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Keeping track of the money coming in and going out is vital for every business, and sometimes it can be a little tricking to follow. This is especially true for larger firms where income and outgoings occur on multiple levels, in multiple offices and across multiple geographies – and that’s why treasury management software is so important.

The Global Treasury Software Market is expected to reach $1.2 billion by 2025, with a compound annual growth rate of around 6.1 per cent between 2019 and 2025. This growth is driven by the increasing demand for overall automation systems. Commercial treasury operations are critical to the success of not only businesses, but the economy as a whole, given the size of the operations at stake.

At the same time, treasurers now have to contend with an increasingly complex business landscape. Globalisation, market fluctuations, political upheaval and regulatory changes are just some of the challenges that treasurers have to address in effectively tracking their liquidity and cash flow.

A top priority

It makes sense, therefore, that treasury systems are a top priority when it comes to technology investment. Treasury software automates all the repetitive steps needs to manage a company’s transactions, freeing the finance team up for more strategic and value-added activities. It can provide the basis for an organisation to improve its workflows and increase efficiency across all departments.

More novel applications of treasury software see it preparing businesses for the implementation of blockchain. Given blockchain’s security and immutable features, it’s been touted as the future of accounting and financial reporting. It will impact several areas of treasury management, including financial settlements, auditing, transactions and reconciliations.

Options to choose from

Business leaders now have a wealth of treasury management software to choose from – software-as-a-service (SaaS) and cloud-based systems to bespoke and on-premise solutions, and each system has its pros and cons. Whereas cloud-based solutions offer greater flexibility and scalability, on-premise systems provide better security and may be required to meet contractual obligations.

Beyond this, treasury software can specialise in different verticals, including manufacturing, healthcare, energy, chemicals and consumer goods, which is anticipated to be the fastest-growing vertical over the coming years.

Global growth

The market is well-established in the U.S. and Europe, with both expecting their substantial growth to continue. Middle Eastern and Asian companies are also investing more in treasury management, partly in response to changing banking demands and also to compete on a global scale.

To do business with European and American organisations, those Middle Eastern and Asian companies may be forced to invest in treasury management systems that comply with international standards. As this trend continues, the software will likely show more standardisation across the globe.

A lack of skills

However, in some developing economies, a lack of people who are skilled in using treasury management systems may restrain its growth. This skills shortage is felt across industries, occupations and geographies. By 2030 the skills gap could reach 85.2 million people and cost trillions of dollars in lost economic opportunity and hindering the advancement of the treasury software market.

But that shouldn’t prevent organisations from investing in the technology now, while the demand for talent is still relatively low. The market is on the rise and more business leaders are realising and understanding the benefits of treasury management, because finances lay the foundation for long-term business success.

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