In conjunction with the launch of Accounting and Reporting at Columbia (ARC), the Office of the Treasurer launched a Treasury Management System.
The Workstation launch reduced the complexity of the ARC implementation and allows the Treasury team to place considerably more focus on analytical and value added efforts.
Primarily, the new workstation provides automated bank polling and cash posting, daily reconciliation, automatic creation of Columbia’s daily cash position, and variance reports.
In the past, these tasks were accomplished manually, requiring countless man hours and leading to variances in accounting.
The workstation enabled the Treasury team to concentrate their efforts on their areas of expertise rather than on the day-to-day administrative (and at times redundant) duties that were necessary to develop the daily reporting the team was responsible for in the past.