TGold, a new online treasury management solution, was developed by Salmon Software following an investment of almost Â£500,000. Salmon, which has specialised in treasury management solutions for 25 years, works with international blue chip corporates including Ryanair, Securitas and Fexco. TGold is its first cloud computing offering.
âIn the past such a system would have cost businesses a six figure investment in hardware, software and implementation. This is now available on a cloud based subscription model with no other costs which means companies of all sizes can now better manage their forex transactions,â commented John Byrne CEO, Salmon Software.
TGold is a treasury management system that has been developed on the industry leading salesforce.com cloud platform. It allows businesses to automate, manage and increase the accuracy of its foreign exchange transactions by making payments in local and foreign currencies, book money market and FX trades, access management reports on currency positions and balances as well as providing an accurate audit trail of trades and payment instructions.
TGold is offering a 30 day free trial to companies who want to manage their Treasury activity more effectively.
TGold, which comes with remote iPhone verification, was designed to minimise risk and ensure greater accuracy. It helps corporate treasurers by creating a structure around their basic day-to-day foreign exchange and money market dealings.
âSpreadsheet-based solutions are no longer considered acceptable as a reliable long-term treasury management tool,â added John Byrne. âThere is increased pressure on corporate treasurers due to a general worldwide move towards improved corporate governance and the growing insistence by accounting firms for clients to conduct their treasury processing in a fully auditable environment.â
He added that apart from cost, a driver of more accurate, auditable and reliable treasury management solutions would be the increased urgency from the International Accounting Standards Board, the standard settings body, regarding the early implementation of IFRS 9 to replace the existing standard IAS 39.