(This is the first of CTMfile’s Friday series in which experienced cash and treasury management professionals from around the world give their take on “actions and tasks for next week”.)

Dan Blumen, writes, “As we hit the fourth quarter most treasury professionals are focused on surviving the year-end round of treasury conferences, special projects and other tasks. It’s a brave treasurer who would add housekeeping to the list. But good housekeeping is important with bad housekeeping the source of bad things, see Equifax.”

Here is Dan’s list of actions for next week:

1. Get rid of checks: Checks are the treasury equivalent of the plague rat; nasty, resilient and costly. With interest rates low, check fraud high and a plethora of digital alternatives there is no business case for the check. The trick is finding the areas in the organization that still use them. One excuse heard recently is that cash application is easier with a check because the remittance detail and the payment instrument arrive together. So take a look at A/R. Another is that beneficiaries demand them. This is likely coming from the business/sales side of the house. These are appeals to the status quo, not a business case.
2. Inventory your spreadsheets: If checks are the treasury equivalent of the rat then spreadsheets are the equivalent of the cockroach; difficult to eradicate. When your inventory is complete take a look to see if the function of the spreadsheet can be assumed by your TMS; without a major implementation hassle and the expensive acquisition of a new module. If the business case is weak, as it can be for some debt and investment functions, consider a spreadsheet management solution such as Vena.
3. Learn some FinTech basics: There are many flavors of DLT (distributed ledger technology) and blockchain, somewhat analogous to CDMA/GSM, Betamax/VHS or Android/iOS. You will be in a much better position to evaluate the FinTech applications hurtling your way if you understand the underlying technology first. This is a challenging task because there are no real texts on the subject and many of the documents are authored by vendors seeking to become the next Facebook or Google.
4. Data protection: We have just had a very public demonstration of what can go wrong when personal data is not properly protected. This is a good time to look more closely at GPDR (general data protection regulation) which becomes enforceable in May, 2018. Companies based outside the EU may not be aware of the regulation or question its applicability. This is not a good idea if you’re touching EU residents as violations can hurt corporate reputations and drain the treasury.