Carryme Treasury Department Report

A1 – Project Plan

Two recent projects, one of which to implement Carryme’s existing Treasury Management System (TMS), were unsuccessful and it became apparent that the treasury department lacked project management skills.

The current cash management process has a number of issues including the manual handling of cash receipts and labour-intensive bank account reconciliation. As such Carryme are looking to implement a new Cash Management System (CMS) to resolve these issues and improve the efficiency of the existing process. This report sets out a detailed project plan for the selection and implementation of a CMS to aid in the successful completion of this project.

Purpose: to select and implement a new CMS for Carryme

Objectives and Goals: Select and implement a new CMS which meets the below SMART objectives:

• improve the safety and security of handling cash receipts by enabling customers on buses to pay via debit or credit card which will reduce physical cash collections and consequently the number of bank accounts required
• streamline the system for dealing with cash receipts by automatically reconciling Carryme’s bank accounts
• enable cash pooling and netting to optimise Carryme’s overall liquidity
• enable international cash management in multiple currencies
• enable multi-bank reporting and transaction reconciliation
• enable automated straight-through processing of cash transactions
• enable detailed cash flow forecasting
• the CMS must be fully integrated to the existing TMS
• the CMS must go live in six months’ time

Scope: To select and implement a new CMS. The running and maintenance of the system following the go live date is not within the scope of this project.

Assumptions:

• This project has received prior Board approval to go ahead.
• There has been no budget set and therefore it has been assumed that Carryme’s priority is to implement a CMS which provides the requested functionality ahead of minimising cost.
• The treasury team will not be part of the project team due to their lack project management skills however, they will be consulted throughout the process as the end users of the CMS.
• There is not enough information to conduct a cost/ benefit analysis and therefore it has been assumed that the benefits of this project outweigh the costs.
• An appropriate project team size is six people.
• The schedule has assumed that there are no public holidays within the project timeframe.

Risks