to connect to banks in minutes and stay connected with secure access tokens via modern Automated Programmable Interfaces (APIs)/Open Banking. APIs are what drives modern technology platforms like Google, Facebook, and Salesforce. Cash positioning is fully automated and includes built-in business intelligence tools to visualize, analyze, report, and reconcile cash flows. Unlike other providers in the space, Trovata.io does not have a long implementation turn around time and estimates a minimum of a few hours for a system to integrate. Moreover, Trovata.io offers affordable set-up and maintenance fees, contrary to legacy TMS.

Treasurer's Guide to Open Banking

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