This required a TMS. Following a formal RFP process the Group selected Salmon Treasurer. The two primary objectives of the TMS were: Better transparency into Dechra's consolidated cash positions and FX exposure - in real time; Ability to hold intercompany positions and capture zero balancing and Netting movements, thus allowing implementation of an in-house bank. Results Dechra and Salmon worked together to deliver a comprehensive Intercompany module that allows for: Merging data, from both Bank ZBA and Intercompany Netting activity, into one Intercompany Management system; Handling different currencies across Intercompany positions, which manages FX transactions within each business unit and reports in functional currencies; Accurate interest and tax applied to reported Intercompany positions; Real time maintenance of transactions and balances; Accurate reporting of individual and summary (Treasury) positions. And allows Dechra to report: Accurate and up to the minute Intercompany positions; Accurate and real time Group cash positions; Group FX exposures; Tax liabilities, both to the business unit and global tax authorities. The Intercompany system on Salmon Treasurer allows all business units to receive balance, transaction and interest reporting, on a daily basis if necessary, in both paper (pdf) format and also in file formats that can be loaded directly in their business unit ERP system. Most importantly, all these benefits are being achieved with a minimum of manual intervention on behalf of (two) Group Treasury staff. This allows the Group Treasury team to concentrate on the management, control and reporting of the Group’s cash, FX and Intercompany positions rather than being focussed on collation and preparation of data. Furthermore, the Salmon system will allow for inclusion of any future growth within the Group, organically or by acquisition, and to respond to inevitable changes in reporting requirements and Group structures, as the business develops. The implementation of Salmon Treasurer, particularly the Intercompany module, will enable Dechra to continue to grow globally whilst providing accurate, timely and relevant cash and interest reporting. Author: Steve Card, Group Treasurer, Dechra Pharmaceuticals PLC Steve Card is Group Treasurer at Dechra Pharmaceuticals PLC where he built a new Treasury department from scratch. He spent 10 years in the City with Midland Bank and TSB Bank, before moving into Corporate Treasury with Littlewoods Group. Group Treasurer roles followed with Scapa plc, Signet plc and Ideal Stelrad. UPDATES & TRENDS 21 SALMON SOFTWARE
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