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Kyriba Review
Updated August 14, 2020

Kyriba Review

Anonymous | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Kyriba

We are currently in the implementation of several modules in Kyriba, but we are also using several modules in our day-to-day. We have the full suite purchased. It is mainly used by our corporate treasury department, but also has reporting going to accounting, and is used by our operating units just to input data for our monthly netting process. It addresses several "problems" or adds efficiency in various ways. A centralized netting system, a central location for bank account management, a central location to manage bank fees, G/L accounting of transactions into our ERP system (SAP), etc..
  • For bank account statements being directly imported into Kyriba, they do a good job of this and it is nice that when it doesn't integrate properly, this gets resolved directly with Kyriba and the bank.
  • For accounting, it is a dynamic system that allows you to do G/L coding and accounting entries very easily, while also working with the ERP system, so just overall a very streamlined process.
  • Bank fee analysis is the one that stands out. I don't know if it's because all banks operate differently and the industry does not have standardization, but we have experienced a lot of issues to get the data into the system. Every bank transmits bank fee data differently- secure email, FTP, specific bank website, etc. Also, formats can vary by country, EDI 822 format vs. TWIST format. If there was an easier way to get this standardized or at least get the data to input properly, then there could be a value, but until then, it's too difficult.
  • With there being more pressure on the treasury organization year-to-year, I believe Kyriba has helped our group in that we have not added headcount, even as more responsibility has been added. The day-to-day cash management and reconciliation, to GL accounting, has been the greatest benefit to us. It has also eliminated time from other groups, such as accounting, to add value in other ways. We are still in the implementation phase, so it is difficult to give a true ROI when we are still in the process of completing.

Do you think Kyriba delivers good value for the price?

Yes

Are you happy with Kyriba's feature set?

Yes

Did Kyriba live up to sales and marketing promises?

Yes

Did implementation of Kyriba go as expected?

Yes

Would you buy Kyriba again?

Yes

As I stated, I was not a part of the process to select a TMS, but I do know that several were evaluated back in 2014 I believe. The final candidates were GTreasury and Kyriba. Kyriba was selected in large part to having the more dynamic capabilities for a global organization like ourselves.
For the full suite, I believe a large corporate and global organization can utilize it. Kyriba was already purchased when I got here, and it is the first TMS I have used, but I do see value in it in creating efficiencies when all of the modules are operating properly. It is still difficult to overcome the "ease" of Microsoft Excel for some modules in Treasury (Cash Forecasting and Bank Fee Analysis stand out), but overall it is a fairly easy to use system. Most companies have day-to-day cash management, accounting, etc., so whether the full suite is purchased, or only several modules, there can be a benefit to a company. Of course, the full suite- including FX, Valuations, etc., can be better supported when there is complexity like this to the business.