Through seamless data connectivity Tesorio enables Veeva to easily collaborate and execute on their direct cash flow forecasts

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Sabrina Wong is the Treasurer of Veeva Systems. Wong is a finance leader with over 15 years of experience working in Treasury with expertise that goes beyond her role including; investing, trading, foreign currency hedging, capital structure, and much more. She is tech savvy with a deep understanding for scaling financial processes at a high-growth company like Veeva.

From 5 hrs in a spreadsheet to minutes

Currently cash positioning is done weekly in a manual excel spreadsheet, done by one person. It’s very difficult to have multiple people in an excel spreadsheet. For Veeva, they have ~ 30 subsidiaries and it takes a person per cash pool each week to handle their direct method forecasts in excel. “Due to the personalization of a single spreadsheet, this is not a scalable model,” said Wong. Sabrina knows technology can enable her, her team, and Veeva to perform better and scale efficiently when it comes to cash flow.

“The goal is to pull data from NetSuite and determine, what does next week's AP run look like and how much will we collect? Without Tesorio, we're pulling bank balances and we're putting that all together inside of an excel worksheet to say, hey, we're going to overdraft this bank account or, we need to invest more. Now that we have automated a weekly bank reconciliation in our ERP, Tesorio’s direct method forecasting can replace that weekly excel spreadsheet work where we spend too much time piecing data together by hand,” said Wong.

Enabling a team for success through data connectivity

Veeva now uses Tesorio Cash Flow Direct to forecast out tomorrow and 1-2 weeks out to be able to make quick business decisions knowing the exact amount of cash they have on hand, where they can withhold payments, or invest more.

“To me, half of it’s the tool and half of it’s the data connectivity, and that’s what’s great about Tesorio,” Sabrina continued, “having a tool that connects directly into your NetSuite ERP and allows you to see down to the transaction level on every GL is granularity unlike any other system.” For example, if Veeva’s AP balance for the week is $1 million—Tesorio enables them to see every single invoice that makes up that $1 million—making cash flow visible, predictable, and putting Sabrina and her team in control.

From organically disorganized to a clean interface

The first step when onboarding onto Cash Flow Direct is exactly what you’d expect, building out your first forecast. Tesorio uses categories to get you started. Categories look very similar to the categories you have in your excel spreadsheet, and that’s where Veeva began their journey. Tesorio enabled them to step up from “organically disorganized” groupings in their excel spreadsheets to a clean interface of assembled data. The categorization in Tesorio gives you confidence in the data it provides. When you set up a workspace you decide what is in every category, and from there you’ll know exactly what invoices are going to get paid next week, “that granularity of data is what makes us confident that Cash Flow Direct is doing a really good job,” said Wong.

The machine learning secret sauce, Tesorio Science

The Treasury Cash Manager at Veeva, Dorothy Huerto, does all of the heavy lifting owning their direct method cash flow forecast in the U.S. The automation is a huge time savings for her out of excel and Tesorio Science allows nothing to go unnoticed.

Tesorio Science, the machine learning algorithm, helps provide further assurance of your data by understanding your historical trends. For Veeva, “something simple like an electric bill that for whatever reason the invoice hasn’t hit the system in NetSuite, but obviously will, Tesorio Science will capture it.”

From Sabrina’s experience, she knows that treasury is always interested in cash management activity in order to make sure there’s enough money but not too much money in your bank accounts.

Veeva now runs Tesorio Cash Flow Direct in addition to Tesorio Accounts Receivable CRM. They are realizing the benefits of connected data, people, and systems for total cash flow visibility, predictability, and control.

“Tesorio Cash Flow Direct is one of the cleanest interfaces I’ve seen out of all of the software we use. My team’s feedback has been that it’s very accounting-centric, the dashboard is clean, and unlike an excel spreadsheet, it’s very easy to share and work on simultaneously, and have folks see exactly what you’re seeing,” said Wong.