On - Cash Positioning Discovery - 2024-09-26¶
Metadata¶
- Date: 2024-09-26
- Company: On
- External Participants: Amanda Mitt (Treasury)
- Palm Participants: Emma Sjöström, Gurjit Pannu, Tomoya Taniai
- Type: Customer Call
- Domain Areas: Cash visibility, Cash forecasting, Investments & debt, Connectivity, Data, IC activity
- Recording: https://tldv.io/app/meetings/66f54d756611fa0013165a37/
Summary¶
Context¶
Customer discovery call with Amanda Mitt from On's treasury team. Amanda walked through her daily cash positioning workflow, demonstrating the tools and processes she uses to manage On's global cash. The call covered bank portal access, cash pooling with UBS, investment tracking challenges, and forecasting needs ahead of Kyriba implementation.
Key Discussion Points¶
- Daily cash positioning workflow starts with checking UBS (main bank), then other portals (BNP, Deutsche Bank, JP Morgan)
- UBS physical cash pool provides robust structure but not all accounts are connected
- Looker dashboard shows cash by currency but isn't real-time - depends on bank reconciliation (done by Deloitte in Madrid)
- GL account structure uses one account per currency (not per bank account) - limits visibility in ERP
- Service entity funding is a major challenge - standing orders based on estimates, no visibility into actual needs
- CHF currency is the biggest pain point - Swiss HQ with USD-heavy business creates constant need to convert
- Investment tracking done manually in Google Sheets - deposits, rates, maturities tracked manually with calendar reminders
- 360T trading platform used for FX spots and deposits - fast execution but stressful UI designed for traders
- Planning 13-week forecast in Kyriba using Dynamics 365 AP data
Pain Points¶
- No consolidated visibility across bank accounts - must log into multiple bank portals daily
- Looker dashboard not real-time, depends on bank reconciliation delays
- Single GL account per currency prevents drilling down to individual bank account balances
- Service entities run short on cash due to poor visibility and conservative standing order estimates
- CHF shortage is recurring issue - company collects USD but needs CHF for Swiss operations
- Investment tracking is entirely manual - Google Sheets, calendar reminders for maturities
- 360T UI is "scary" and stressful - one click executes trades immediately
- No cash forecasting process today - keep 15M CHF buffer because "we just want to feel like we always have CHF"
- Trade confirmations require manual matching between what was negotiated and bank confirmation
- Banks are "babysitting" them - proactively reaching out about deposits and credits
Feature Requests & Needs¶
- Consolidated view of all bank account balances in one place
- Automated alerts when accounts are overdrawn or outside target balance
- Investment tracking module that reads from 360T, auto-books deals, sends maturity reminders
- Target balance recommendations based on data/trends rather than conservative guesses
- Forecast that would give confidence to reduce safety buffer and invest more strategically
- Visibility into strategic initiatives (Capex, M&A) for long-term liquidity planning
Jobs & Desired Outcomes¶
Job: Check cash positioning across all bank accounts each morning before cutoff times
Desired Outcomes: - Minimize the time spent logging into multiple bank portals to check balances - Reduce the frequency of discovering overdrafts after they've already happened - Increase confidence that service entities are adequately funded
Job: Maintain adequate CHF liquidity for Swiss operations while collecting primarily in USD
Desired Outcomes: - Minimize the uncertainty around when to convert USD to CHF - Reduce the frequency of running short on CHF - Increase visibility into upcoming CHF needs (salaries, taxes, Google contracts)
Job: Track investments (term deposits) and manage maturities/rollovers
Desired Outcomes: - Minimize the time spent manually entering investment data in Google Sheets - Reduce the risk of forgetting a maturity date and accidentally rolling over - Increase visibility into total investment position across counterparties
Domain Insights¶
- Cash pool terminology: "Full participants" vs partial participants in UBS pool - full participants sweep to zero, partials may hold balances
- Target balances: On keeps ~15M CHF as safety buffer, ~25M USD target
- Service entities: Legal entities that don't sell products but provide services (marketing, local accounting) - funded via cost-plus transfer pricing agreements
- 360T: FX trading platform used for spots and deposits - "The Bridge" functionality, banks pay to be on platform
- Trading timing: Early morning is best - more liquidity when NY/London/Singapore all open, plus cutoff times for same-day settlement
- Kyriba implementation: In progress, will provide consolidated bank view, but they're skeptical about building forecasting rules/mappings
Action Items¶
- [ ] Amanda to identify which CHF accounts to start with for Palm
- [ ] Amanda to share bank account list, AP data CSV, and Dynamics field mapping
- [ ] Palm team to build CHF positioning/forecast view as proof of concept
- [ ] Emma visiting On in Berlin October 14-20 for week of shadowing
Notable Quotes¶
"We don't really have like a TMS or I don't know, kind of any consolidation tool for all of our bank accounts. I just go into all of these portals" - Amanda Mitt
"It's not a liquidity issue. I mean, it's never that we don't have cash, you know, it's just positioning it correctly in the right place" - Amanda Mitt
"I would love to have just like Asian cash out and target balance, like super clean. So I can just think about the investment strategy about refining the forecast, not really about me checking how much we have in the bank account" - Amanda Mitt
"This tracking is a huge pain actually. I never had a great tool for this" - Amanda Mitt (on investment tracking)
"The bank helps us a lot, so they babysit us a lot" - Amanda Mitt
Full Transcript¶
00:13 Gurjit Pannu: Sure. Awesome. Thank you.
00:18 Amanda Mitt: Yeah, so like every morning I, I think like my day as a, you know, a treasury at on, I start by checking all of our main banks. Let me share my screen. And I mean, I still don't have access to all of the banks we have but I do have access to all of our bank
00:35 Gurjit Pannu: Yeah.
00:37 Amanda Mitt: accounts. So I joined in April, right? It's been six months now.
00:40 Gurjit Pannu: Yeah. M.
00:43 Amanda Mitt: so I just have for example like you see, I mean since we don't really have Like a TMS or I don't know, kind of any consolidation tool for all of our bank accounts. I just go into all of these portals so here, you see UBS BNP Commerce Bank, Deuts Bank.
01:02 Amanda Mitt: If you Morgan, I just log in and I kind of check all of them and to be. Yeah, 100% transparent. Not every day. I think it depends, UBS I check every day. So I think these are main tool. You're seeing my screen, right?
01:18 Emma Sjöström: Yeah, and
01:19 Amanda Mitt: And I think sorry.
01:21 Emma Sjöström: Super Native, Just a supinated question, is to get our other way. Like, Why are you doing this? Why? Why is this your first step?
01:27 Amanda Mitt: Okay. First, it's I think it's, I want to make sure that we Have enough. Cash. Prakash positioning maybe I want to positioning maybe I want to check how
01:43 Emma Sjöström: Right.
01:43 Amanda Mitt: bank and each bank account and I went
01:46 Emma Sjöström: M.
01:46 Amanda Mitt: And I went to kind of since we don't really have A lot of visibility a consolidated visibility and all of our tools. Still kind of the source of truth for our cash is still the evening. I mean, we do have looker dashboard
02:01 Gurjit Pannu: M.
02:04 Amanda Mitt: that I can show you this one for example. where, We have basically a summary of How much money we have for currency. So, this is consolidated. And I can filter here, for example, the company code. But this is not. Real-time Banking Information. This is based on the statements that are registered in our ERP that's b365.
02:30 Amanda Mitt: So, I mean, I have this as a kind of I mean, I have this kind of like this High
02:37 Emma Sjöström: Right.
02:37 Amanda Mitt: High value visibility, but I need to go to the bank to see online. How much cash do we have? So, this is why I'm
02:44 Gurjit Pannu: Yeah. And from looker you're not able to really drill down to the individual bank accounts and balances across bank accounts. This is basically saying globally on
02:50 Amanda Mitt: this no,
02:52 Gurjit Pannu: on, We have x amount of money in these currencies and this house behaved over the last 90 days, 30 days 7,
02:57 Amanda Mitt: Yes. And of course if there's a delay in whatever bank reconciliation process, then I I don't see it here. So for example, when we do spots
03:04 Gurjit Pannu: Yeah. Yeah.
03:06 Amanda Mitt: sometimes it takes a few days for the bank reconciliation team and That's actually external. So it's a Deloitte Center of
03:14 Gurjit Pannu: M.
03:15 Amanda Mitt: Excellence in Madrid that the The bakery translation. So if there's anything in Rodrigo like he oversees that. So if there's any delay, oh, I don't see this money. So, for example, if it means here that I have minus 19 million. In the last few. Like this is in CHF.
03:35 Amanda Mitt: CHF as our kind of reference our base,
03:39 Gurjit Pannu: Yeah.
03:40 Amanda Mitt: Curr, So but this doesn't mean that it is true, you know, it's in the timing of
03:43 Gurjit Pannu: Yeah, yeah. And this
03:46 Amanda Mitt: the ERP. Yeah.
03:47 Gurjit Pannu: Yeah. And this is and this is why the KARIBA or TMS is gonna be important is because you're gonna be able to aggregate all the bank statement data in one place all the way down to the bank accounts. day after
03:58 Amanda Mitt: Yeah.
03:59 Gurjit Pannu: So the T minus one. So end of day yesterday whereas because this, this process here requires the bank statements to be loaded to your ERP, the reconciliation process to be done. So hey we what would we expect to go out? Here's the offset and then it loads in here.
04:14 Gurjit Pannu: So, essentially now with a TMS with caribe, you probably won't be doing the bank account one by one anymore because it's going to be In curry before you right.
04:25 Amanda Mitt: and I think a big part, as well of, for example, a previous companies, I used to have a unique GL account for each bank account and at on
04:32 Gurjit Pannu: You do what?
04:33 Amanda Mitt: per currency.
04:36 Gurjit Pannu: Sorry.
04:37 Amanda Mitt: So we have one GL account.
04:41 Gurjit Pannu: Wow.
04:41 Amanda Mitt: Per currency. So for example,
04:43 Gurjit Pannu: Okay.
04:44 Amanda Mitt: I cannot see individually in looker for example, or even in dynamics.
04:49 Gurjit Pannu: Ah, okay. Got it, got it. Okay, that's interesting. So like okay, so yeah cuz I'm used to
04:54 Amanda Mitt: Yeah.
04:55 Gurjit Pannu: to the one account one. GL code as well, but you've consolid
04:58 Amanda Mitt: Same.
04:59 Gurjit Pannu: consolidated all the accounts in a my currency essentially and that's the GL. Okay.
05:05 Amanda Mitt: Yes. So even I mean
05:06 Gurjit Pannu: Geo Emma.
05:06 Emma Sjöström: No.
05:07 Gurjit Pannu: essentially, that's what we keep in a
05:09 Amanda Mitt: Yeah.
05:10 Gurjit Pannu: That's what we keep in the from
05:10 Tomoya Taniai: No.
05:11 Gurjit Pannu: Yeah. accounting purposes.
05:11 Amanda Mitt: Yeah, I can show for example like I think this is a big part of one of our painters treasury as well. It's I think it depends I on is very like we we try to keep it really as simple and as a dial as possible. And I think the, the reasoning for
05:27 Gurjit Pannu: Mm-hmm.
05:29 Amanda Mitt: not having an unique, how can I say this in like more friendly way like Bank, Like a bank account in our ERP, right? We don't have unique bank accounts. We just have one account for each currency that we have. So, for example, this is dynamics
05:46 Gurjit Pannu: Mm-hmm.
05:48 Amanda Mitt: and if I go to the trial balance where I can see all everything that's being posted in the company, basically, That the accounting teams and likes.
05:58 Gurjit Pannu: M.
06:00 Amanda Mitt: are posting. I only see. So this is for on again but it's a kind of main Entity for operation preparations.
06:05 Gurjit Pannu: M.
06:08 Amanda Mitt: It's like Yeah. So for example here I have Cash HIV Catch Hero and this is like petty cash. Then I have banks for the cat for the
06:16 Gurjit Pannu: M.
06:17 Amanda Mitt: bank accounts and then I have the investments, like, yeah, people, but that's we don't check. And then we have the deposits.
06:23 Gurjit Pannu: M.
06:24 Amanda Mitt: So, Recurrency. so, for example, like
06:29 Gurjit Pannu: This is the investments basically.
06:31 Amanda Mitt: Yeah, the investment. So this is the most. I can get like
06:34 Gurjit Pannu: Yeah, and correct me if I'm wrong. But the reason why this is a challenge it impacts your positioning because you don't know if some accounts are overdrawn or overfunded, you just know what net wise. I have this currency in my accounts,
06:46 Emma Sjöström: Yeah.
06:48 Gurjit Pannu: but you don't know where it sits and in the, like,
06:51 Amanda Mitt: Yeah, the only way I can see this is in my event, you know? So this is like I I see a summary in
06:57 Gurjit Pannu: but,
07:01 Amanda Mitt: the year, and if I need a detail, I need to go to the ebanking.
07:04 Gurjit Pannu: Got it.
07:05 Amanda Mitt: So sorry, I will stop sharing right now for one second because I need to check my
07:11 Gurjit Pannu: All good.
07:12 Amanda Mitt: My details. And then luckily like UVs actually it's pretty good. I think with As a tool as with the ebanking tool.
07:25 Emma Sjöström: All right.
07:25 Gurjit Pannu: M.
07:27 Amanda Mitt: So sorry, just a second and I need to log into the eventing. I have a QR code in my with. Yeah. And that For my phone. And I'll show you. Totally. Yeah, like for example because on has Like for example, A lot of cash. it's not such a big pain but I mean if it was like in previous experience it's where you need to really you know, like the company is running a bit low on cash, you need to be super specific with yeah, the cash positioning the cash management processes and this would be I think just
08:03 Gurjit Pannu: I mean, even if you have a lot of
08:04 Amanda Mitt: Really challenging.
08:05 Gurjit Pannu: cash, even if you have a lot of cash, I think cash positioning is still a challenge because a lot of cash in the wrong. Place is a problem, right? It has to be in the right place as well, and so that's right. I think I really find this.
08:17 Amanda Mitt: Yeah.
08:18 Gurjit Pannu: So the reason you do Yes. Basically. Daily the other banks may be not so much is because a majority of your business flows through UBS as I understand it and on AG is like the parent company, of course, is that
08:31 Amanda Mitt: yes, let me
08:31 Gurjit Pannu: not fair.
08:33 Amanda Mitt: Yeah. So So ubises are main bank so this is a very common topic as well. So we usually, we have a main relationship and that's you.
08:46 Gurjit Pannu: M.
08:47 Amanda Mitt: And then UVs it, VBS is so important because it also holds our cash flow kind of our main vegetable structure. So we have a really robust cash flow structure in UVs and it's super connected actually.
08:58 Gurjit Pannu: cash, pool got
09:00 Amanda Mitt: lot. So for example, this helps with the fact that we do have cash. But we also have it kind of in the right place because of the cash flow that was structured by the
09:10 Gurjit Pannu: Got it.
09:11 Amanda Mitt: team like before was not even really a Treasury team. I mean and then, Thank God, it works with you and it's really connected actually. So on against the Master,
09:22 Gurjit Pannu: Yep, makes sense. So this is why we see these negative balances. These are just intraday. So at the end of the day, the funds.
09:28 Amanda Mitt: Yeah.
09:29 Gurjit Pannu: on ag down to on clouds on ink and on Europe to make that back down to zero essentially
09:35 Amanda Mitt: But still not all of them. Most of them are connected but not
09:38 Gurjit Pannu: Okay.
09:39 Amanda Mitt: all of them. So I feel like every day I open this time and I check if the negative is like, this is a really basic check. I just go here and I see like if it's a full participant that it's negative, then I know it's all good. I mean if but then for example for un
09:54 Gurjit Pannu: Okay.
09:57 Amanda Mitt: holding So these are like the banks that hear new best they call banks. It's actually the companies that we have the legal entities and then we have precurrency. So it's great because I have this
10:08 Emma Sjöström: Right.
10:09 Amanda Mitt: summary
10:11 Gurjit Pannu: Mmm.
10:11 Amanda Mitt: For bank and for currency, and sorry. And No. Okay, sorry I'm not looking at you right now. I'm just looking at my screen because I don't want it to be too small. But for example, I go to, I need to check because we have some accounts that are not a full participants and that they can like they are kind of like interest varying accounts so they can go negative and to be honest, we don't really even have like a mapping of all of the intraday Limits that we have or I mean, for the pool, I know it's okay, but
10:48 Gurjit Pannu: A.
10:50 Amanda Mitt: It's okay. But I mean for the other ones I have no idea. Like I don't and I don't know. I mean, I know.
10:54 Gurjit Pannu: Yeah, it's about like credit It's about like credit facilities,
10:57 Amanda Mitt: yeah, over
10:57 Gurjit Pannu: like Overdraft Credit Facility. No.
10:58 Amanda Mitt: Yeah, I have no idea. I have so,
11:00 Gurjit Pannu: Mm-hmm.
11:02 Amanda Mitt: I think it's just UBS.
11:02 Gurjit Pannu: Amanda, if you
11:04 Amanda Mitt: Yeah.
11:05 Gurjit Pannu: if you scroll down to the bottom, those negative accounts that you mentioned that are not a part of the cash pool these here,
11:10 Amanda Mitt: No.
11:10 Gurjit Pannu: Oh pool participants they are okay, Nevermind nevermind.
11:12 Amanda Mitt: They're all four participants. So I'm like, okay who participants
11:13 Gurjit Pannu: Yeah.
11:15 Amanda Mitt: check them?
11:15 Emma Sjöström: Hmm.
11:16 Amanda Mitt: You know like
11:16 Gurjit Pannu: Yeah.
11:19 Amanda Mitt: but, I mean, it really reactive as you can see,
11:22 Gurjit Pannu: Yeah.
11:24 Amanda Mitt: Okay, so it's very reactive. So I mean, what would happen here? is, if in case there is a An account that it's negative and it's not a pool participant, it would be kind of red alert in my day. I would just go message the Treasury team like VS like Channel.
11:48 Amanda Mitt: And say, Hey, we need to cover this account immediately because the interests are super high in UBS in case we do have overdraft and it happened before. Many times. So, it just, I mean, of course, in dynamics, we have like an account a sign for each payment, each vendor, let's say, so, it shouldn't happen, but
12:11 Tomoya Taniai: Did you get some notifications?
12:11 Amanda Mitt: it can happen. No, but we do get emails from the bank.
12:18 Tomoya Taniai: I mean.
12:20 Amanda Mitt: But it's usually a person it's not automated like I don't get for example an automated email from the bank. It's usually the The point of contact formula E.
12:30 Gurjit Pannu: Yeah.
12:30 Amanda Mitt: Yeah, like usually we have one relationship at on and one kind of for cash management or cash operations.
12:37 Gurjit Pannu: Mm-hmm.
12:37 Amanda Mitt: so if yeah, they usually get in touch like, hey, you have, but it's always after never like before and UBS actually, it's pretty good because sometimes, for example, if we have credits In a different currency. Like, for example, this happens sometimes because we receive money from Like for example we have here the entities and their multi-currency right? So they have all of these events they're actually Swiss events so but in multi currencies, so for
13:07 Gurjit Pannu: M.
13:10 Amanda Mitt: So for example, if there is a credit in a currency that's different from the currency of the accounts, the bank also helps us a lot, so they babysit us a lot. I would say
13:18 Gurjit Pannu: Yeah, so it's like an A note, a notional pool basically, right? So no.
13:23 Amanda Mitt: Um no, but this is physical. But this
13:26 Gurjit Pannu: God got it. So but like for a notion that that Okay.
13:29 Amanda Mitt: No, they actually move.
13:31 Gurjit Pannu: though. Like as in, if you have a positive balance in yen and a negative balance and cad, as long as the yen balance is like equates to cover the cat. Did no. No.
13:43 Amanda Mitt: No, no.
13:44 Gurjit Pannu: Okay.
13:45 Amanda Mitt: I mean like actually for example, if
13:46 Gurjit Pannu: Okay.
13:48 Amanda Mitt: if we do receive from a customer that pays for the wrong account,
13:53 Gurjit Pannu: Uh-huh.
13:54 Amanda Mitt: Because of some process from on like on provided an invoice with the wrong. Let's say like long event. The bank, help us like we can kind of decide in which account we want the credit to go to just because they have these support for us but not because we see
14:14 Gurjit Pannu: Okay.
14:14 Amanda Mitt: it in UBS, You know? I mean like they babies like and I've
14:16 Gurjit Pannu: Got it.
14:18 Amanda Mitt: Like and I've never seen this before, to be honest, I think like I think with previous relationship is really good.
14:25 Gurjit Pannu: Mm-hmm.
14:25 Amanda Mitt: It's our best relationship, so they help with a lot with kind of this operational. Hiccups.
14:30 Gurjit Pannu: Mmm, got it.
14:30 Amanda Mitt: Let's see, but it's not emotional. Pull it it is it will still go negative if we don't have enough currency. So we have to do spots for example, to cover.
14:38 Gurjit Pannu: Got it, okay. Okay.
14:41 Emma Sjöström: All right. This might be a bit hard to answer, but like, are there any, like, what's the most common reasons for the overdrafts? is it like,
14:50 Amanda Mitt: I think it's like a visibility. It never lack of cash in our case. For example, it's not a liquidity issue. I mean, it's never that we don't have
14:59 Emma Sjöström: Yeah, more.
14:59 Amanda Mitt: cash, you know, it's just
15:01 Emma Sjöström: Questioning it correctly in the right? Yeah, that's
15:05 Amanda Mitt: Yeah. So for example, UBS it's very rare that it happens because of the strong Full VA structure.
15:14 Emma Sjöström: All right.
15:16 Amanda Mitt: But for example, enjoy Deutsche Bank. So yeah, like I login to GPS, I check the currencies. If there is a, it's usually because It's not in on again. It's really in a stupid area level. The problem kind of you know of the lack of Already overdraft. Because we have a lot of service entities.
00:00 :
15:41 Emma Sjöström: Okay.
15:42 Amanda Mitt: That they don't really have, for example. Cachines from selling shoes, you
15:47 Gurjit Pannu: Profits. Yeah.
15:49 Amanda Mitt: So they just do services for us and So they just do services for us.
15:50 Gurjit Pannu: Yeah.
15:52 Emma Sjöström: What?
15:52 Amanda Mitt: And then we need to provide funding from
15:56 Gurjit Pannu: Cost plus.
15:56 Amanda Mitt: You know. Yeah, cost plus.
15:58 Emma Sjöström: Right.
15:59 Amanda Mitt: really have a system and intercompany Like movement system. We just to
16:05 Gurjit Pannu: Yeah.
16:07 Amanda Mitt: Standing orders based on an estimate that we have for the service entity based on how much they will spend. So I think this causes like our main
16:13 Gurjit Pannu: Mmm.
16:14 Amanda Mitt: issue and then when we do have, maybe it's because we don't have enough of that currency. Then we need to buy. So for example, here we have 164 million CHF, but we don't have It's not what Gurjit said that. If we just have this money, they will perform like, in whatever currency we need.
16:33 Amanda Mitt: We still need to provide and actively cover each balance in each different currency. I don't know if that's clear.
16:41 Gurjit Pannu: You'd have just looking. Yeah, you'd have to still convert it. So let me try summarizing this for tomorrow and Emma. So service sanity companies will have what they call service and easy service entities or subsidiaries that typically hire workers in different countries to support the overarching business but they won't necessarily be like the ones that are actually selling the merchandise for example.
17:03 Gurjit Pannu: So this is think of it as like marketing folks, maybe maybe some local accounting. I don't know that's it at this point company. And the way that most corporates kind of handle that is they set up this what they call like a transfer pricing agreement or cost plus agreement in, which that subsidiary will say, Hey, look, I'm gonna spend to to whatever pay the bills or a hundred thousand dollars this month whatever it is.
17:29 Gurjit Pannu: And this agreement means that you pay me the cost, which is 100k plus which is plus a certain markup. So the so if I spend a hundred K today and I'm a 3%, cost plus, it'd be 103,000. I should get from the parent entity once a month for the services that we're providing.
17:47 Gurjit Pannu: That's how the invoicing kind of works. the challenge there though, is, if you don't have visibility in these local entities and how much cash they need, Then you're a bit reactive where, oh, we thought they needed a hundred. They spent 120. So there's short 20. So we got to send the 20 down through a transfer when it's overdrawn And is that a good explanation of kind of like the setup of what you
18:09 Amanda Mitt: Yeah, exactly.
18:11 Gurjit Pannu: did with? Yeah.
18:12 Amanda Mitt: So, this is one of our main issues
18:13 Emma Sjöström: Also.
18:14 Amanda Mitt: I think another one that's for on very specific it's that we are like a global company that and most of all of our kind of Operations are in the US or Asia, but they're mainly in USD, but we are still kind of a Swiss business and
18:32 Gurjit Pannu: Okay.
18:34 Amanda Mitt: our main headquarter is in Switzerland. We have a lot of costs in Swiss francs. So this happened a lot that we don't have enough Swiss francs, but we have, like, we don't receive. We don't, we don't have natural, kind of a natural process for that. It's not that just because we're in Switzerland, we have a lot of sweet springs, you know, actually, if you, if you think about it, we're way more us, kind of Company.
19:00 Amanda Mitt: But they didn't Switzerland, you
19:02 Gurjit Pannu: Yeah.
19:02 Amanda Mitt: know. So this causes a lot of
19:02 Gurjit Pannu: Yeah. Makes a lot of sense. Yeah. Yeah. So you're collecting a lot of dollars, even though you're Swiss company and you have to proactively convert that dollar to Swiss franc to then facilitate all the other stuff, that happens out of Switzerland, essentially.
19:17 Amanda Mitt: Yeah, so we're still like pay a lot of taxes. We can pay taxes in Switzerland, which is great. But I mean, It's still. because we don't, we don't really Yeah, so it's for Treasury is a pain know something like it's growing so that we don't have the visibility of visibility of how many Swiss francs, So for example, we have contracts,
19:34 Gurjit Pannu: No.
19:35 Amanda Mitt: here with Google. So for example, we have contracts So we have the taxes. Like we have a lot of relationship and business, kind of operations in Switzerland. So we need a lot of CHF, but actually, we don't sell a lot in Switzerland. We don't collect. In Switzerland. So that's a big pain.
19:51 Amanda Mitt: We, this is why I focus so much on the currency.
19:55 Emma Sjöström: Right.
19:55 Gurjit Pannu: Hmm.
19:55 Emma Sjöström: So how is this like, is this is this
19:57 Amanda Mitt: I love it.
19:58 Emma Sjöström: very like ad hoc today? Like you just like Oh when and how do you like exchange dollars for this?
20:04 Amanda Mitt: In the
20:05 Emma Sjöström: Yeah.
20:06 Amanda Mitt: in the beginning, it was at Hawk but we have a kind of a mapping here that
20:08 Emma Sjöström: Uh-huh.
20:11 Amanda Mitt: I control.
20:12 Emma Sjöström: All right.
20:14 Amanda Mitt: Sorry. So, it's very simple.
20:19 Emma Sjöström: it's It's small.
20:22 Gurjit Pannu: because,
20:24 Amanda Mitt: All right.
20:25 Emma Sjöström: Thank you. Okay. Tell cash relevant entities.
20:30 Amanda Mitt: Yeah.
20:32 Emma Sjöström: Huh.
20:32 Amanda Mitt: So here we have like in the beginning. It was very reactive so I don't know. I don't know how they were doing it really. But I mean, we like, we would buy CHF when when you we had like we were trying to keep always
20:46 Emma Sjöström: Right.
20:48 Amanda Mitt: million as a safety net.
20:50 Emma Sjöström: Okay.
20:51 Amanda Mitt: By 50 million to be honest, I'm not sure. Because I think we just want to feel like we always have CHF just in case there's not really a clear logic
21:01 Emma Sjöström: Yeah.
21:02 Amanda Mitt: behind it but for example, if I check The historical balance into THF. You will see since maybe I like Lucy and I joined we keep 15 million in the account but before it was just random like some months.
21:18 Gurjit Pannu: Okay.
21:18 Amanda Mitt: up with 1 million THF. Some moms with 10 million. I don't know, like if I can show you later. Um, Just development of the CHF, balance. But now I just have this mapping of our main expenses in CHF. I like a really simple kind of Table with assumptions. and I've been trying to build actually like, A cash flow but it's like really lame.
21:45 Amanda Mitt: I just have kind of Our estimate weight. Let me do a bit. So we usually do eight million calories, 8 million for ecom. And then once a year, we do eight million for tax.
21:59 Emma Sjöström: Right.
22:00 Amanda Mitt: so, I just have the payments level and then I always try to keep I mean, I do this, I used to do the spots so I used to buy CHF on the week that we had to pay our salaries, so whatever that we had left, I would
22:13 Gurjit Pannu: Mmm.
22:15 Amanda Mitt: just cover. So after repair salaries, and the ecom, we have still 15 million, see Jeff left. Just so it never happens that like we don't have visibility honestly like even we don't have planning or care or forecasting for we don't we don't have it for entity. And we don't have precurrency.
22:37 Amanda Mitt: So we have one consolidated plan forecast, Let's say not from the Treasury perspective from the fb&a perspective that we kind of use it as a guideline but it's so there's not really much visibility, you know.
22:53 Emma Sjöström: Yeah, I hear.
22:53 Gurjit Pannu: Yep.
22:54 Emma Sjöström: saying, so please don't take this as a two repetitive question, but I would love like, for you to just summarize, like, What would it take for you to feel comfortable? Dropping that 15 million safeguard on the account?
23:08 Amanda Mitt: um, I think yeah. So the Tms because then we will have So the TM we're working on a process in kitty but to have cash for a cash flow forecast based on because the data we we have the data we just don't have in the right place and in the Treasury Format or perspective, you know?
23:30 Gurjit Pannu: Mm-hmm.
23:31 Amanda Mitt: so what would make me feel comfortable is to have at least kind of Short-term forecasts or data?
23:44 Emma Sjöström: M.
23:46 Amanda Mitt: Process, I would say. So, for example, even if it was manual, but I know I done this before in other experiences. So try really like if you don't really have a TMS, you can build this with your ERP. with your So, you get kind of like the due.
23:59 Gurjit Pannu: M.
24:01 Amanda Mitt: of the AP and the kind of yeah with
24:04 Emma Sjöström: Right.
24:06 Amanda Mitt: collections. I think it's a bit harder you I used before mostly like it depends on the business as well. But assumptions. I would say because for example Since we are retail business, we have part. Like Btc. So We get for example, when customers pay with their credit cards, we get the money super like it's a prof.
00:00 :
24:29 Gurjit Pannu: Three days.
24:29 Amanda Mitt: professional really
24:30 Emma Sjöström: All right.
24:30 Gurjit Pannu: Yeah.
24:31 Amanda Mitt: forecast. You have mercy kind of an assumption.
24:34 Gurjit Pannu: Mm-hmm.
24:34 Amanda Mitt: Based on data and maybe based on growth. So if we know we're opening a lot of retail stores, I I can imagine we will have a lot of Cash in, right? But it's Right? And and then with our wholesale, we do have like due date and we have an AR team that we know kind of when This customer's pay.
24:54 Amanda Mitt: So I combine both of these data so I have ar ap and For on that would be enough. And then, of course, coordinating with different teams. So, for example, just mapping tax payment, just the main payments of the company. So just a mapping with would make me
25:10 Gurjit Pannu: Yeah.
25:10 Amanda Mitt: feel way more. confident with the data, but of
25:13 Gurjit Pannu: that's,
25:13 Amanda Mitt: But of course, It's sorry, go ahead.
25:16 Gurjit Pannu: I don't know. Please go ahead.
25:19 Amanda Mitt: It's two things, I think it's having like knowing how much money we have. And having a short-term mapping of how much we will receive, how much we will pay from our you. And I think it's not just the data, it's also communication with the different teams. So a process of
25:38 Emma Sjöström: Hmm.
25:40 Amanda Mitt: for example, doing Cash flow forecast. Meetings. Let's say, with different stakeholders to kind of align on The operation side of all of those. Movements. Because I mean, just because we have
25:58 Gurjit Pannu: Yeah.
25:59 Amanda Mitt: it in our ERP, you know how it is like each. But I mean, the smaller the subsidiary, the easiest it is to get reliable data, it's for on. But for the biggest one, it's just
26:12 Gurjit Pannu: Yeah.
26:12 Amanda Mitt: there's no math thing. There's no. Standard behavior yet.
26:17 Gurjit Pannu: I think it's it's really interesting. So not gonna go too much into like, how we're thinking about forecasting, but it aligns with what you're saying Amanda, it's we try to recognize specific patterns across the way. That, let's say collections. For example, we understand that dtc it has a specific kind of It should have a specific trend, right? Like you you sell and it settles on the next day every week and it's around this amount or whatever it is.
26:43 Gurjit Pannu: That's that's the specific model that we can use to forecast. How that, how just DTC behaves and then for wholesale, based on this is now your customers paying you, that's a different behavior. So we would add a different model to that forecast. And eventually what you do is you layer the two on top of each other to say, This is the activity that will happen on my account over the next two weeks, 13 weeks.
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27:09 Amanda Mitt: M.
27:09 Gurjit Pannu: And it sounds like if if we're able to accomplish that then that gets you to the visibility around. And the cash you need also ability to kind of see behaviors. The third thing you said is really interesting is like the like a stakeholder forecasting meeting.
27:25 Emma Sjöström: Yeah.
27:26 Gurjit Pannu: To me to me I want to I want to double click into it but to me I think where that could be super cool. And interesting is when something is about to happen. That's against the typical behavior to get a heads up beforehand, then be able to kind of bake that into your forecast and expectations.
27:42 Gurjit Pannu: But what else would you expect in those types of Let's call it a forecasting. Committee meeting.
27:50 Amanda Mitt: I think it's Because I think, I think about this as kind of a way to get the investment strategy like on a more kind of, for example, for the deposits, or for the when we have sur
28:06 Gurjit Pannu: M.
28:07 Amanda Mitt: surplus or cash needs just to get that kind of Confirmation. I think from the Treasury. I mean, because it's really small. So I know that like Lucia That's the thing, I think it's hard because We don't have kind of this. Treasury policy or this Treasury. For example, if I want to invest more money now, we could do so much more with our cash, but we don't, we don't know.
28:40 Amanda Mitt: For example, what's going to like, what's the plan? Like the capital, I don't know. the growth of the company, We don't know if there will be any projects like I don't know if they want to start and you
28:50 Gurjit Pannu: ah,
28:51 Emma Sjöström: Right. Right.
28:51 Amanda Mitt: Like and, you know, with investments
28:52 Emma Sjöström: There's
28:54 Amanda Mitt: I think like or with I mean, we sell like for example, we have here. 80 million GBP 80 million. We don't need that.
29:04 Gurjit Pannu: H.
29:04 Amanda Mitt: I mean we don't need that for operations at all. But I mean, I don't know what if they want to buy like to start a new. Huge office in the UK. I don't know. idea. I'll kind of to see this is such a
29:14 Gurjit Pannu: H. Yeah, yeah. Yeah. Okay.
29:17 Amanda Mitt: strategic view of for There's a name for that. I'm sure there's like a corporate dragon for that, but I think it's like capital. Like, I don't know if it's Capex.
29:28 Gurjit Pannu: Yeah, yeah. Okay.
29:28 Amanda Mitt: Planning or something.
29:29 Gurjit Pannu: are one is. If you have a better, visibility forecast on cash needs across just the business. In general, you can become smarter or not smarter, but, like more intelligently make deposits. Meaning, you could do a longer term deposit, get a higher yield because, you know, for sure that you're not gonna need that money for for anything operational.
29:54 Gurjit Pannu: And the second one, which is really interesting is this thing around multi-currency, and How do you, how do you kind of like bake in strategic initiatives that are going to happen down the road? Even if it's like a year down the road? If you're able to have your team collaborate with you and give you a view on when there's gonna be a need for this cash, then that could allow enable you to then be again, more strategic around how you move.
30:20 Gurjit Pannu: What you invest, what currency you sell out of which currency you buy into. And that's kind of like the ultimate goal when you think about your
30:26 Amanda Mitt: Yeah, because then yeah, exactly in
30:26 Gurjit Pannu: When you think about your, your kind of
30:28 Amanda Mitt: this forecast committee then you get some. I don't know like someone from the leadership team. That knows that About of certain project that will
30:35 Emma Sjöström: Yeah.
30:36 Amanda Mitt: happen because they just have access to that kind of like conversation to that network that I as a kind of
30:41 Gurjit Pannu: Mm-hmm.
30:43 Amanda Mitt: More operational, especially if I don't, you know, so
30:46 Gurjit Pannu: Yeah. Yeah.
30:46 Emma Sjöström: Yeah.
30:47 Amanda Mitt: When someone asks me to do a strategy for the power investments, how it's hard because you just feel very blocked because you don't have access to that kind of strategic. view or even because at on it's true, it's such a, it's very sometimes, it's very like secretive, I think it's a business with it's so competitive.
31:08 Amanda Mitt: Like, For example, we had the light spray stuff. I don't actually have seen the shoe
31:14 Gurjit Pannu: On the shoes.
31:14 Amanda Mitt: like that, we have.
31:15 Gurjit Pannu: Yeah, yeah.
31:16 Amanda Mitt: It's like a robot. So they're like they were buying a lot of machinery for that when we had no idea what it was. and they they couldn't say it because you know,
31:28 Emma Sjöström: Okay.
31:28 Amanda Mitt: So there's like this call.
31:28 Gurjit Pannu: You're like Why are my balances? Violence is dropping so far so so low.
31:32 Amanda Mitt: Yeah.
31:33 Gurjit Pannu: without with
31:35 Amanda Mitt: Yeah. Like what is this or like the day of partnership? You know, like we did the payments for zendaya? We had no idea like That it was, you know, and I think if
31:42 Gurjit Pannu: Yeah. Yeah.
31:45 Amanda Mitt: we don't need to know, but we need to kind of
31:49 Gurjit Pannu: Be prepared for it.
31:49 Amanda Mitt: Have more. Yeah.
31:53 Gurjit Pannu: Yeah.
31:53 Amanda Mitt: for for long term liquidity planning for
31:56 Emma Sjöström: yeah, I totally
31:57 Amanda Mitt: Yeah.
31:58 Emma Sjöström: I'm not.
32:00 Gurjit Pannu: Okay, so if you go back to then on the just on your day-to-day positioning, I'd love to just recap a little bit of what I've what I've heard and happy to have to mind if you have questions or what as well. But so you come in, you log into UBS, you check the balances check for anything that's maybe overdrawn that needs that you might need to fund.
32:20 Gurjit Pannu: You'll check the other banks but not as much because they're probably not as active. And so you're like, okay, I'll check once a week or something like that or you'll look in here on your, on your look or to kind of get an overview around. If something looks a bit off that then prompts you then go back into the bank portals to think about looking at the balances.
32:40 Gurjit Pannu: If you do see something off, then you paying your team on slack. Say Hey, we need some funding and then you would Imagine you, you put in the funding or someone puts in the funding and it gets approved in the baking portal.
32:50 Amanda Mitt: Yeah. Right now, we are at this level that we're doing, I can do most of the cash. Like transfers. So it's really good because that's really easy for like if we do need
33:00 Gurjit Pannu: M.
33:01 Amanda Mitt: Like if we do need to cover it's pretty easy. Like, in previous experiences that it was very limited to kind of only like for example, managers approving. Transfers. But no, we can do it super easily. So we cover pretty fast.
33:11 Gurjit Pannu: Okay. Nice.
33:14 Amanda Mitt: So that so it's way more looking and just looking and looking and trying to find answers. So for someone, if you didn't mean
33:18 Emma Sjöström: Not.
33:19 Amanda Mitt: minus 90 million in the last quarter, my last 90 days, I have this making me nervous, like, I don't know what we're paying. I know we're having some issues with
33:27 Gurjit Pannu: Yeah.
33:28 Amanda Mitt: the networking capital at the moment but
33:31 Gurjit Pannu: Mmm.
33:32 Amanda Mitt: I don't know what it's causing this.
33:35 Gurjit Pannu: Yeah, yeah. And this is where you want to be able to drill down and say, Okay, let me just see at least the transactions that make up this 89 million outflow. Where is he going out of or who are
33:43 Amanda Mitt: Yes, or
33:45 Gurjit Pannu: we paying? And try to build a story around.
33:48 Amanda Mitt: and then, for example, I have this One cool thing that. balances for each currency. Yeah, so we have this kind of target
33:55 Gurjit Pannu: Hmm.
33:57 Amanda Mitt: so, for example, like We have here, a mapping of. We have a lot of USD we just we can keep just 25 like but I mean this is yeah, already kind of needs to be updated but I know kind of high level the target of each currency that I want to have.
34:14 Amanda Mitt: But I think I would love to have like some sort of data. Science to double check this ass.
34:21 Gurjit Pannu: Yeah. Yeah.
34:22 Amanda Mitt: assumptions. do need, you know, the certain balance in each Curr.
34:27 Gurjit Pannu: Yeah.
34:28 Amanda Mitt: currency and And to let me know in case we'll run. Yeah. great because I just look and I know Like an alert or something would be intuitively like, okay, we have 80 million GPP but we don't need it. I know when we have here. So I use this kind of for our spots, but a lot of It just kind of like it's wasted.
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34:49 Gurjit Pannu: Yeah, yeah. So if I'm really, if I'm reading
34:50 Emma Sjöström: To.
34:52 Gurjit Pannu: correctly, the way I read this is you have the entities on the left, on the, on the left hand side in that column and then you have the currencies on the rows and this matrix that, you know, around what, what your target essentially target, balances are at these entities in those currencies.
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35:08 Amanda Mitt: Mm-hmm.
35:08 Gurjit Pannu: Um, I ideally you'd like to have this kind of essentially automated where a system can say, Hey, this is the I This is the target that you should maintain that will keep you not at risk, but it's not overfunded. it's not overfunded. Either by entity, we were thinking about it by account.
35:24 Gurjit Pannu: Actually, even more granular. But you'd like, you, you'd love to see the data that kind of drives the rationale behind, why you have a target balance that you want to keep on these accounts?
35:35 Amanda Mitt: Yeah, and it's all very conservative.
35:35 Gurjit Pannu: And
35:39 Amanda Mitt: here like it's not. I mean I think what I learned always since I don't own was actually to keep like zero balances to go, right?
35:47 Gurjit Pannu: Mm-hmm.
35:48 Amanda Mitt: You don't want to keep money in your bank accounts because you would like to like Yeah, the ideal cash. I think I would love to have just like Asian cash out and target balance, like, super clean. Like, And so, I can just think about the
36:01 Emma Sjöström: Mmm.
36:02 Amanda Mitt: investment strategy about the fork as
36:04 Gurjit Pannu: Yeah.
36:04 Amanda Mitt: refining, the forecast, not really about me checking, you know,
36:09 Emma Sjöström: Right. So those you
36:10 Amanda Mitt: how much we have in the bank account and thinking about it, you know,
36:13 Gurjit Pannu: Yeah.
36:13 Emma Sjöström: Right? So if you were able to arrive sooner or quick to like information around your balances and and potential overdrafted that was just done for you or you could easily see that fast you would spend your time on Investment strategy, Talking to people trying to understand where the business is going, so that you can spend.
36:34 Emma Sjöström: Yeah, you can actually spend more time on the positioning and okay, cool. Is that correctly? Understood like, that's what you That's what you
36:39 Amanda Mitt: Exactly.
36:41 Emma Sjöström: Nice.
36:42 Amanda Mitt: And I mean, yeah. And then like we only pay more attention to CHF, just because we don't have enough of it. That's the only reason why, but it's
36:49 Gurjit Pannu: All right.
36:50 Emma Sjöström: Yeah.
36:50 Amanda Mitt: But it's it's such a yeah.
36:53 Emma Sjöström: Nice. Yeah.
36:54 Amanda Mitt: And yeah, but I mean, you know there's no future like Looking process at the moment, there's no focus. There's no, you know, it's all. So Lucia was like just Don't waste too much time on building something on its on Google Street. Because that's just focus on kariba and mapping and
37:15 Gurjit Pannu: Yep.
37:16 Amanda Mitt: and doing the liquidity planning with controlling like, you know,
37:19 Gurjit Pannu: Yeah, yeah makes sense. Yeah, I think I mean a lot of the stuff Kariba is gonna stop resolve and us as well. Basically, it's getting the first of all is getting the consolidated view. Helps you avoid seeing going to the
37:32 Amanda Mitt: M.
37:33 Gurjit Pannu: bank Portals number one. Number two is, I think, I think Kariba also has a target balancing ability like to say, Okay? Like they could do automatic sweeps based on, whatever, target balance, I don't know if it has intelligence on telling kind of giving you the heads up on what it thinks the target balance should be, I think it really, It requires you to do that analysis.
37:51 Gurjit Pannu: do that Anal. But otherwise like I think some of this stuff will be solved once you go into a system versus kind of right now. You're doing it obviously manually. I had a couple more questions on the positioning, so it looks like you don't have, like, a positioning spreadsheet at the moment.
38:09 Gurjit Pannu: I guess you really don't need one now because it's going into a system. So it's mostly eyeballing it when it comes to the payments, the payment requests. How does that work? Is it just literally a slack message or do you documented somewhere? How does your accounting team know that the movements that you're making are Treasury movements? What's what's kind of like the downstream of You positioning the cash.
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38:35 Amanda Mitt: Okay, so for payments, we have weekly runs so this helps I think this helps a lot.
38:39 Gurjit Pannu: Mm-hmm.
38:43 Amanda Mitt: So payments are usually done with one day of the week. Like the payment the AP team. Tries to book it and every Wednesday. So we will see the cash out every Thursday but then of course, it
38:56 Emma Sjöström: Okay.
38:56 Amanda Mitt: depends on the location. So the UK sometimes it takes three days to process payments so we'll see them on Monday. Many of us will see them on Thursday, like, so that's a big part. And then we, for example, I mean, no one comes and asks for a balance, never only after it's overdressed or if there's no balance like there's no There's not this culture in the
39:20 Gurjit Pannu: Mm.
39:21 Amanda Mitt: company, you know, like for example, for the test payments, I think like we just wondered when the when we do like the just because of previous experience is like when we do the text payment and then we ask but I mean no one for example, no one's, there is no request for balance.
39:42 Amanda Mitt: There is no cash clothing process.
39:42 Gurjit Pannu: Yeah.
39:43 Amanda Mitt: you know,
39:44 Gurjit Pannu: Yeah, yeah, yeah, yeah. The only time after you, when, when they realizes the payment, was it
39:51 Amanda Mitt: Sorry.
39:55 Gurjit Pannu: made, right? And otherwise, it's, it's kind of like the plumbing of where no one cares about the plumbing in their house with all the water is running. But as soon as your water stops working like I need to know about all the plumbing and it's called a plumber, I need help right away.
40:02 Gurjit Pannu: It's similar with cash movements. I think
40:05 Emma Sjöström: Yeah. Okay. Cool.
40:07 Amanda Mitt: And then from the Treasury payments, when we do them, we have a Google
40:11 Gurjit Pannu: Mm-hmm.
40:13 Amanda Mitt: Sheet with. So a good thing is Rodrigo is a cash processing species. So he is the person that will kind of make this bridge between treasury and accounting. And it's good because he's super like into our Operations. And then he's also kind of overseeing the bank reconcation. So he's responsible for that.
40:34 Amanda Mitt: So for example, we have this, let me
40:35 Gurjit Pannu: Yep.
40:37 Amanda Mitt: just open here, we have the FX trade We have the Sheet Google Sheet. So
40:46 Gurjit Pannu: M.
40:47 Amanda Mitt: Like it's a personal story. yeah, when I do a trade, I just this was already here when I joined so it's just like we We met in the Google Sheet, all of this race that we do. So I try to be very yeah. I try to let everyone from accounting know yes.
41:09 Amanda Mitt: Like
41:10 Gurjit Pannu: Yep.
41:11 Amanda Mitt: And I have also distribution.
41:12 Gurjit Pannu: And this is The.
41:14 Amanda Mitt: Yeah.
41:15 Gurjit Pannu: And and this is helpful for them because they want to be able to understand which trade coincides with the settlement. So they'll see let's say a debit of 17 million USD. In one account, you'll see a credit of 15.3 million in another account.
41:29 Emma Sjöström: Right.
41:29 Gurjit Pannu: They'll go to this sheet and they'll say Okay this is all just one transfer, It was just a conversion that was done.
41:35 Emma Sjöström: Cool. So that they can. Yeah.
41:36 Amanda Mitt: Yeah.
41:38 Gurjit Pannu: Yeah.
41:39 Amanda Mitt: And I mean with Treasury I never find difficult. I mean for on I think it's because we don't do many Manual transfers.
41:48 Gurjit Pannu: Mm-hmm.
41:49 Amanda Mitt: And it's usually like Rodrigo is kind of doing them, he's always one. I mean like we always we have for I principle but so to do is always one like it's always me and Rodrigo kind of doing it. And then he's responsible for the bank reconciliation, part of On.
42:06 Amanda Mitt: So I think it's good because he's super kind of into the team already so we don't get for example, pending it very rare to have kind of it's more I think with other teams. So it's not really a big struggle for us, but I think if it's not scalable this process, you know.
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42:23 Gurjit Pannu: Yeah.
42:23 Amanda Mitt: So for example, the company grows a
42:23 Gurjit Pannu: Yeah.
42:25 Amanda Mitt: lot and then you have a big Yeah, I mean I think the tendency to get more external, help more and more for this kind of tests, then I think it can become an issue. I need to have like just manual work.
42:35 Gurjit Pannu: Yeah.
42:36 Amanda Mitt: worksheet because I mean this is fine. We just do two or three spots them. All Max And then when we get to a level, I mean it's just not scalable. So I think it would be nice to have something more ultimately
42:49 Gurjit Pannu: So so if I if I'm catching this correctly, then in terms of Treasury transfers and transactions, it's typically a couple of FX deals just buying this CHF because as you mentioned you run short on that and then you just convert currency to CHF. most of the transfers between accounts are probably handled by the UBS cash pool and then there might be
43:10 Amanda Mitt: Yeah.
43:10 Gurjit Pannu: a few transactions throughout the month where you or Rodrigo have to enter that payment in to move money to fund an account. Typically, the server most likely, the service entities that in a month, might have run a little short.
43:23 Amanda Mitt: And it's like less than 10 per month, I would say like manual.
43:26 Gurjit Pannu: Got it. Yeah.
43:26 Amanda Mitt: to do because we have this but it's not. I mean it's not a it's very agile but it's not a good scenario because like I said for the service and it is we're just there's a lot of risk of tread cash because we just do kind of conservative transfers high amount
43:42 Gurjit Pannu: Mmm.
43:44 Amanda Mitt: And then it just starts to like, we don't really have a strategy to bring the money back in case we over fund the accounts.
43:52 Gurjit Pannu: Yeah.
43:53 Amanda Mitt: that overdraft, you know?
43:57 Gurjit Pannu: M.
43:57 Amanda Mitt: So yeah, and then we have the the investments as well. So the fixed Deposits. That we are just kind of rolling over now.
44:05 Emma Sjöström: M.
44:07 Amanda Mitt: So we have this sheet here, so it's everything in Google sheets as you can see. And so I control them here. I have a database that I do with manually without the help of your the ERP because we don't have for example, like a risk management tool or Yeah, nothing for like, for the instruments, you know, so everything's in Google sheets.
44:32 Amanda Mitt: So if I forget to add an investment here, then the company both I mean, Lucia will think that we have And, you know, we can check this every end of month. We check kind of everything that's posted, but I when we do a new investment I invest I have to ask for approval because it looks because of I guess, Connors like Channel, we have like a Treasury approvals channel.
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44:59 Gurjit Pannu: Okay.
45:02 Amanda Mitt: Sorry not showing my screen but we have I know if I should show it but yeah, maybe I can do it.
45:08 Gurjit Pannu: Yeah. Question on the investment portfolio stuff while you pull that up. So but majority of your depositors, all of your investments are in fixed deposits with with your bangs. So ubsbnp Deutsche bank, I see there. You're not doing many market overnight deposits. Okay.
45:25 Amanda Mitt: No, no. I mean we have some interest bearing accounts other than the
45:29 Gurjit Pannu: Yeah.
45:31 Amanda Mitt: What we do fix deposits, we do it and Emmc.
45:37 Gurjit Pannu: Mm-hmm.
45:37 Amanda Mitt: But it's a money market certificate with UBS and that's it. So, no overnight, no. Nothing. I mean the focus now is really more on the intercom. Like fixing the intercom company.
45:50 Gurjit Pannu: Yeah.
45:51 Amanda Mitt: Um position. So after we do that we will be a little bit more aggressive I think with our investments but until we
45:56 Gurjit Pannu: Mm-hmm.
45:58 Amanda Mitt: have. So it's very kind. Yeah so it's very kind of
45:59 Gurjit Pannu: You got it?
46:01 Amanda Mitt: MM. Yeah. Very conservative and Yeah. So this is like channel that I asked for approvals, and then I also send
46:10 Gurjit Pannu: Mm-hmm.
46:10 Amanda Mitt: email to accounting every time we do an investments, like thing, sending the confirmation. of the Investments. So it via email. I just message like accounting team. Hey we do an investment. This is the The confirmation please book it accordingly and then I try to check our ERP but it's It's still very low like because we don't have many, it's still very manageable, but
46:35 Gurjit Pannu: Yeah. Yeah.
46:37 Amanda Mitt: It's not scalable. So I mean I remember in previous experiences we would have kind of a risk management tool where you would have. Yeah, like kind of Part of it, as part of the TMS, let's say to control all of these investments because I've been if I book them wrong, I don't know when they will.
46:55 Amanda Mitt: For example, when the deposit will The due date, right? Like the So I need to keep add reminders in my calendar because I don't know when I need to like, roll over or
47:06 Emma Sjöström: oh,
47:09 Gurjit Pannu: Because you don't want to get to.
47:09 Amanda Mitt: You know what I mean?
47:10 Gurjit Pannu: situation. Yeah, exactly. You want to get to situation where you might have a three-month, a deposit and you you're actually gonna need the money. So you don't want to add another three months at the end of the three months. And if you don't remember to kind of Cancel or or not roll it over, you trap, your cash, essentially in an investment for three months, which is what you want to avoid.
47:33 Gurjit Pannu: I mean, you could obviously get it back with any of those interest or whatever it is, but
47:37 Amanda Mitt: Yeah.
47:38 Gurjit Pannu: Yeah, got it and are these. So these balances for these time deposits they're in your bank portals right now. How do you how do you check your deposits?
47:46 Amanda Mitt: All right.
47:48 Gurjit Pannu: So the the Google Sheet that you shared, that has like the UBS DB deposits, the interest rate. The Where are you getting that data from? That's from the portal. I imagine. Or that's when you book it yourself.
48:06 Amanda Mitt: Me mapping it. And
48:07 Gurjit Pannu: Okay.
48:09 Amanda Mitt: Interesting. I mean, I get a certificate from the bank like I get a confirmation so but but it's really not like a bank gets
48:14 Gurjit Pannu: All right, right. Okay yeah.
48:16 Amanda Mitt: super annoyed at us because for example, I they yeah, it's like they feel a like they babysitter, you know, kind kind of I think because for example
48:24 Gurjit Pannu: Mmm.
48:26 Amanda Mitt: when there's a deposit like they get nervous, you know, they reach out to us sometimes like, Hey, you have a deposit but the strategy, which is, I mean, I never saw this happen before, like, for example, If you forgot about it, just like good luck and
48:41 Gurjit Pannu: Mm-hmm.
48:41 Amanda Mitt: Just you lose one day of interest, right? So but they're helpful, but they're trying to kind of lose patience with us and
48:47 Gurjit Pannu: What would you?
48:49 Amanda Mitt: And I see that now, they don't care as much.
48:51 Gurjit Pannu: Yeah. What would your ideal situation be on the investment tracking? Like, how would you want to kind of Track this but without it having to be Amanda typing in deals on a G sheet.
49:04 Amanda Mitt: It's yeah, I think this is a huge pain, actually.
49:05 Emma Sjöström: Huh.
49:07 Amanda Mitt: actually. I never had a great tool for this, so I think. In a dream like a dream scenario. I would Get a pop, I think yeah. When I When It would read somehow. I think the when I do the transfer from, I don't even have like I do the transfer, I negotiate the I usually do it with predictity, right? So it would get the information from to take 360 t.
49:39 Amanda Mitt: It would get that rates that I quoted a rate and I booked a deposit. So 360 T is a trading tool
49:43 Gurjit Pannu: M.
49:47 Emma Sjöström: Okay.
49:47 Amanda Mitt: I can show you as well if you want to see it.
49:48 Gurjit Pannu: Yeah, I didn't know that 360t does investments. I thought it only did FX Interesting.
49:54 Amanda Mitt: Know, I can show you but let me open.
49:58 Gurjit Pannu: oh,
49:58 Amanda Mitt: it here. It's a little bit slow. So for example I do it on 360 tea and somehow my TMS disconnected receives. This data that I did a trade and just maybe ask for confirmation. I think. I like that. I like a yes or no. Like
50:12 Gurjit Pannu: Mm-hmm.
50:12 Amanda Mitt: A confirmation that I did something. So I say yes or no. And then it books for me, you know like it books.
50:18 Gurjit Pannu: Yeah.
50:20 Amanda Mitt: This part of me entering the data in a Google sheet. It would just go into a module like
50:24 Gurjit Pannu: Yeah.
50:26 Amanda Mitt: Investment Record Module. I see the book Deal there. I confirmed that it's right. It's it read, right my information. And then when I think, like, I can set up a reminder or something, set up a reminder or because like, I remind me one week before that you have to and in
50:41 Gurjit Pannu: Yeah.
50:42 Amanda Mitt: And in case I want to roll over, I could even say like Yes, do the like, kind of standard rollover email, because it's super standard, right, when you want to roll over it just want to confirm the right like want.
50:53 Emma Sjöström: Okay.
50:55 Amanda Mitt: I I usually I call I I quote on 360 tea before the rollover, I check, if there's any rate that I find much more attractive or not, otherwise because we do have the counterpart. Like we try diversify a bit the counterparty. I just confirm in a role over via email, so all of this could be automated really like there is not
51:20 Gurjit Pannu: Yeah.
51:21 Amanda Mitt: Like there is not much I mean, I think the connectivity would be there if it is clear, I don't know. It's
51:28 Gurjit Pannu: A hundred percent 100%.
51:29 Amanda Mitt: You know.
51:29 Gurjit Pannu: I think.
51:30 Amanda Mitt: And I jump steps. Okay.
51:33 Gurjit Pannu: No, I think I think that makes a lot of sense. So essentially you'd love to be able to do the deal, all the the data of the deal flows into your Treasury management system so that you don't have to key it in yourself and you'd want it to ping you when that deals about to expire.
51:45 Gurjit Pannu: So that you could decide if you want to roll the money at add more decrease or or redeem all of it. All Makes a lot of sense. I mean, that's, that's ideally what we get. But I think in Kariba is gonna do this for you though. No. Or
52:03 Amanda Mitt: We're trying to save.
52:05 Gurjit Pannu: Okay.
52:05 Amanda Mitt: I don't know how it will. Like how exactly will doing keep a parent. I know we were trying to see if they can do the matching.
52:12 Gurjit Pannu: Yeah. Okay.
52:13 Amanda Mitt: First that's a big part as well like you don't I mean you it's really a pain like you do the deal with the bank but you don't know. They got it. Like if they fall like you still need to check if they went through. If they did the, for example, where they send you the confirmation, you need to double to do the matching, right? So if what they confirmed matches with what you negotiated, Because it's still.
00:00 :
52:36 Gurjit Pannu: Yeah.
52:37 Amanda Mitt: Not yeah you I mean I don't know how it is on the bank side I would love to know because I think we imagine sometimes that it's super automated but it's like someone else booking.
52:46 Gurjit Pannu: Yeah.
52:47 Amanda Mitt: there in a Google Sheet as well and you know things can go wrong.
52:49 Gurjit Pannu: Yeah, you'd be surprised. I had a lot of that a few years ago where I would do a lot of the FX trading on FX all similar to 360t and the confirmations used to be pretty messy because like the person fat fingered something or they picked the rock on the behind the scenes and you're thinking, like, I thought this is all automated, so confirmation and reconciliation.
53:09 Gurjit Pannu: Are there for for that reason, exactly, right.
53:12 Amanda Mitt: And it's yeah, it's crazy. I mean I don't know if there's like if you like deposited, I've never had. bank, I think you guys have some of Actually this visibility thing the like our assets. But you cannot really see what the bank did. I mean, you have to kind of trust that there was no many wherever because it's true.
53:33 Amanda Mitt: Like what if they just booked the wrong date for the? They thought you had like a three month tenure and you had I don't know one month, you know, of course then they can.
53:42 Gurjit Pannu: Exactly. Yeah.
53:43 Amanda Mitt: Still. I mean, I think if you have it an evidence of what you negotiated, you can still kind of just talk to the bank and they will. Just cover the cost or whatever. They can just give you the money and stuff, but you never know. Like, it's also whenever there's an error or like it's always very stressful.
53:59 Amanda Mitt: I find. in treasury because they didn't, it's such a high amount sometimes and it's just Yeah, I don't know. so,
54:06 Gurjit Pannu: Yeah, I think, again, the automation and then giving you a sense of security around that what was executed on your side, is what the bank also recognizes, right? So like knowing that everyone Agrees to the terms is key. Got it, okay.
54:25 Amanda Mitt: Yes.
54:26 Gurjit Pannu: Oh
54:28 Amanda Mitt: You want to see 360 or It's a good.
54:32 Gurjit Pannu: It's for Emma tomorrow.
54:32 Emma Sjöström: Yes, which is the thing that you're using.
54:36 Amanda Mitt: I'm sorry, it's not it's a bit scary. I find sometimes like this so it's not
54:41 Tomoya Taniai: interesting to see so many choose the organ of using for day today or you know, for the world
54:47 Emma Sjöström: Yeah.
54:47 Amanda Mitt: so, this is It's just a lot to look at at the same time.
54:57 Gurjit Pannu: Okay.
54:59 Amanda Mitt: So, I take a while, but I use the bridge. I mean, and with you want me now to connect with different providers because We have 360 but we don't really know why as well, like, why? It's such a great tool or not? I know it's not expensive. I think we pay like to to K per year.
00:00 :
55:17 Gurjit Pannu: Really, it's interesting because it's
55:18 Amanda Mitt: But it's you. Yeah.
55:21 Gurjit Pannu: bringing bringing back memories. Were nice, is FX all and he said the same thing with the bridge and that connection, I don't remember why it was called bridge, but my understanding was these systems, actually they don't charge customer or affects all did it. It didn't charge us. It charged the banks to be on the platform.
55:36 Gurjit Pannu: And so we were like, of course.
55:37 Amanda Mitt: Mmm.
55:37 Gurjit Pannu: we'll Because for a bank, to be able to get the FX deals and if the customers doing it on a platform like FX, all the basic I want to be on that platform. So fx I would say, Well if you pay me I'll let you be on here and you'll get some of the deals.
00:00 :
55:54 Amanda Mitt: That's why. So still we can even try to wave that, maybe so that's good. I had no idea like
55:57 Gurjit Pannu: I think he's good. I think I think you should try to say, Hey, look, you know, we do enough especially if you're doing a lot of the Swiss franc volumes, I want to imagine you can probably think a deal out of it.
56:08 Emma Sjöström: Already here.
56:08 Amanda Mitt: I know.
56:09 Emma Sjöström: A lot of patients a long time ago, like it's this is This.
56:13 Amanda Mitt: Sorry. I have no idea.
56:14 Emma Sjöström: Yeah.
56:15 Amanda Mitt: But I'm still trying to see if it's my Internet or maybe but it's usually takes a long time like but it's an
56:20 Emma Sjöström: Yeah.
56:20 Amanda Mitt: annoying. I mean it's not easy like And it's super sensitive. So when you click on something you you just you have to be super careful because it's like a trading platform. So you know,
56:33 Emma Sjöström: Mmm.
56:33 Amanda Mitt: Our style is not like that, but it's
56:33 Gurjit Pannu: Yeah.
56:35 Amanda Mitt: supercentered. So if you click on something you just do the deal like
56:39 Gurjit Pannu: Yeah.
56:40 Amanda Mitt: You have no confirmation like it's for that like, you know, kind of, I think for some process it does make sense but it's it gets a lot of that. I think. Yeah, I think that UI for traders, not for treasures.
56:56 Gurjit Pannu: Yeah, I'm actually really excited.
56:57 Amanda Mitt: I
56:58 Gurjit Pannu: Emma and somebody to see this. So we had a, we had a session like a brown bag session this week around FX. And I was telling them this thing on. I don't know if you guys remember. I was like it's like a screen with a bunch of stuff just like lighting up and whatever going away you gonna hurry up and pick your right? That's that's what we're about to see here.
57:14 Gurjit Pannu: This is the this is what I was actually talking about. what once we log in that is
57:22 Emma Sjöström: oh,
57:22 Amanda Mitt: Yeah. I don't know why it's not. It's wait, let me
57:29 Gurjit Pannu: Well, that's loading.
57:29 Amanda Mitt: see, like I have a lot of dishes with
57:31 Gurjit Pannu: And
57:31 Amanda Mitt: loading and but it will open some
57:35 Gurjit Pannu: What wallet? Yeah.
57:36 Emma Sjöström: Yeah.
57:37 Gurjit Pannu: way through. So we've been essentially. Is that is that all of positioning, what we just talked about there. It's That's, that's your process. Basically day to day.
57:53 Amanda Mitt: Yes, it's that's it. It's that's
57:57 Gurjit Pannu: Nice.
57:58 Amanda Mitt: Yeah, that's it. And then when I have to make a decision, I maybe there's a little bit disc of discussion with Lucia like beers like most of the time.
58:05 Gurjit Pannu: Yep.
58:05 Amanda Mitt: So we don't really have like a standup or anything. We just discuss everything. Yes. Like like really very,
58:17 Gurjit Pannu: Okay, cool. No, I'm I think that's very clear and Should we talk about forecasting? If I, if I heard correctly you don't have a forecast right now. Or are you doing some any summons? A forecasting not
58:32 Amanda Mitt: No, we I can show you like the Anna
58:33 Gurjit Pannu: Yeah.
58:35 Amanda Mitt: plan. Template that we have, but it's
58:39 Gurjit Pannu: Sure if you're using it, if you're
58:40 Amanda Mitt: nothing else.
58:41 Gurjit Pannu: using it. Yeah, I'd love to kind of see.
58:42 Amanda Mitt: No.
58:43 Gurjit Pannu: Oh, you're not using it. Okay.
58:44 Amanda Mitt: We're not using it ended the data, still kind of dummy data.
58:47 Gurjit Pannu: Got it, okay. Okay.
58:48 Amanda Mitt: For now.
58:50 Gurjit Pannu: I think what would be helpful for me. And again, Emma's wife please, please interrupt me, but in regards to forecasting, you've mentioned kind of bringing it into Kariba, As I understand Cariba, you're able to build forecasts by you have your balances because they're being reported into the system. I'll pause there.
59:09 Gurjit Pannu: Let's just, let's check this out real quick.
59:12 Amanda Mitt: yeah, so this So so we use for spots, This is the bridge functionality. So you see it's very like I don't know. I mean, So, yeah, you hear, of course, if you want to buy or sell different currencies and these are the pairs, so I can choose the pairs that I want, and I can do them like, in different time frames.
00:00 :
59:40 Gurjit Pannu: so, this is what
59:40 Amanda Mitt: and then, for example,
59:41 Gurjit Pannu: So guys, the trade that this is how you trade FX on a platform. It's just all. These are like different rates that are being offered to you by the banks behind the scenes. And Amanda would just say, Okay, which one looks the best
59:53 Tomoya Taniai: The.
59:53 Gurjit Pannu: And then you click on it and essentially that's how you close a deal.
59:56 Emma Sjöström: But you don't get to see which bank in store. What am I implant?
01:00:00 Amanda Mitt: Fully.
01:00:00 Emma Sjöström: Not.
01:00:01 Amanda Mitt: No, this is. Yeah you get a frequently like let me Yeah let's just do it. For example, I want to buy some USD and I have some extra hero so it's like Me to fight me. And then this is just a quote. So these are my bangs that if you see here that I have like onboarded to 360 tea so I can decide.
01:00:24 Amanda Mitt: But I mean here you can choose like there's so many banks I think worldwide you see like I don't even know like thousands of things I think
01:00:29 Gurjit Pannu: Yeah. Yeah. Yeah.
01:00:32 Amanda Mitt: That you can connect with, but
01:00:32 Gurjit Pannu: Emma's mentioning was that This The the banks that you put on there, the reason is sometimes matters is because you have to do these is the agreements that take forever to do. So you can't, unfortunately have all the banks as you would take years, just getting them onboarded or builderships but Typically a corporate will do it with their partner, their cash management bank.
01:00:54 Gurjit Pannu: So the ones that are holding their cash and doing their operations will also be your, your foreign exchange.
01:00:58 Emma Sjöström: Makes.
01:00:59 Gurjit Pannu: break as well. Because that's that's then getting their money for the support, the providing and the cash management side.
01:01:05 Emma Sjöström: Right.
01:01:06 Amanda Mitt: Yeah, and then like here so you see it will offer me the best price first. right, so if I click on this, it's already done like I sold Like I
01:01:17 Emma Sjöström: You got to be false.
01:01:17 Amanda Mitt: I, Yes, so you need to we have one minute but I think this you can set up. I think, I don't know why we have one minute. Maybe we can like do I don't know if it's a standard thing. You go over this. If it's
01:01:29 Gurjit Pannu: No, I don't know.
01:01:29 Amanda Mitt: Always one minute.
01:01:30 Gurjit Pannu: No. No, I don't know.
01:01:32 Amanda Mitt: and then, But if I click this, it's done. Like if I accidentally have a theater here and just click on it like it's done.
01:01:39 Gurjit Pannu: You owe five million to Pnp part of us? But yeah, it's it's really interest.
01:01:44 Amanda Mitt: So stressful.
01:01:45 Gurjit Pannu: interesting to see this this piece again. I'm truly getting nostalgia right now When I was using these platforms to on my early days. trade
01:01:53 Emma Sjöström: Nice.
01:01:55 Gurjit Pannu: I'm gonna do a bit of a pop quiz and much more. Do you remember NDF From Wednesday.
01:02:01 Emma Sjöström: Sorry what was it NDF?
01:02:03 Gurjit Pannu: Yeah.
01:02:05 Tomoya Taniai: No.
01:02:05 Gurjit Pannu: This is the not the non-deliverable
01:02:06 Emma Sjöström: No.
01:02:07 Gurjit Pannu: forwards, or these are the currencies that you can't settle.
01:02:11 Emma Sjöström: Some forward, but I didn't.
01:02:12 Gurjit Pannu: Yeah.
01:02:12 Tomoya Taniai: it's
01:02:13 Gurjit Pannu: So this is
01:02:14 Emma Sjöström: One. Oh yeah, cool.
01:02:16 Gurjit Pannu: So this is a situation where yeah you you see that buy and sell being in dollar and dollar on both sides but the overall currency is like brl for example. But you see how on the left you have cell USD or by USD? Anyways, I'll get it. So I want to take away from we're talking about
01:02:35 Emma Sjöström: Yeah.
01:02:35 Gurjit Pannu: And this is where you do your loans and deposits.
01:02:37 Amanda Mitt: so,
01:02:38 Gurjit Pannu: Yeah.
01:02:39 Amanda Mitt: Yeah. So you can choose it. It's a borrow or deposit. So I never do borrow.
01:02:43 Gurjit Pannu: Yeah.
01:02:43 Amanda Mitt: it and we always do in USA, so it's the same. You can just quote, And what's great is like, the bank, sometimes they reach out to us. Like I think it's because on doesn't too many operations. So when they see us like quoting, they are like they reach out to us and you know, I don't know why like
01:03:01 Emma Sjöström: Mmm.
01:03:02 Amanda Mitt: I do it. If us, you know, understand trying to get more business from us, Which is new to me. I don't know. Like the banks in other I mean enough. Why it's just Switzerland being in Switzerland. The banks like, This, I mean, I don't know, they're just like busy.
01:03:17 Amanda Mitt: They don't really reach out for like a 10 million deposit, you know. They will retail for a hundred
01:03:22 Gurjit Pannu: I,
01:03:23 Amanda Mitt: million, maybe 200 million but not far. And
01:03:26 Gurjit Pannu: Yeah.
01:03:26 Amanda Mitt: And then it's 20 years, it happens.
01:03:28 Gurjit Pannu: Yeah, I shared the story with the team on this as well as during our FX hedges. When we were rolling those and we do large FX trades, typically a week before is in the bank, start calling me and asking for to go to go out to lunch, have a meal, you know, because that's their way of trying to get this business.
01:03:45 Gurjit Pannu: But so, as you guys, can imagine, right on at least on this, this platform here, it almost democratizes getting the best rates because the banks to realize that, if you're on this platform that the best rates gonna win and so they can't really screw you. Long spread on an FX or a low rate on a deposit.
01:04:03 Gurjit Pannu: But for the sake of what we're all talking about here is something to think about for us is going to be This stuff right now. Stays in these tools 360t or fx all like the, the trading and the deposits, but the question is, how do we make the process such that when this is done it flows into your cash positions, your TMS your forecast, and your views in a way where you're able to able to To that capture this and have it and have a record of it.
01:04:28 Gurjit Pannu: I think the other flip side what comes before that is I think there's an opportunity for us. If we build a strong forecast, for the next 13 weeks, even if you go beyond that. After that, to be able to say, Okay, you have x amount of dollars or Swiss going to need based off the forecast.
01:04:43 Gurjit Pannu: franc, or whatever that you're not And we have a high high confidence in the accuracy of it. Do you want to go ahead and put this in a deposit? Which is a three months deposit or a one month deposit or whatever. So that you're able to push this deal into a 360 T or an FX.
01:04:58 Gurjit Pannu: All that's kind of pre. That's already ready for that, right? Um, I think there's some opportunities there that we should. I think down the road explorer, but maybe maybe not in the near term but
01:05:07 Amanda Mitt: Yeah.
01:05:08 Gurjit Pannu: start thinking about investments,
01:05:12 Amanda Mitt: And one more thing I forgot like this part of coding is always as early as possible because I don't know, I always learned this. You get the best way to get the best service from these banks really early because, and also, you have like, the cutoff times, right? So, this is a big part of the day as well.
00:00 :
01:05:24 Gurjit Pannu: Yep.
01:05:26 Amanda Mitt: Like the bank,
01:05:26 Gurjit Pannu: Yep.
01:05:28 Emma Sjöström: Yeah.
01:05:28 Amanda Mitt: All of this is cash positioning, like it's always first thing I do in the morning. And if I need to pull or buy or it's
01:05:34 Gurjit Pannu: Yep.
01:05:36 Amanda Mitt: by different kinds, it's always as early as possible. So,
01:05:39 Emma Sjöström: Are interesting. So it gets worse like yesterday, progresses in terms of rates or
01:05:44 Amanda Mitt: Yeah.
01:05:45 Emma Sjöström: interest, why? Why you start?
01:05:46 Amanda Mitt: Usually depends. I mean dependencies, yeah.
01:05:50 Gurjit Pannu: So on the FX side, I know that there's a certain time of the day that all three major effects, hubs are open. So New York, London and Singapore and so there's a lot more liquidity in the market. So therefore you'll get a part comp.
01:06:00 Emma Sjöström: that's, That's
01:06:00 Gurjit Pannu: competitive, right? And then the cutoff pieces, the more important one because there are certain times that you have to do a deal by for it to be considered same day. So in San Francisco, it's really hard. We used to have to get done with all of our positioning and everything by like 9:00 am.
01:06:17 Gurjit Pannu: And getting that like eight o'clock am. So we have one hour to like do all of your positioning all your investments and all your FX especially in the West Coast. I think Europe has a pretty good where you kind of bleed it to
01:06:26 Amanda Mitt: M.
01:06:27 Gurjit Pannu: afternoon if you want but typically cash positioning is the first thing that a treasury does in the morning. Every day for a number of reasons that what we just mentioned. And also, you want to make sure your accounts are funded. No business is being blocked. Your payments are not overdrawn, payment.
01:06:41 Gurjit Pannu: Like being canceled because or because your accounts are overdrawn and that's a core function, right? Is let's get the money where it needs to be. And then after that is, when you start thinking about things like forecasting longer term, where's your cash equity? The, Where's the strategic side of things? That's that comes afterwards.
01:06:57 Gurjit Pannu: The tactical is the positioning of the cash. I had sorry to keep jumping around. I had the question around forecasting. It's gonna be in Kariba Where are you going to get the date? How do you, how do you anticipate? Actually, what data do you plan on using to build your forecast and how do you plan on getting it?
01:07:24 Amanda Mitt: The data from like, for now. For AP. We have a mapping on dynamics of the
01:07:33 Gurjit Pannu: M.
01:07:33 Amanda Mitt: tables we use. so, from the liter 365, we have just open AP, because the problem with on, For short term. So this would be for the 13 weeks, right? We would get and of course for the The T plus one that they already plus kind of zero as well.
01:07:54 Amanda Mitt: then, I'm not sure, but to be honest, for the three months, forget we're playing on using just Open ap c table in dynamics.
01:08:04 Gurjit Pannu: Mm-hmm.
01:08:06 Amanda Mitt: we're mapping this data. So I The problem is, we don't have all of the invoice like we're go. We're also implementing Coupa. And, you know.
01:08:16 Gurjit Pannu: Yep.
01:08:18 Amanda Mitt: we Yeah, so I mean right now I know that Like the invoices, they're submitted ideally 30 days before the due date.
01:08:26 Gurjit Pannu: Mm-hmm.
01:08:26 Amanda Mitt: but it's not like that.
01:08:26 Gurjit Pannu: Yeah.
01:08:27 Amanda Mitt: So, I mean, it's More high level data, that we will
01:08:33 Gurjit Pannu: Yeah.
01:08:33 Amanda Mitt: get. I think for this 13 weeks I think for the 13 weeks will still be super helpful just because we don't have any visibility right now and then then I think we'll also we will have to add some bet jobs in Cuba, you know, to kind of
01:08:51 Emma Sjöström: but,
01:08:51 Amanda Mitt: Read the due dates.
01:08:53 Gurjit Pannu: Okay.
01:08:54 Amanda Mitt: Of the payments. And we have to apply some rules that we're matching with the AP team because for example, If there's a lot of like already, Kind of overdue anyways.
01:09:10 Gurjit Pannu: Yeah, the aging report basically.
01:09:11 Amanda Mitt: Included.
01:09:12 Gurjit Pannu: Yeah.
01:09:13 Amanda Mitt: Yeah, so we're I'm working on a mapping. My kind of a mapping table with AP team. So like, Because from dynamics, we don't get necessarily the correct date from our ERP. So you have kind of All the invoices included in our ERP, right?
01:09:37 Gurjit Pannu: Yeah, that's a problem that we had before, like, in my previous role, we try to do this at Uber, where we said, Hey, let's take all of our invoices that are sitting in our ERP and use that to forecast. How much cash we're gonna need to pay all these invoices, but the problem that we saw there were a couple, There's a few problems with that one.
01:09:53 Gurjit Pannu: Was there were some invoices that were being held for an indefinite period for whatever reason. Like, maybe it was a dispute between us and the vendor or it was a duplicated invoice, that wasn't removed, whatever. But we saw a lot of noise in invoices that are just never gonna get paid.
01:10:10 Gurjit Pannu: So we had to figure out a way to not take that data it because it was, it was basically zero. The other problem we had was with the, with the value dates, which is Okay. The let's just say, today's what September 26th that we have a bunch of invoices that are due on September 30th, but then our AP team for whatever reason ended up paying those on like October 2nd and because of their own process.
01:10:32 Gurjit Pannu: So like the value date never really coincided or like, the due date didn't guarantee that. That's exactly. When the payment would would get made. And the third problem was, what you mentioned, it's hard to control up is invoices, were not loaded into the platform, until like pastor due date.
01:10:48 Gurjit Pannu: And so, as soon as they're put in, And so, as soon as they're put in,
01:10:49 Tomoya Taniai: Hmm.
01:10:50 Gurjit Pannu: they're already overdue. That's what we saw the challenges and where we kind of decided to not rely on ERPs right off the bat on some of the forecasting but rather historical trends in a lot of ways tended to be a little bit more accurate. In comparison.
01:11:05 Amanda Mitt: Same. I I remember like in previous experiences as well. We did some mapping in the European that we used but there were a lot of assumptions and then we had like for the short term we had different process with. Like comparing the payment runs I am
01:11:21 Gurjit Pannu: Yeah.
01:11:21 Amanda Mitt: like one more data source for the really short term, you know,
01:11:25 Gurjit Pannu: Yeah.
01:11:25 Amanda Mitt: That was, Yeah, they accept I don't know because you never know. Like in there's a lot of urgent payments as well coming like, For whatever reason, I don't know.
01:11:35 Gurjit Pannu: Yeah.
01:11:35 Emma Sjöström: Yep.
01:11:36 Amanda Mitt: Law stuff. Like if you have any I think at Uber, you probably, you know, like some
01:11:42 Gurjit Pannu: We had 20 the last.
01:11:42 Amanda Mitt: Last minute stuff. Yeah.
01:11:44 Gurjit Pannu: Yeah, yeah. Bailing out our CFO out of jail, you know, the usual. The
01:11:50 Amanda Mitt: Yeah. God.
01:11:53 Gurjit Pannu: Okay, cool. No again Emma tomorrow. Do you have any questions? Anything else that? Anything?
01:11:58 Tomoya Taniai: Yeah, but about this focus thing. Like Do you do actually communication with this Apk email? Their team get kind of not from the open. Open AP in Dynamics 365 but from some other way. In other way, you get some information, how do you get that?
01:12:19 Amanda Mitt: Yes, at honest. Yes. Like but so we we get sometimes like I think, just We don't have a standard channel like Treasury 80, for example. A But we just go to the AP lead, or today his team. And we ask, like, and then Yeah, like it's very hot, but for example, in previous experiences, we had a daily experiences we had A
01:12:46 Tomoya Taniai: No.
01:12:48 Amanda Mitt: kind of email from AP, this kind of
01:12:50 Gurjit Pannu: Mm-hmm.
01:12:51 Amanda Mitt: This kind of giving a little Debrief of what's going on like, for the day for the payments. And we Treasury also had to kind of confirm. That they could do the payments, like there was an approval process between AP and Treasury. Kind of, This is our payment for the day, but you give your okay? Yes.
01:13:12 Amanda Mitt: Like that's it. so, for bank account, actually
01:13:17 Emma Sjöström: Right.
01:13:19 Tomoya Taniai: know, as a company's you walked no.
01:13:23 Amanda Mitt: I don't know. I mean, I think my way was very kind of old school of tribute. I mean, if you don't have a cash pool, if you have like, it was more kind of this. Well, it's cool working because on has So many tools and the cash pull, we don't really need that.
01:13:37 Amanda Mitt: I don't think it's ideal to get an okay, I don't know. I don't I think it's good to get, like, just, Visibility, but we don't need, I don't think we want approval, you know, in between teams that on we want. like, to be less like Yeah, let's bureaucratic or less kind of hierarchical as possible.
00:00 :
01:13:58 Gurjit Pannu: No.
01:13:59 Emma Sjöström: Yeah.
01:13:59 Amanda Mitt: Like we don't want that.
01:14:02 Gurjit Pannu: Yeah and and like
01:14:02 Amanda Mitt: So we just need.
01:14:03 Tomoya Taniai: Yeah.
01:14:04 Amanda Mitt: Yeah.
01:14:04 Gurjit Pannu: And and like, yeah, good.
01:14:05 Amanda Mitt: No, sorry, it's more visibility, not that we want to confirm and confirm and Yeah. nothing formal with 80 just
01:14:14 Gurjit Pannu: Yeah. Yeah. There's a the same from my experience like basically the way I've been taught by all my like managers and treasures is like We're not a blocker for payments. We're in an enabler and so AP team shouldn't have to ask us. If you have enough cash in the account we should already.
01:14:30 Gurjit Pannu: We should have that in there and they should be able to make payments as they wish it's easier. Said, than of course, right. Especially if you don't have the visibility but visibility helps us. Be that where if we know that what's needed, we can do what we need to do, to allow them to just do their business as usual.
00:00 :
01:14:46 Tomoya Taniai: Right.
01:14:46 Amanda Mitt: like,
01:14:46 Gurjit Pannu: but yet, there's only just say that there, I haven't heard of many instances in which the Treasury is like the sign off for The release of all payments at a company, basically.
01:15:03 Amanda Mitt: policy now. And then she says, like one of our main like Gold. The treasure is to make sure we pay what we need on time and like that. We are, you know, Yeah, exactly what gradient said that we provide the cash always like to honor our vendors honor every like our employees, everyone.
01:15:20 Amanda Mitt: It's not supposed to be kind of like reprise either cash and our Above everything else like No, it's more, the business.
01:15:28 Gurjit Pannu: Yeah. Yeah, 100%. 100
01:15:33 Emma Sjöström: Makes sense.
01:15:34 Amanda Mitt: And I think it's hard with APs like this speaking the same language sometimes just because we don't know what due date means to them, you know. If it's actually the due date, is it really the due date of the invoice? The due date that was booked in the European, or is it actually the day that they want to pay?
01:15:49 Gurjit Pannu: Yeah. As long as AP and Treasury teams that existed, that's been a confusing part of the conversations. There's, there's a lot of that, where it's it is, it is a thing around like, I don't say miscommunication, but sometimes we are speaking different languages which makes it a little bit more challenging.
00:00 :
01:16:11 Amanda Mitt: Yeah, but if you're wondering have this data mapping, I think that could help.
01:16:17 Gurjit Pannu: This is for out of 360 out of a 360
01:16:18 Amanda Mitt: Just like that.
01:16:22 Gurjit Pannu: T.
01:16:24 Emma Sjöström: To.
01:16:24 Amanda Mitt: This is the 365. They had a lot of 360 stuff. but, So it's from dynamics, just what whatever field what they mean.
01:16:35 Gurjit Pannu: Okay. Got it. Okay, got it.
01:16:39 Amanda Mitt: And and I think what will be tricky for? Yeah, excessive thing. Like you have to think about the rules, you have to write them down and you have to like, create Math, like rules and cariba, like so it's three steps like we have, we think about the forecast that we want the data that we want, we
01:17:01 Gurjit Pannu: M.
01:17:01 Amanda Mitt: We met Kitty about the information team kind of understand the dynamics tables and what we want and we have the data teams and then we have to also write it's rows and key by think later, if there's any exception. we want to avoid it as much as possible, but I think you can do a lot of like, roles in Cuba that you can kind of Try to work with the data for Treasury.
01:17:28 Amanda Mitt: You know what I mean? I try to explain, but
01:17:30 Gurjit Pannu: no, I'm sorry, I'm not following as in
01:17:34 Amanda Mitt: I think it's
01:17:36 Gurjit Pannu: Uh, yeah.
01:17:36 Amanda Mitt: The mapping.
01:17:36 Gurjit Pannu: Sorry.
01:17:37 Amanda Mitt: that we need to do and I think that would be one more step in kiriba that
01:17:39 Gurjit Pannu: Yeah.
01:17:41 Amanda Mitt: That like so when we get the forecast for Palm, there will be some treatment.
01:17:46 Gurjit Pannu: Yeah.
01:17:46 Amanda Mitt: of the dating Eva because of the Bedrooms. This is what they're calling. So When they consume the data from the
01:17:54 Gurjit Pannu: Oh, yeah, yeah, yeah, yeah, okay. So yeah. The batch mod or whatever it is where they update the categories or whatever it is and load those into your And Into the, I don't know if it's the
01:18:06 Amanda Mitt: Yeah.
01:18:07 Gurjit Pannu: cash store. Forecast, see Module. Got it, okay.
01:18:11 Amanda Mitt: And this is, I think why you get so dependent on caliber. Maybe this is what I'm imagining
01:18:15 Gurjit Pannu: Yeah.
01:18:16 Amanda Mitt: because then you get all of this
01:18:17 Emma Sjöström: Yeah.
01:18:18 Amanda Mitt: thing all these rules and then All these it only works, think it eBay, I guess like, for the forecast that we need,
01:18:23 Gurjit Pannu: Yeah.
01:18:24 Amanda Mitt: you know, like
01:18:26 Gurjit Pannu: I'm excited for what we we have in the works around around the like again forecasting and the goal being that you shouldn't be having to spend a lot of your time, building mapping rules managing mapping rules. Like We're at a place now, where we should be able to use logic, that kind of behaves in a way that you would expect, without you need a key in every single rule, in This this would actually be kind of helpful for us to take a look at in terms of how you're thinking about these mapping rules because we could essentially, I think, I don't know cracking from wrong Emma.
01:19:02 Gurjit Pannu: But like we can use this as a way to build our own logic.
01:19:06 Amanda Mitt: Yeah, it's true.
01:19:07 Gurjit Pannu: In problem. This is for four questing. Yeah.
01:19:11 Amanda Mitt: Okay, yeah, just the mapping of what like what each field in the table. what each field? each?
01:19:16 Gurjit Pannu: Yeah.
01:19:17 Amanda Mitt: For the market.
01:19:17 Gurjit Pannu: Yeah.
01:19:18 Amanda Mitt: And I also have the orchest data already as well. If you want like a CSV with.
01:19:23 Gurjit Pannu: Up. yeah, that'd be interesting actually because I think so, I think, what we're gonna really try to do is Build a forecast, Build our cash forecast in palm without relying on karibas input outside of the transactions, of course, right? We need the actual data, the big doubt data.
01:19:43 Emma Sjöström: Yeah.
01:19:43 Gurjit Pannu: But we want to be able to try and build a forecast with our own logic based off of our trends and how we we expect. Now, we think, but what we think might be better and be actually would be interesting to compare the results of the palm forecast versus the caribou forecast, because, hey, maybe
01:20:01 Emma Sjöström: What's?
01:20:02 Gurjit Pannu: we find out that all this data that you're pushing into curry, but doesn't really make a positive impact on your forecast. That there's a another way of doing it. So, instead of replacing instead of replicating what you're doing in Kerry, but now in Palm, Palm, I think we want to give an opportunity, we want to give a shot of Building your Forecast in Palm.
01:20:22 Gurjit Pannu: A bit independently of Ariba.
01:20:22 Amanda Mitt: Yeah.
01:20:25 Gurjit Pannu: Right.
01:20:25 Amanda Mitt: Okay.
01:20:25 Emma Sjöström: All right.
01:20:26 Amanda Mitt: Well yeah. We have this app as well. Like, this is the dynamics data. So they did our ERP data.
01:20:32 Gurjit Pannu: Mm-hmm.
01:20:33 Amanda Mitt: And it is not in this independent from Kariba, you know. So it's just the app that we use to see and confirm is Like the tables that that the team in that they're creating for Caribe if they're correct. But this is from like dynamics.
01:20:48 Gurjit Pannu: Yeah.
01:20:50 Amanda Mitt: So did I can easily share as well if you want to just see for example
01:20:53 Gurjit Pannu: Got it. These are, yeah.
01:20:54 Amanda Mitt: the budget code? this is not from Caribou, this is
01:20:57 Gurjit Pannu: this would be, this would be helpful
01:20:57 Amanda Mitt: This is like
01:20:58 Gurjit Pannu: This would be helpful because this is, this is essentially like your invoices and your bills in your ERP system that you would expect to hit your bank statements, at some point and what the transaction and value dates, as you mentioned here, And so, then Kariba would just take all of this consolidated it and then like it would be cash in plus I cop by whatever the those dates are and then that the amounts and that's your that's your kind of short-term forecast.
01:21:23 Gurjit Pannu: Okay, cool.
01:21:24 Amanda Mitt: Yeah.
01:21:24 Gurjit Pannu: I think it could be interesting. I think it could be interest.
01:21:26 Amanda Mitt: Thank you. I could also send you our main bank
01:21:28 Gurjit Pannu: Yeah.
01:21:29 Amanda Mitt: account like us on the other chat inside. Like what our main bank accounts, I can send you as well if you want. If you
01:21:35 Gurjit Pannu: Yeah, so that's a question. I had was like, let's I think the
01:21:37 Amanda Mitt: You know.
01:21:40 Gurjit Pannu: first step instead of trying to tackle every single account and every single forecast, I think. Ideally we start with kind of the bigger account. Like the one that's gonna be the biggest bang for the buck and Yeah. And Is where I recommend it. I don't know Emma, if you have a different thought on this one, but ideally, like I think on a g makes the most sense and
01:22:01 Emma Sjöström: How much? How many transactions do you say? Take place? Per day on those accounts. Do you have like a rough estimate like on your biggest?
01:22:15 Amanda Mitt: I would say, I don't know. I mean, it's hard with the case scenes.
01:22:19 Emma Sjöström: Just-ish like it doesn't have to be.
01:22:24 Amanda Mitt: I think. like, I have no idea. I can check. I don't know. I think the question I have no idea but the questions For example, in the US, I have no.
01:22:35 Emma Sjöström: It's many. Yeah.
01:22:37 Amanda Mitt: like Which I think talent like 100,000 if you I think.
01:22:42 Emma Sjöström: Okay.
01:22:47 Amanda Mitt: I think so.
01:22:48 Gurjit Pannu: Thousands thousands.
01:22:49 Amanda Mitt: Yes.
01:22:49 Gurjit Pannu: of. I don't think out of the ordinary like sounds about, right?
01:22:52 Amanda Mitt: Yes.
01:22:53 Emma Sjöström: Okay, so thousand per week. Okay. Yeah.
01:22:58 Amanda Mitt: Thousand. Yeah.
01:22:59 Emma Sjöström: to know just round.
01:23:01 Amanda Mitt: Million. If I think like, it could go from 10,000 to a hundred thousand.
01:23:08 Emma Sjöström: Okay.
01:23:08 Amanda Mitt: could happen. I think.
01:23:10 Emma Sjöström: All right.
01:23:10 Amanda Mitt: Depending it. This is some crazy. I think so. No I think I don't think so because
01:23:15 Gurjit Pannu: No, no.
01:23:16 Amanda Mitt: we have a lot of like Did you see as well? It's growing. So I think this creates a lot of
01:23:21 Gurjit Pannu: Yeah. That was the part that I. Yeah, because we saw so many small credits.
01:23:24 Amanda Mitt: We have a
01:23:26 Gurjit Pannu: which are just like the individual DTC transactions. So think about how many customers on has, right? So like those are each of those transactions are like its own night. I'm in a way and so that could easily kind of really build the number. So I don't think it's too crazy to be honest.
01:23:40 Gurjit Pannu: Um but I mean we'll all see it once once the data starts flowing into Kariba because we were connected now so once data gets the prod data or the banking information and transactions and we can start reading those as well and we'll be able to get a view on that.
01:23:56 Gurjit Pannu: Okay. Wow man. That hour and a half went by pretty quick for me, at least again. Any any other questions? The team palm? I come to mind.
01:24:08 Emma Sjöström: Not right now, but I'm sure that there will questions.
01:24:10 Gurjit Pannu: Yeah. yeah, I think so to
01:24:12 Emma Sjöström: well, go through everything that
01:24:12 Tomoya Taniai: You know.
01:24:14 Emma Sjöström: like,
01:24:15 Gurjit Pannu: Yeah.
01:24:16 Emma Sjöström: This meeting.
01:24:17 Gurjit Pannu: Yeah, cool.
01:24:17 Emma Sjöström: it's
01:24:18 Gurjit Pannu: So Amanda, thank you so much for driving us through this. I think what we're gonna do is go and I find it, super super helpful. take this back. Let it digest a little bit map out a few things and how we're thinking about it and then get back to you on any sort of like next steps.
01:24:34 Gurjit Pannu: In terms of onboarding, as we mentioned, we went ahead and already connected to Kyrieva. We can see your bank accounts in there. We actually see the in-house banks as well but we're gonna leave those like in-house bank accounts. Let's start with Ihb.
01:24:46 Amanda Mitt: Yeah, exactly.
01:24:49 Gurjit Pannu: Let's start with Ihb those came through as well, but we're gonna, we're gonna disregard those for now because we're not in the in-house banking.
01:24:52 Amanda Mitt: Yes.
01:24:55 Gurjit Pannu: And I think what would be great is if you do think about which accounts do you think are the most impactful for us to start working on from a forecasting perspective? Positioning perspective? We can take those, we'd love to start getting those into palm and then be able to then show you a positioning report and a forecast, and a variance analysis.
01:25:14 Gurjit Pannu: So if you could yeah decide what the historical data, then we can accounts they are and then send over continue with the building out the platform for you guys.
01:25:27 Emma Sjöström: and I'd start, I would start with a counselor in the same currency, I think that would be That would be ideal just to start with.
01:25:33 Gurjit Pannu: Like yeah. Yeah.
01:25:36 Amanda Mitt: Okay.
01:25:36 Gurjit Pannu: essentially.
01:25:37 Emma Sjöström: Which would you feel am?
01:25:40 Amanda Mitt: Like the USD ones are the most important ones for sure. But the ones that we are struggling with the most now it's this HF.
01:25:47 Emma Sjöström: Mm-hmm.
01:25:48 Amanda Mitt: would say so I don't know.
01:25:49 Gurjit Pannu: Okay.
01:25:50 Amanda Mitt: What should we focus on? I don't know. Like Should we?
01:25:52 Gurjit Pannu: What's the, what what's when you say the USD ones are the most important? What is it? Just because of the volume, the size. The
01:25:59 Amanda Mitt: Yeah, excited, like the volume like minute. Like everyone is interested in this account. Honest like to see how these are performing and like the investment around university. Like the cash is there but like the processes That we throw the most with are in the CHF accounts like the Treasury
01:26:16 Gurjit Pannu: Hmm.
01:26:17 Amanda Mitt: processes, you know, because
01:26:19 Gurjit Pannu: yeah, the trading
01:26:19 Emma Sjöström: Alright.
01:26:20 Amanda Mitt: So what I mean part of business, I would say everyone wants to see how you see, like the USC account are performing. So.
01:26:26 Gurjit Pannu: yeah, I would, I would
01:26:27 Amanda Mitt: I don't know. Maybe let's say I can ask her.
01:26:29 Gurjit Pannu: Yeah, I would propose a CHF ones because you said that they give you the most difficulty, because if we're able to solve those difficulties, you should be able to replicate that on the USD one, which are more. So for out like rest of your business to focus on
01:26:41 Emma Sjöström: Yeah.
01:26:41 Gurjit Pannu: So I I recommend GHF if that works
01:26:42 Amanda Mitt: Okay.
01:26:44 Gurjit Pannu: Emma.
01:26:44 Amanda Mitt: Okay.
01:26:45 Emma Sjöström: If for sure, I'm happy to go with your because that would be a functional currency. Anyway. Right.
01:26:50 Gurjit Pannu: Yeah.
01:26:50 Emma Sjöström: And that would be actually not.
01:26:51 Amanda Mitt: Yeah.
01:26:52 Emma Sjöström: I think in this case,
01:26:53 Gurjit Pannu: Yeah.
01:26:54 Emma Sjöström: Yeah.
01:26:55 Amanda Mitt: Yeah.
01:26:55 Emma Sjöström: Cool. Yeah.
01:26:58 Gurjit Pannu: Okay, awesome.
01:26:58 Amanda Mitt: Okay.
01:26:59 Gurjit Pannu: Awesome, sober aligned. And then the next step is Emma's gonna go through this process again but for a week on reporting in
01:27:06 Emma Sjöström: that's,
01:27:07 Gurjit Pannu: Berlin.
01:27:09 Amanda Mitt: I know Emma need to.
01:27:09 Gurjit Pannu: Did you?
01:27:11 Amanda Mitt: to catch up with you and check the dates. Exactly.
01:27:15 Emma Sjöström: Okay.
01:27:15 Amanda Mitt: Did you buy your ticket? You know?
01:27:17 Emma Sjöström: Yeah, I'm thinking with Lucy. Yeah, it's a October 14th through 20
01:27:19 Amanda Mitt: Okay.
01:27:22 Emma Sjöström: 20th. So Monday to Friday and Coming in in the afternoon at some point. October 14. Super excited.
01:27:32 Amanda Mitt: Okay.
01:27:33 Emma Sjöström: Yeah.
01:27:34 Amanda Mitt: Let me know there's anything else that I can help with and prepare you for the week, but it will be super exciting. We're super happy that you're coming. That's your coming.
01:27:42 Emma Sjöström: Don't want to go out of your way to accommodate. I will, you know, I'm happy to just shadow you and I will, you know, ask questions as we go. So,
01:27:49 Gurjit Pannu: Yeah, awesome.
01:27:50 Emma Sjöström: Great.
01:27:51 Amanda Mitt: Okay.
01:27:52 Gurjit Pannu: All right. Well folks thanks again and we will chat soon. I'll summarize some of this into the slack and we'll take you from there.
01:27:59 Amanda Mitt: Okay, thank you.
01:28:00 Gurjit Pannu: Okay.
01:28:00 Amanda Mitt: Very
01:28:01 Gurjit Pannu: Yeah bye.
01:28:02 Emma Sjöström: Hey.
01:28:03 Tomoya Taniai: Thank you.