ࡱ>  bjbjLL @8.j1g.j1gk 8Ta$$:::nnn$znnnnn::4```nR::`n```:p `10a`EE``Enn`nnnnnxnnnannnnEnnnnnnnnn X N:  M&T Bank: Cash Flow Optimization August 24, 2021 1:00 PM EDT Operator: Thank you for joining us for today's webinar, Cash Flow Optimization. Before we get started I'd like to mention that today's session is being recorded and you are currently in a listen-only mode. The ON24 room that you're logged into today allows you to individually adjust and resize all available panels that appear on your screen. To resize any of those console panels, simply click on the lower right corner of the panel to adjust. We will be taking your questions at the end of today's event, and you may submit a questions or comments into the Q&A panel that is located in the lower left-hand portion of your screen. Just type your questions into the text field at the bottom of that window and then click on submit to get your questions into the queue. We will also be asking for your feedback on several polling questions today. During that time, please click on the circle that corresponds to your answer on the polling slide that will appear and then click on the submit button. Finally, if you experience any technical difficulties during today's event, we do recommend you first try refreshing your browser to reset your connection. You can also enter a question into that same Q&A panel, and we'll be happy to assist you. At this time, let's begin today's webinar, Cash Flow Optimization. I would like to introduce your moderator today, Carmine Barone, Line of Business Sales Manager, Commercial Card, with M&T Bank. Carmine, the floor is yours. Carmine Barone: Thank you very much, Jessica. Really appreciate that introduction. I want to thank everyone for joining today's panel discussion on cash flow optimization. In today's discussion, we will learn how to improve your organization's forecasting capabilities, the importance of input data and other industry perspectives which will help you optimize your organization's cash flow. Today's analysts from Aite-Novarica will advise in a time of unprecedented market conditions that forecasting can and must be adjusted quickly and frequently to new external factors. We will have time for questions and discussion after the panelists provide their comments. I encourage you to use the chat box to add questions during the panel's discussion. A few housekeeping items before we start. This event qualifies for CTP credits, and the confirmation later for 1.2 CTP credits is in the dashboard resource material section. Please download or retain the letter for your records. Additionally, please take a moment to download our complementary e-books on payables and receivables. These are helpful resources to have on hand as you're working to optimize your organization's cash flow. Lastly, as Jessica mentioned, there is a survey that we'd appreciate you take the time to complete after this event. We also are interested in getting ideas from you on topics for future thought leadership events. So let me introduce our panel from Aite-Novarica, Enrico Camerinelli, Senior Analyst, and Christine Barry, Head of Banking and Payments. Also attending as subject matter experts are Gary Bukeavich, VP of Treasury Management, and Jana Franks, VP of Merchant Services. So let's get this started by reviewing today's agenda. Today we will be going over the need for intelligent cash flow forecasting by corporate treasurers and small businesses. We will see what that actually looks like, how it's evolving, how cash flow forecasting differs from cash flow optimization, and then in the end, we'll have time for Q&A. Now I would like to turn it over to Enrico Camerinelli. Enrico? Enrico Camerinelli: Thank you. Thank you, Carmine. I really appreciated the opportunity to speak with such a, say, qualified and highly expert panel. So the reason why I wanted to bring up this slide to speak about cash forecasting is because in the course of the presentation, we will be looking how the lifecycle of cash moves from the need of having visibility of this cash, and this is where we speak about cash forecasting, which is not only in excess as I've tried to guestimate what the future would look like. Of course that's part of the business, but it's most important to be able to do it by extracting, as you see here, actionable data. So by running a forecast, the company is -- necessarily has to select what is the necessary data to build an intelligent cash forecast, meaning data that can also be used subsequently to build a decision support system. So it's not just extracting data to build a forecast, a projection in the future and then release in the data, but using it in a, let's say, a useful way. But more to come on this. In order to speak about cash forecasting, cash optimization and whatever is necessary to corporate users, the best thing to do is start from what corporate treasurers want. And in a -- actually, it's a two years old survey, actually when the pandemic started. But we see that we are still in the pandemic, unfortunately, so this priority list is still there. We asked a number of corporations what were their priorities in fighting the pandemic. And you just see the three most voted in order were liquidity and capital management. And cash flow forecasting you see is, again, one of the instruments being used to better manage liquidity. And this is because there are new business models, especially those companies that operate in the business-to-business fashion, moving steadily and rapidly into e-commerce. Given that the pandemic forced people to work from home or not travel too much, not moving, not going to stores, the e-commerce model is really promptly becoming the major reference model for any kind of corporation, large and small. And so in order to move from traditional business-to-business, sometimes to brick and mortar into e-commerce, not only you need to know how to better use your liquidity, but also how to better optimize your working capital. And so we'll see this later how working capital optimization connects with cash flow optimization. Just suffice to say here that in order to transition to an e-commerce strategy and model, as a company, you want to know how to better manage your relationship with your customers, how to collect money, how to pay suppliers, how to collect money from different channels. And so all this has to do a lot with visibility and velocity, two key words that I will be using frequently in the remaining of my presentation. Christine Barry: Thanks, Enrico. Enrico will -- many of his comments will be focused on the higher end of the market, the larger corporates and the needs of treasurers in that space. And of course, all of us know a lot of the businesses, especially here in the US, the majority tend to be on the lower end, smaller businesses. So I'll be providing that perspective during today's presentation. But it's interesting. Despite -- regardless of the size of a business, the needs are pretty similar in many ways. As I listen to what Enrico was saying, the same is true for small businesses. Now, a lot of the needs that are listed on this slide are not new. They were around even prior to the pandemic. But the pandemic has certainly intensified the need for these capabilities because of that shift to digital and working from home, as Enrico mentioned. So as I speak with businesses on that lower end, onboarding and having efficient onboarding is especially important to them. We're seeing a lot of businesses now needing faster access to new capabilities that maybe they weren't using prior to the pandemic. And they expect digital onboarding. Efficient, quick access to those capabilities. And that also goes for payment processing. There's also increased need for receivables tools. Small businesses, we've all been impacted by COVID, but small businesses have probably been the hardest hit of all size companies. Because they have much smaller budgets, they're much more dependent on being able to effectively and efficiently receive money that's owed to them so that they can stay in business. So having new tools to help them more efficiently collect money owed has been especially important and continues to be especially important. So we're starting to see greater demand for these types of tools and banks reacting to it. They're also looking for greater transparency. Data is so critical and access to data is important, both within the portal as well as the ability to easily exchange data between the bank and any systems that you may be using within your organization. So QuickBooks obviously is an important one for small businesses, but there are other systems that you may be using specific to your company. Along those same lines with data, we're seeing a shift away from just these data dumps and static reporting. And we're seeing greater demand for more insights. Enrico talked about greater intelligence; that ability for banks to provide more advice. Forecasting, of course, is a big part of this. And we're still in the early stages as an industry, but increasingly, we're going to see machine learning be incorporated into the data that's presented to businesses. Information needs to be consolidated, as does payments. We're seeing more and more payment types being introduced to the market, and many of them remain very siloed. So we're seeing the industry shift, and this makes things a lot easier for businesses to have more of a consolidated, a single location for them to be able to make all payments, regardless of type. It also makes it a lot easier to track it and get approvals. And then finally, real-time capabilities. We as a society have -- we're putting a lot more pressure on or greater expectations around faster access and having everything done immediately. So it's no surprise that there's greater demand for real-time capabilities, and real-time payments, of course, is a part of that. So overall, at the end of the day, what we're looking for from banks and the direction banks are moving in is greater streamlining of processes to provide that greater efficiency. Greater speed of collections so that you can collect on that money owed faster. Greater control over payments. And of course, all of this is going to lead to float and, of course, overall optimization of your cash flow, which is the ultimate goal. Unfortunately, while those are the demands of a lot of businesses, some banks haven't been moving very quickly. When we actually speak with small businesses, many of them are telling us that they expect more than what many of their banks are delivering. So when you have a bank that's meeting your needs, definitely stick with them because that's not the norm in the industry. 75% of the businesses we spoke with -- and these are businesses primarily below $20 million in annual revenue, even a little larger -- they're stating that their financial institution is offering few products and services that they're willing to pay for. They're seeing a lot more value coming from some of the fintechs or some of these other companies. They also don't always view their banks as being innovative or easy to use, and as a result, many of them are likely to switch institutions over the next couple of years. So there's definitely work to be done on the part of banks, but banks are increasingly making the right investments, moving in the right directions, and as we talk with them, banks like yours are very much focused in the right direction. With that, we're ready for our first polling question. Carmine Barone: Okay, everyone. So please, all attendees, please select your response and then we can take a look at the results in a little while. In the meantime, Christine, what are some of the large corporates doing that the small businesses are not? Christine Barry: As I mentioned, a lot of the needs of small businesses are pretty similar to what we're seeing on the large corporate side. Although, unfortunately, up until recently, many small businesses didn't have access to the same types of tools. So small businesses, even though they needed receivables capabilities, even though they're looking for more sophisticated payment types, they're looking for forecasting tools. Many of them have had to be very dependent on Excel spreadsheets and remain that way today. But fortunately, we are seeing technology being enhanced, and so we're starting to see more of these capabilities available for small business use. But I'd say it's mostly tools in the market for the forecasting receivables and payments. Carmine Barone: Okay. Thanks. We'll give it a few more seconds here, and then we'll see the poll results. Okay. So let's take a look at which is the most challenging area of your business. Okay. So 53%, 54% almost, forecasting cash flows, followed by collecting money owed without a lot of time spent. And then finally 20%, effectively managing an accurate picture of receivables and payables. Okay. So obviously forecasting cash flows is the biggest one, so we'll be definitely talking about that today. Christine Barry: Absolutely. And these results are pretty consistent to what we're seeing in the market. And actually in research that we've done, we've asked small businesses about some of the challenges that they're facing in the market. We've asked them what types of tools are they looking for. And over and over, we do hear forecasting as the biggest challenge. But actually, all of those three things that we asked about are true challenges for businesses. So as I mentioned, we're seeing that greater demand. We're seeing banks and technology providers focusing on providing those cash flow capabilities, providing the receivables capabilities. But also at the same time, focusing on user experience. Because at the end of the day, the functionality is critical, but also enabling customers to be able to easily use those new capabilities that you're providing is in many cases just as important. So we're hearing from businesses that they also want their banks at the same time, in addition to offering those new tools, to make sure that the user experience is what they're used to, what they're seeing on the consumer side, what they're seeing in their personal lives from some of those fintech companies, or companies like an Amazon.com with that usability and personalization. They're looking for dashboards to make it a lot easier to see the information, to provide that consolidated experience that I mentioned they're looking for from payments and other areas from data in general. We'll talk a little bit more later about the importance of reporting and how that's evolving. The incorporation of more analytics and machine learning is also important. And that's going to be a critical component when we start to look at the cash flow capabilities. It's not just a matter of entering information and looking at a cash position report or creating that for our customer, but analyzing patterns, looking at payments that have been coming in that are typically going out and populating those forecasts. Enabling small businesses to make sure that their forecasts are accurate, or comparing the reality versus the forecast so that it can continuously be improved. And machine learning is a big part of that. And then of course, offering the types of capabilities that they need if, for example, they have a payment that's due and they have insufficient funds, also being able to offer that line of credit when the customer needs it. So all of this is embedded into the full experience and to, if necessary, to enable customers to get to that optimized cash flow. And this is the chart that I was referring to earlier where we are seeing -- these were the three categories that each of you voted on. In this case, we just asked how challenging each one was rather than asking them to prioritize or choose the greatest challenge. But you could see how they're almost evenly -- they're almost even as far as the degree to which they're a challenge for businesses. But all three of these need to be areas that banks are focusing on today. Businesses are also seeing value in emerging tools. Again, we're not seeing a lot of banks delivering these capabilities yet, but it's certainly what you can expect down the road from financial institutions. Small businesses don't always have access to expensive ERP systems or sophisticated accounting systems. So any help that they can get to budget, helping them to generate automatic balance sheets or budget or income statements, cash flow statements, all of this is going to be critical. Because at the end of the day, all of you as businesses are very focused, I'm sure, and specialists in your industry; not necessarily finance. So that's where you need the help from your financial institutions to make sure that you're making the right decisions, you're operating as efficiently as possible to see the best returns on your investments. With that, I will pass it back to you, Enrico. Enrico Camerinelli: Thank you. Thank you, Christine. So the question here is how will cash flow optimization change? Why speaking about the change in cash flow optimization? Well, again, before getting into the details, let's see, again, what makes -- what keeps treasurers awake at night. And I can comfortably say this because I'm running a monthly treasury council meetings with corporate treasurers. So this information comes from the real voice of corporate treasurers who, at the end of the day, are the clients of corporate banks. So, uncertainty and variability are the new drivers of risk. Of course, this does not apply only to corporations, but apply to any kind of economic activity. But let's stick to corporate treasurers. And we see that treasurers since 2008, the credit crunch, they've gotten more attention, more role to play in their organization. And they're actually becoming, as we see here on the second bullet points, the barrier to corporate risk. So to handle, to fight risk, what they're using are two weapons. Now this slide might look a little bit philosophical, but I will make some specific examples in the slide to come. So visibility and velocity. When we speak about cash flow forecasting, we're actually looking at the visibility component, because visibility allows treasurers to anticipate changes. Again, it's very important when we speak about cash forecasting is of course we want to look or predict what happens in the future. But we can do that only if we select the right data to apply that forecast on. So selecting the data to use to collect, to aggregate, to sort of establish forecasting predictions, they help the treasurer to anticipate the expected changes, especially in such volatile and uncertainty environment. And so the best answer, if I'm in such a fluctuating situation, how can I run my cash forecasts? Select the data that you think are the ones that really are the pillars or are the foundation of this change or the ones that are most affected by the change and the ones that instead are countercyclical. And once you have visibility, so you know or predict what's going to happen and you know what are the data that are going to be affected and make the change happen, then you can start running. So velocity. Everybody speaks about real-time payment and need of payments. But first of all, we need to make sure that we use properly velocity not just to go fast, but to adapt to the changed conditions. So forecast to get visibility. You know to anticipate the changes because you're applying the forecast using the right data. And so if you start using an Excel spreadsheet, that's not bad, as long as you're using the right data. So the move to a more sophisticated and automated system is going to be straightforward. Because otherwise, you can invest in a very sophisticated cash forecasting, machine learning, artificial intelligence-based system, but if it's using the wrong data or data that are not meaningful, computers are fastest stupids, as I like to say. They just risk of making mistakes faster and faster. So you want to avoid that. So now let's come to something a little bit more practical. To gain visibility, treasurers need what I like to call a central control tower to anticipate the origins and destinations of cash. Because we -- Christine in one of her previous slides, she was speaking about collections, but also payments. As a company, you are at the same time a buyer, so you have to pay suppliers. But you also are a supplier to your own clients, so you want to collect that cash. And so you want to centralize, have a central control, not because you want to sort of monopolize or you want to sort of slow down the operations and become a bottleneck, but just because you want to make the decisions once you have complete visibility. And from that control tower, the treasurers can also decide how to deal with the excess or lack of cash, because of course you want to forecast. And the importance, looking at the poll question before, I would have expected maybe higher results in terms of collecting, knowing how to collect and how to pay, because that is an absolute consequence of having a good cash forecast. If you know where and when to collect and how much to collect and when to pay and which suppliers you're going to pay first, then that's already a good, I would say, starting point to improve your cash forecasting capabilities that will anticipate the cash optimization. And last year, the control tower, at the end of the day, is the enterprise resource planning or the treasury management system, or even, again as Christine was alluding before, an accounting package. Many times questions are being asked, what kind of software should I use? Which is the best? Well, again, the point is first of all, make sure that you are extracting the right data. You have control of all the data. If you are a multinational organization, you will have many subsidiaries. May be easier if you are a small company because you don't have that geographical distribution and complexity. But still, as an SME you might have a harder -- or SMB, I think as you say in the States -- you will have a harder time in collecting cash from -- collecting money from your clients who tend to be larger than your organization. So I would say start with the ERP and treasury management system because the importance is to really be able to keep on working on the ledger logic of the systems. So these systems think and operate in terms of ledger. And so you want to keep that momentum because at the end of the day, a forecast of cash is about where the cash is coming from and where it is going. And so once you are able to control that, I'm not saying that it's straightforward to have a proper forecast, but at least you can control the slow moving parts and the high moving parts. Simple as that, I would say. And yeah, we have another poll coming in to you. Carmine Barone: Okay. Thank you, Enrico. Is your company currently using an ERP platform to help manage your financial position? So if all the attendees could please answer this poll question. And in the meantime, while we're waiting for the results of this question, Enrico, we have a question from the attendees. So how does an organization consolidate the list of third party vendors which they accept payments? So how would they do that? Enrico Camerinelli: Well, the magic word is a gateway, is an aggregated consolidation hub or platform. The point is that what's happening in the market now is that this consolidation platform can have, let's say, different locations or it can have different centers of gravity. It could be something offered by, let's say, a fintech provider. So a software developer that has this platform that aggregates or collects data from different bank accounts and provides that to the corporation. Or it could be a second form, which is more, as I like to call it, a bank-centric aggregation or consolidation platform. So something either the bank has developed, or most likely the bank has invested or is participating strongly with some fintechs, some startups that offer interesting capabilities based mostly on APIs, application program interfaces. And that's where the bank is able to have a stronger and tighter control to offer this on behalf of its corporate clients. And the third model of a consolation platform is what I call an ERP centric. We see more and more large ERP vendors like SAP, Oracle, or even smaller like QuickBooks, Xero that are through APIs, they're basically developing or partnering with banks to offer that kind of consolidation hub directly within the enterprise system. So going back to the notion of a control tower that I mentioned before, enabling or facilitating the job of corporate treasurers to run everything from their enterprise applications. Carmine Barone: Okay. Thank you, Enrico. All right. Let's see the results of our poll question. So 57% do not have an ERP platform to manage their financial position. That's quite surprising. Go ahead, your thoughts on that? Enrico Camerinelli: Well, I would say coming back to how to consolidate or questions about what kind of software should we be using to improve our cash forecasting capabilities, I would start from the ERP. Maybe ERP, some people might be scared thinking of ERP as a large complex monolithical system. You can say ERP/maybe accounting or treasury system. Basically something that a company can operate from within its own, let's say, premises. So if the company -- if the majority of the respondents are not using the ERP to manage their financial position, they might want to reconsider this in partnership with the bank. So you guys can certainly help and collaborate with your corporate clients in order to help them to reap the most of what they can get from their accounting system and then integrate it with your applications that we consume by APIs. So there's no need to make a hefty and too expensive investments because most of the times what is needed is there already. Carmine Barone: Right. Okay. Let's move on to the next. Enrico Camerinelli: Yes. So I can move ahead. I mentioned before the importance of visibility. So cash forecasting and using the proper data. Let's say the sophistication of technology comes later. What is important is being able to address the data to make it actionable. You know to provide a decision support system. This is what the first slide was mentioning. We need visibility to speed up, to come to velocity that allows to adapt to changed conditions. In practice, this means that, as you can see the picture on the left-hand side, is taking data. So first of all, the first capability that consolidation have is to extract data from whatever source, internal or external, meaning within the company or from its partner banks, and then turning data into information. So raw data means nothing if it doesn't have a meaning. So this is why I insist on the importance of knowing what data to extract and what data to work on. And if this extraction is done manually or in an automated fashion, I wouldn't say it's a detail, but it's not important at this stage. The information helps then the decision maker to make decisions and then to execute upon those decisions. So you see, from the moment you extract data, you turn that into an information and you execute on the decision you take with that information you get. And the chart with the bars on the right-hand side is showing this notion of providing the treasurers with treasury-on-demand applications. Asking treasurers what they need -- were they ready to pay for APIs, application program interfaces? The answer was yes, as long as these APIs provide value-added services. And what are those value-added services? Well, they are mostly of two categories. The first is value-added services that allow to execute. So transaction-related APIs. And the second is account information APIs. So you see we go back to the notion of having visibility, account information, extracting the right data, and then running, operating, executing. And the execution could be a payment, could be a collection, could be a sweep, could be any kind of activity that allows to optimize the liquidity of the company. Or as we are calling it in this session, optimizing cash flows, and we'll come to that later on. But the importance, then, is to think of course of what software is the best needed. But before that, again, you want to make sure that your software is operating on data that you as an intelligent human has detected, identified and worked on already to extract information and act upon that information. And I'll pass it to Christine just to look it more from the SME and business side. Christine Barry: Thanks, Enrico. So of course from the business side, these customers are going to be far more dependent on the capabilities that the bank is offering within its portal. So where are we seeing banks investing based on some of those requests that we're hearing from customers, some of the challenges that we shared earlier? How are banks reacting? They're reacting by more investments in three key areas. And I'll go into greater detail of each of these with upcoming slides, but the first is better reporting. A lot of reports today aren't being used by customers because they're not quite capturing the kind of information that customers are looking for. A greater incorporation of analytics and machine learning. I mentioned earlier that data really is -- it represents the future of this industry. And it's so critical to a bank's ability to provide true advice to its customers. And to really make more meaning out of that data, which as Enrico described, in and of itself isn't always helpful, but when you incorporate the analytics and make it more insightful, then all of a sudden there's an action item for the business. And then finally, the level of automation and control, which is also a critical component to that overall cash flow optimization. So looking first at reporting, I mentioned a lot of reports today are not being used. Fortunately, as I speak with some of the digital banking technology providers, this has been a big area of focus for them for upcoming releases. So you can expect to see greater usability of these reports. Today, as we speak with businesses, about 65% of them say that very often -- and you may find yourselves in the same situation that you have to create a lot of your own reports. You'll start to see these reporting modules become a lot more flexible, enabling you to customize them a lot more to create the types of reports that are actionable for you, that do deliver the type of information that you need them to so that you don't have to spend the time recreating the wheel and creating these new reports. Reports should also be relevant. So that's getting to the right information, but also actionable. Again, reports shouldn't be static. They should have a message. They should enable the business to know what to do with that information or provide insights to the banker so that they can then advise the customer on new opportunities, new products and services that they can leverage. Ways to better invest their money or ways to get greater cash flow optimization. They should be customizable, as I mentioned, to make them more relevant. The ways in which data is presented should also be flexible. Every end user has different preferences. Some customers like to see information in graphic format, different bar charts, for example. While others are looking for more of a table format, and then they're able to continuously click and drill down into additional capabilities. So we're starting to see greater flexibility there and the ability for end users to determine what type of format makes the most sense for them and their company. Information within reports is becoming a lot more consolidated. So we're seeing banks knocking down silos. We see this a lot on the payment side, for example. I can remember years ago with a cash management platform or business banking platform where there was a module for ACH, another one for wires, another one for bill pay, and the customer didn't have a very seamless experience across the platform. And then the information in reports was also very siloed. That's all changing. Now, very often you can see a payments module where a customer can see all of the payments going out, regardless of type. Where they can approve all pending payments or payments waiting for approval in a single location. So again, just improves the overall experience for customers that I mentioned was so important today. Information is going to be real time in reports, and that acts that ability too for those customers that are using either an Excel spreadsheet, or in most cases QuickBooks or Xero as Enrico mentioned, being able to export information into those other systems is also very important. Analytics and machine learning, critical, especially to address that key challenge that businesses are facing when it comes to forecasting cash flows. And again, in a challenging environment like we're seeing today, this is especially important and especially challenging for a lot of customers. So incorporating that machine learning to identify some of those patterns I mentioned earlier. What types of payments do they historically make throughout the month that the system can identify? Where is money typically coming in so that reports can automatically be populated and forecasts can be created. It also arms bankers with a lot more information to educate you on opportunities. And as we start to see more of a seamless experience across products, I gave the example earlier of a forecast or an upcoming payment where maybe there's a shortfall in cash, where then the system can automatically recognize that as an opportunity and make an offer for them to draw down on a line of credit or maybe even to apply for a loan and then to be able to apply right there on the spot. Again, we're not seeing this at a lot of banks yet. The industry is still scratching the surface. But these are some of the exciting things that you can look forward to, more actionable advice and then just greater overall efficiency to give you more time to focus on your business and not on your finances. And then finally, that idea of greater automation and control. So we talked about some of the challenges that businesses are facing. Very often they're faced with multiple payment types, the silos that I talked about. Lots of different files, file formats. Lots of manual processes going on behind the scenes within your organizations. Creating Excel spreadsheets. Manual processes, of course, are prone to potential errors. Long collection cycles because maybe they don't have efficient receivables processes in place. But change is going to come, and you'll as a result see opportunities for greater automation and control. You'll start to see single files, a greater control over when payments are going out, how information is coming in, how you're managing your cash flow. And then of course, less of a need because there's more predictability with your finances, less of a need to leverage lines of credit. Enrico Camerinelli: Yes. Lines of credit. I think this -- let me use this as an anchor point for my part of presentation. The title of this slide reads, "Does Cash Flow Optimization Impact Customer Engagement?" We all want to be customer centric. But let's make a step back and, again, let's question why is cash flow forecasting so important? Why was that priority one in the recent poll that we just saw? And let's ask ourselves, what is the "so what" of having a reliable and very good and, again, very reliable cash flow forecasting? Well, the so what, why do we want to have that is because we want to know what to do once we have that forecast. Maybe we know that we have to accelerate collections because we have to optimize the cash inflows. Or we have to delay payment because we need to optimize the outflows. Again, the importance of knowing which data represents the inflows and the outflows. And I would say what I'm seeing more and more happening with companies -- I remember, when I was working in the corporation, of course we were using Excel spreadsheets. But again, the importance is to have a good data structure. Because as Christine was saying, data is the new oil as value. So as long as you have the right data, then the system that runs that data can be more or less sophisticated. But the point is that normally looking at a cash flow forecast, companies are looking at receivables and payables. But if you think that a purchase order, eventually it will turn into an invoice that we will receive from our clients or from our suppliers. And so a purchase order is some proxy of cash outflows. As well as a sales order will be eventually some goods or services that we will sell, and then we will send an invoice to our clients and that will turn into a cash inflow. So you see that start looking at data to go beyond the usual suspects. So looking also at purchase orders and sales orders as good proxies of cash outflows and inflows can be that extra level of data quality that when it's input into the system, can give us even a better projection of how cash will dynamically move in the close or distant future. But when we have projected our cash flows, and we see that we will have an excess of cash, what are we going to do with it? Well, an interesting finding of a research recently with some corporate treasurers was that to my surprise, corporate treasurers -- and I'd be interested, if we have corporate treasures in the room, to know if that's the same experience. Corporate treasurers are not incentivized to get the most, say, return on the liquidity that they invest. Of course, you don't want to lose cash, but you can lose a job as a treasurer if you lose your cash. If you get those two extra points, if you can, strike a nice deal with your bank in order to get those extra basis points, nobody is going to say anything. But you are not incentivized to do that. But if you lose your principal, then that really becomes a big problem for you or you can jeopardize your career. And so what happens when you have excess of liquidity? Well, then you have to start thinking -- and this is also message to banks -- start thinking of using financial instruments that you might already have in your portfolio. I'm making just a simple example because this is a recurring instrument that I'm seeing more and more, let's say, offered by banks and used by companies called dynamic discount. And this is an instrument that belongs to the supply chain finance portfolio. And in essence, it basically says if you are a company and you have an excess of cash, you can basically pay earlier your suppliers in exchange for a discount on the invoice value. And so this allows at the same time to keep your suppliers financially stable, and at the same time have a good return in terms of reducing your cost of goods sold ratios. And so why it's so important to think of using liquidity not only to invest it, to get those extra points, but also to maintain a solid relationship with your suppliers, in this case, is because as you see the last bullet point of this slide says that unsatisfied suppliers will always lead to unsatisfied customers, because a financially unstable supplier might go bankrupt or might choose to serve another client, leaving you in dire straits if that is an important supplier. And then of course, that will have a severe repercussion on how you manage your relationship with your customers. So cash forecasting brings us to optimizing the cash flow in order to keep customers engaged and satisfied. And so is there a difference between cash flow optimization and cash flow forecasting? Well, they look at two different aspects, but as I hope I've been able to sort of elaborate until now is that you need to have a good forecast in order to be able to optimize your cash. And what does it mean to optimize cash? Well, you want to invest at best any surplus of it. Again, investing in money market funds, in cryptocurrency some do, or in dynamic discounting plans to anticipate payments to your suppliers. And of course, taking what's strictly necessary at the very last minute. So this is why in some payments are so important, because you can keep your liquidity, your cash until the very last minute. But the point again is, okay, I will invest at best, I will take only what's strictly necessary at the very last minute. But how much will I need and when? For how long can I keep my cash invested? And so we go back, circle back. You see this is like a big, big circle, 360 degrees, starting from cash forecasting, optimizing cash, and going back to the need of being able to anticipate the use of that cash. And so you need to forecast your flows of cash in order to know how much you will have available and how much you will need, how much you can keep and how much you have to go up -- you have to give out. Again, it all goes back into the data that you use to build this intelligent analysis and take action on this. So start thinking that a cash flow forecast can be also built using purchase orders and sales orders as good proxies of cash outflows and inflows. Carmine Barone: Okay. Thank you, Enrico. So as a result of what you've heard here today, do you believe that your company is already optimizing our cash outflows as much as possible; ready to implement two or three suggestions from today; or in need of a total overhaul and could use some help? So while we're waiting for the results of this polling question, we actually have questions from the attendees. And I think this one would be -- I could address this to you, Enrico. How does dynamic discounting differ from the percentage discount offered on invoices traditionally? Is it different, or is it what you were referring to? Enrico Camerinelli: No. It is actually the same thing in terms of the result. The difference is that, let's say the traditional way of discounting invoices is that you have a sort of a letter. So if you give me this number of days of advance payment, I will give you this discount and so on. So it's in discrete levels of comparing or exchanging early time payments with discounts. With dynamic discounting, actually it's dynamic. So you have the software to basically base on the initial parameters that the buyer and the suppliers have agreed upon, anytime the supplier can ask to have an early payment, and the system automatically will calculate the appropriate discount level. So the result is still the same. So the earlier you get money, the higher the discount you have to pay, but that calculation is made automatically by the system. And the additional element -- and then I'll close -- is that while with traditional invoice discount is the relationship between the buyer and the supplier, now you have supply chain finance platforms that allow for instance to have external funders that can inject extra liquidity into the pool of funding that the corporation can use. Carmine Barone: Okay. Thank you. Let's see our results from our polling question. So we have 38% that is already optimizing cash flow. We have 54% which is ready to implement two or three suggestions from today. And we have 7.6% that need an overhaul and could use some help. So that's very interesting information. So with that being said, we have a few more questions and a lot of questions associated with ERP systems that have come up. And maybe Christine, I could hand these over to you. What are some examples of ERP system providers in the market for businesses less than $50 million in revenue or greater than $50 million in revenue? Christine Barry: So Enrico's really our ERP expert. But I'll say for the small businesses, it's more of an accounting system, and that's the QuickBooks and Xero are the most common that I hear. And then there's a few others like FreshBooks is another one that comes up. But Enrico, you can talk a little bit more about the ERPs, the Oracles and SAPs. Enrico Camerinelli: Yes, thank you. Well actually, there are some solutions from -- let's move on to the very large ERP vendors are typically SAP, Oracle, Infor. I would say these are the -- there are many others, but these are the ones that really come out normally. Then they also have, let's say, solutions for more midsize to small enterprises. So Oracle has, for instance, NetSuite. SAP has, I cannot remember the name, but it's a sort of smaller version, more flexible for small and medium enterprises. And then of course to the smaller level, to smaller banks, corporate companies, sorry, you have the accounting packages that Christine was mentioning. I would consider, nevertheless, especially if you are a company that is in the sort of large to very large structure, to consider also treasury management systems. The likes of Kyriba, GTreasury, who else, again, Oracle, SAP have their own treasury modules. So actually it becomes a very significant ecosystem of an ERP that basically handles the basic financial and general ledger transactions. But when you have to start consolidating payments into payment messages to send to banks, then if you have to comply with anti-money laundering or anti-fraud systems using multiple channels, you need to have that intermediary, that sort of, how do they call it, that consolidation hub that we were referring to like half an hour ago. And that's where you have treasury systems that have this role. Carmine Barone: Thank you, Enrico. I just want to be aware of the time. We have a few more minutes, so let's go through a few more questions. So this is for either Christine or Enrico. Machine learning was mentioned a few times. Is there a product that incorporates that for cash forecasting? Christine Barry: So we're seeing -- it depends on whether you're looking for a standalone system or built in within the cash management or the business online banking solutions, which that's what we're increasingly seeing. So some of those vendors are forming partnerships. Autobooks is a big one that they're partnering with for forecasting on the lower end of the market. Vendors are building out some of their own capabilities. But a lot of it you'll start to see within the digital platform itself. So that's what you can expect to see. I am working with a lot of the vendors right now, and machine learning is on every one of their priorities and roadmaps right now. So it will be a part of digital banking, for sure. So you don't have to worry about going out and finding your own vendors for those capabilities. You'll start to see it from the bank. Carmine Barone: Okay. Thank you, Christine. Here we have a good question. What is the most common cash flow management mistake you see? Enrico? Christine? Enrico Camerinelli: The major mistake? Well, I would say not doing it, first of all, but also relying too much on the fore. So maybe doing a lot of work to have this nice figures, this nice projection and thinking the work is done. So somebody else is going to use it. So I wouldn't put too much effort on projecting numbers, making too much sort of risking of falling into analysis paralysis. So the big mistake is just going to the nitty gritty just to have very nice polished. And we know that anything that is a forecast is by definition already a mistake, is mistaken by definition, because otherwise it would be certainty and not forecast. So it's most important to have a projection scenario planning. Having the worst and the best situation. And being able to -- knowing what are the sort of KPIs, the key performance indicators that can give a good indication if something goes not as was projected, what is the cause, the root cause analysis. Those who are listening to us that maybe are working more in manufacturing, in operations, they know what root cause analysis is. When you have a defect, you go back to the causes and find the origin of this. With cash flow forecasting, we use data. So you might have some weak data or some good data that are good proxies if something changes. And again, the quality of the data is what really makes a good cash forecast. Christine Barry: Just to add what Enrico mentioned -- I'm sorry. Go ahead, Enrico. Enrico Camerinelli: No, no, I was just finishing. Christine Barry: Okay. I was just going to say, just no forecast is perfect. And one thing that I see a lot of businesses do that can be improved upon is they just take a forecast for what it is and then they move on and they keep similar forecasts instead of comparing the forecast to the actual number and continue improving upon it. And fortunately, technology's moving in the direction where that process is going to be automated so that you don't have to do it yourself. But you can always learn from making that comparison and improving the forecast going forward. So don't always just take it as static. Carmine Barone: Okay. Thank you very much. I think that we have a question here, and maybe this one I'll hand off to Gary Bukeavich. Gary, the question is, do you have any cash flow tools you can provide? So as M&T, do we have any cash flow tools that we can provide? Gary Bukeavich: Yeah. One of the metrics we use is cash conversion cycle. And we can review that with businesses on a monthly basis if we're giving monthly statements. Carmine Barone: Okay. And then I guess this other question also would be for you, Gary, and for myself. Utilizing ACH or B2B payments, how does that improve cash management? Is the fee charged by M&T offset to the check processing fee? Gary Bukeavich: I'll defer to you. You can take that one. Carmine Barone: Okay. So for this particular question, I would definitely leverage our consolidated payable solution, which incorporates ACH, check writing and our virtual card platform. So there is a cost obviously for check writing and ACH, but the benefit of the virtual card platform allows you to offset those fees in addition to generating revenue based on a rebate. So in the end, the costs are offset, so there's a positive outcome both from a rebate and also from cash flow and working capital that you're basically paying your suppliers sooner, but you're paying us much later with the virtual card platform where you're leveraging the flow. And the fees associated with the ACH check writing and the, let's say, wire would be offset associated with the rebate that you would earn back. Gary Bukeavich: Yeah. So there's definite margin benefit if you take discounts as well. We talked a little bit about that earlier and extending the cash flow. So again, work with your treasury management consultant and your card consultants there and we can certainly help your cash flow. Carmine Barone: Okay. So let's see here. We have a few more minutes here, so I think we'll do one more question and then we'll just close up the webinar. So we have one more. What is the best option to invest excess cash? Enrico? Christine? Enrico Camerinelli: What was the question again? Carmine Barone: What is the best option to invest excess cash? Enrico Camerinelli: Give it to me. [Laughter] No, I would say, again, the best option is keeping -- at this stage, at least I can report what I'm hearing when I speak to treasurers, but also to banks, is to stay liquid. So to invest in something that, first of all, is not too fluctuating. There is a tendency to think that cryptocurrency's a good place to do it. Not now. I don't think that would be wise. Although it's an interesting trend if you start thinking of stable coins, but let's take this aside. For those who might be interested, we can have a separate call on this. I would say money market funds might not give the necessary expected return, but again, they are safe. But one thing that I see, I don't know if this is -- of course, don't take this as a financial advice. But the reason why I brought up that dynamic discounting instrument is really because there are new ways of looking at how to invest liquidity that are especially now in a situation that is economically still in distress, using it to support and sustain your supply chain, your suppliers, maybe even your customers. So if you have excess liquidity, use it to reinforce and strengthen your relationships with your supply chain partners. Because if you have excess liquidity, that is good. But it might be that if you just look around, others are not in the same situation. And so you might not have an immediate return, but you certainly can improve and ensure that you have a solid and sustainable relationship. And sustainability, we know how important it is today. Gary Bukeavich: Carmine, I'll just make one comment and I'll hit the replay button. Talk to your treasury management consultant about that. There's a lot of variables. The amount of cash that you would have, the yield, the liquidity needs, any associated fees with that. So again, talk to your treasury management consultant. We'll help you find the optimal solution. Carmine Barone: Thank you, Gary. And I think we're going to have one more question, and this is -- Jana, this would be for you. We use credit card processing that holds our sales from Thursday until Monday and takes approximately 3% on each transaction. That includes 3% on tips and tax collected. Should we switch to cash only? Jana? Jana Franks: Great question. So most customers are using some form of electronic payment, especially right now during the pandemic. So there are some ways to get your funds faster. So for example, if you have your credit card processing from your banking institution, you'll get paid faster. For example, if you have an M&T DDA account, you'll receive your funds the next business day. If you have two separate providers, then typically the funding window is typically two to three days. So look at consolidating those providers into your banking relationship. Also really important, pay attention to your cut times. These can vary by provider, so make sure that you understand them. And if you're using, for example, your bank for banking and credit card processing, your cut time is typically before 11:00 PM Eastern on a Thursday. If that happens, then you would get funded the next business day. If you cut on a Friday, then typically you would be funded on a Monday. So make sure that you understand those cut times and they actually appear in different places. So it could be in your point of sale and with how you're boarded with your processor. So make sure that you make a point of understanding how those cut times will affect your ability to get to your cash. Carmine Barone: Okay. Thank you very much, Jana. I really appreciate that. So I want to -- I know that we're a little bit over right now, so I want to thank everyone. I want to thank the panel, Christine Barry, Enrico Camerinelli for attending the Cash Flow Optimization webinar. I want to thank also Gary Bukeavich and Jana as our subject matter experts for attending. And we just want to -- go to this slide. Here we go. So if anyone does have any questions and they would like to learn a little bit more about cash flow optimization, please reach out to your relationship manager or your dedicated M&T representative to talk about cash flow optimization, and we'll be able to have a more intelligent conversation specifically to your business. I also want to make sure that everyone that just as a reminder, that the CTP credits are established for this webinar at 1.2. And that in the dashboard, please download and retain the letter for your records. Also again, once as a reminder, please take a moment to download our complimentary e-books on payables and receivables. These are helpful resources. And then finally, please, there's a survey that we'd appreciate you take the time to complete after this event. We'd like to thank everyone for attending. Have a great day, and hopefully we'll speak to you on the next thought leadership webinar. Thank you very much, everyone. Jessica, back to you. Operator: Great. Thank you so much, Carmine, and thanks again, everybody, for joining us for this webinar. As Carmine mentioned, you will see a survey pop up momentarily on your screen, and we would appreciate it if you could just take a quick few moments to fill that out as we do greatly value your feedback. Thanks again, everybody, and have a great rest of your day.     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