Vancouver, BC, April 2nd, 2004 - PSS World Medical, a leading national distributor of medical products to the physician office and extended-care markets, has selected Treasury Manager(r) from Selkirk Financial Technologies to streamline its treasury operations. The best-of-breed treasury management solution (TMS) will increase efficiency and compliance capabilities through leading automation technologies.
For the past decade, PSS World Medical used bank software and spreadsheets to manage its treasury functions. The treasury group required a robust system that could automate bank account transfers and electronic disbursements, as well as provide an easy-to-follow statement of cash positions. The group also desired better data storage for forecasting purposes. Sarbanes-Oxley gave them the final push they needed to get senior executive buy-in on purchasing a TMS.
"We believe that Treasury Manager will do a great job in helping us to mitigate risk in our company's cash handling processes," said John Willim, Assistant Treasurer at PSS World Medical. "Automation removes the opportunity for error and manipulation. Treasury Manager automates many of our process, but additionally, will ensure that we have the necessary procedures and controls in place to be Sarbanes-Oxley compliant."
The Selkirk solution gives PSS World Medical all the automation it seeks, plus many critical security controls. Treasury Manager enables segregation of duties for the treasury team. Separate permissions can be established for different treasury roles, with individual user access to functional areas set as administrative, update or read-only. A complete audit trail records how each cash flow originated, as well as the date and time of its last modification.
Automation also means that bank data is now downloaded at a specific time each day, significantly streamlining the company's cash management process. "We anticipate that our group will arrive at the office in the morning and be able to immediately analyze the data it spent most of the morning downloading from the banks and entering into a series of spreadsheets," said Willim, who estimates that this automation alone will save 15 to 20 hours a week for the employee who manages cash. "Now I can have that person working on financial models, analyzing our capital structure or deal performance." This and other time savings will allow Willim to establish a department that's "more proactive and consultative."
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