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Infor Lawson Cash and Treasury Management Helps to Reduce Error, Increase Efficiency

Infor, a leading provider of business application software serving more than 70,000 customers, today announced that Allina Health, a health care system of 12 owned and jointly owned hospitals and more than 90 clinics throughout Minnesota and western Wisconsin, has successfully gone live with Infor Lawson Cash and Treasury Management. Infor Lawson Cash and Treasury Management is a single, centralized application that manages cash reconciliation and position, bank administration and fee analysis, and helps an organization to improve its ability to understand cash positions and take effective action.

“We’ve saved a tremendous amount of time by just having a single, centralized platform to manage cash. The teams have all of the data they need in a singular place, simplifying complex tasks and allowing them to work more efficiently,” said Bill Imholte, finance manager, Allina Health. “For example, Infor Lawson Cash and Treasury Management has provided our accounting team with more insight and visibility into daily numbers – a process that used to take a few days to aggregate. We’ve saved the accounting team hours of work during the critical month end cycle by being able to interface directly into General Ledger the morning of the second working day. This is two to three days earlier than our manual process.”

This real time cash positioning brings together prior day bank account balances and intraday bank activity in order to calculate the projected closing balance for the main operating bank accounts at Allina Health. Users can view daily cash position in summary or detail by bank, account, or location, affording for more accuracy in reporting structures and consolidating processes.

In addition, Allina Health is able to better manage bank relationships, analyze bank fees and keep accurate track of bank accounts and contacts, including internal resources and permissions. Infor Lawson Cash and Treasury Management provides tools to maintain audit trails, track correspondence, and attach documents for later reference, including notifications about account changes.

“By being able to monitor every cash transaction for accuracy and timeliness electronically, our organization has been able to increase efficiency with faster access to data. We are able to eliminate any potential errors or human oversight throughout the entire process, giving us more confidence in our reporting.” said Jerome Houizot, manager, Treasury Services, Allina Health.

Also, Allina Health now reconciles Accounts Payable checks with the Cash Ledger daily, rather than monthly, and it takes roughly five minutes.  Reconciling it daily with Infor Cash and Treasury Management makes it much easier to identify and act on abnormal transactions on a timelier basis.

“Healthcare organizations need to be able to skillfully manage working capital in order to see its current cash position and as a comprehensive whole to build and execute effective short and long-term plans,” said Suzanne Wilt, industry and solution strategy director, Infor. “Cash management principles can be very multifaceted, and leave room for error if transactions, bank accounts, and systems are not managed and monitored properly. Infor Cash and Treasury Management provides the tools needed to streamline the reconciliation process, optimize working capital and provide an overall more reliable picture of a current and future cash position.”

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