Item: Kyriba
Rating: 9
Author: Verified User

Overall Satisfaction with Kyriba

Use Cases and Deployment Scope

We currently use Kyriba's cash management suite, as well as debt, investments and fx positioning. It addresses our challenges with reporting, accounting and streamlining manual processes. It's currently only used by the treasury organization but we plan to roll it out to other areas of the business in future years. Opportunity areas include AP, accounting, etc.

Pros and Cons

Pros

Cash positioning and forecasting. The tool is easy to use and can be tailored to your business and preferences. It's a great way to scale your cash flow forecasting process as you expand internationally.
GL Accounting. This has been one of the biggest efficiency drivers for our team given the level of bank account transfers we have to account for.
Interfacing with FX and Investment portals. Allows for STP for other transactional systems.

Cons

FBAR reporting. What they call FBAR reporting today does not work for current FBAR tax reporting requirements.
Bank Fee Analysis . The current module is overly administrative and lacks analytical functionality. I would not renew or recommend this module.
GL Reconciliation. This module does not work without fully integrating with the GL, including internal AP modules. We dropped this module during our initial contract term.

Return on Investment

Increased efficiencies through automation
Savings through avoided headcount
Accuracy and the ability to scale easily with business growth

Alternatives Considered

FXall and ICD

I have not used another treasury management system (TMS). Kyriba is complementary to these modules.

Other Software Used

Microsoft Office 365, Lawson (Intentia), OwnBackup for Service Now

Likelihood to Recommend

Cash management is its strength, but there is value in the other positioning modules as well. Start there and build out as needed. The great thing about it is that you can continue to bolt on modules as needed. If I had to do this over again, I would have requested a demo period where we had the ability to release or swap out certain modules 90 days after our go-live.

Comments

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Erik Bratt
(Vendor Representative) commented 7 years ago
Thank you for your feedback and positive rating. We are grateful. Wanted to provide feedback on some of your comments: -- Re: GL reconciliation, sorry to hear about your experience here. The module is designed to compare bank v. book, the latter source necessitating an import from the general ledger. You cannot reconcile the GL without this info. -- Re: BFA, account analysis statements - even with the help of AFP service codes - are not incredibly intuitive to work with. Some clients have trouble understanding those, as well as setting up an initial bank fee benchmark to compare monthly bank fees with. We will take your comments to heart. Thank you for being a Kyriba client.

Great for your first TMS!