Modernizing Your Treasury Processes – How Varsity Brands Modernized Treasury
Varsity Brands, a leader in spirit and athletic gear, recently undertook a transformation of its treasury processes with the implementation of Kyriba’s treasury management system (TMS). Managing diverse divisions under different ERP systems, Varsity Brands’ objective was to consolidate its treasury functions into one streamlined system, offering improved visibility, efficiency, and control. Spearheaded by Assistant Treasurer Kristen Teply, the modernization effort emphasized centralizing cash visibility across banking portals, automating wire payments, and enhancing financial reporting. By consolidating treasury operations into one platform, Varsity Brands reduced daily reconciliation time significantly while enhancing decision-making speed through improved cash forecasts and automated workflows.
This session showcases how Varsity Brands was able to enhance automation and control, particularly within its debt and payment management. Moving away from spreadsheets and manual workflows, Varsity Brands gained a standardized view of financial data, integrating cash balances and forecast data directly with ERP systems. This centralized approach brought efficiencies in wire processing and debt servicing, reducing month-end tasks from several hours to mere minutes. Ms. Teply noted how automating the process allowed their team to eliminate human errors in manual entries, further strengthened by secure access controls through single sign-on and multi-factor authentication.
The results have been transformative for Varsity Brands. The project improved treasury productivity by 85%, increased forecast accuracy to 90%, and offered near-real-time visibility of cash positions—ultimately supporting Varsity’s long-term ERP integration strategy. By partnering with Elire, Varsity Brands not only achieved initial goals but also set a foundation for future scalability, including plans to integrate ACH payments and streamline inter-company transfers. The success of Varsity Brands’ treasury modernization illustrates the vital role of a strategic, phased approach to process improvements in a multi-divisional organization. For more information on how Elire can assist your organization with treasury, reach out to [email protected] and see how you can modernize treasury processes.
