Technology advances in such ways that reliable technology gets replaced by more efficient technology. Software like Microsoft Access was once the main software that many businesses used to track sales, customer information and countless other things before it was replaced by platforms that could handle this with little setup.

Treasury management software is yet another one of those situations where something new could replace something considered reliable by small and medium businesses. It could potentially simplify scaling your business up, tracking finances across your company, and simplifying many of the complex processes most businesses facilitate using advanced macros in Excel.

The problem, as Tim Wheatcroft explains in his post about TMS on Kyriba, is that it may not be the right time to invest in purchasing time management software. You may be able to save your business countless
dollars by holding out a few months or years before taking the proverbial plunge.

Wheatcroft details three hypothetical situations where TMS performs inadequately and exposes your business to more dangers than its worth. He also details some rather simple solutions that could keep businesses safe in these situations, though it’s worth noting that they each carry a certain cost that scales with the size of your business.

The bottom line concerning treasure management software is that you should wait to implement it until your business grows large enough to warrant the upgrade. You’ll need to be able to reduce the risks, which could require significantly more investment than implementing TMS alone might cost.