Versatile and useful treasury management tool
Updated January 23, 2023
Versatile and useful treasury management tool
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Kyriba
Kyriba is a banking and treasury management software deployed across our group of companies that performs the following functions: Daily bank reconciliation to timely input into the ERP/ledger of all transactions treasury management and monitoring of bank balances across multiple entities, jurisdictions, banks, and currencies payment file processing single source of truth for bank account admin i.e. signatory lists management reporting on incoming and outgoing transactions.
- Bank Reconciliations - identifying outstandings on a daily basis and compiling a list of reconciling items.
- Payment file processing - ACH, BACS, and SEPA payments.
- Transactional reporting - lists of transactions for AP/AR entry.
- Balances reporting - monitoring account balances for treasury management.
- Implementation - is complicated, adding a function, feature, or account can be tedious. Communication between Kyriba and the bank is usually a bottleneck.
- Jargon- the software is complex and not necessarily intuitive. the help feature is limited.
- Reduced time to complete monthly close (50%).
- Reduced time to complete daily AR (60%).
- Reduced time to determine daily cash position (80%).
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?
I wasn't involved with the implementation phase
Would you buy Kyriba again?
Yes
The above are all examples of bank rec software, Kyriba was selected over its competitors after a comprehensive vetting process. Kyriba has served us well, covering the bank rec process efficiently as well as being a one-stop-shop for treasury and banking-related functions for our group of companies.
Using Kyriba
4 - Finance (Treasury, Controller, Director, and Reconciliations)
Treasury- daily snapshots of cash positions across multiple entities, banks, currencies, and jurisdictions
Controller- by-exception reporting to provide daily list of transactions requiring ledger entry or other resolution
Director- single source of truth for all account signatory lists and bank accounts
Analyst- daily bank reconciliations
Treasury- daily snapshots of cash positions across multiple entities, banks, currencies, and jurisdictions
Controller- by-exception reporting to provide daily list of transactions requiring ledger entry or other resolution
Director- single source of truth for all account signatory lists and bank accounts
Analyst- daily bank reconciliations
2 - Two individuals have the combination of skills (financial plus IT) to provide some in-house support with the remainder of the support requiring external involvement. A strong understanding of interbank reporting protocols (BAI, MT940) is helpful, as is experience with international project management.
- Daily bank reconciliations
- by-exception reporting
- Signatory management (also enabling e.g. FBAR reporting/ regulatory compliance)
- treasury management
- payment processing
- payment factory- allowing invoices approved in AP system to be automatically paid when due by appropriate payment type (BACS, SEPA, ACH)
- FBAR reporting
- income accounting- some incoming payments (non-AR) are routine and expected. we hope to be able to export a list of incoming payments from kyriba and import this into our ERP.