Dennis Hoyt
(616) 656-7770

Expertise

You may be a small or middle-market company with no fully-developed treasury department. Or a much larger company with a treasury department spread too thin. Either way, you don't always have the time or talent in-house to complete all of your treasury and financial projects on schedule. And it's costing you money.

HTS is your "treasurer for hire," allowing you to outsource your treasury and financial projects to an expert. HTS provides you the opportunity to better leverage your own financial staff, and benefit through improved project quality and greater savings.

Hoyt Treasury Services specializes in performing treasury-related financial projects. Built on over 20 years of financial and treasury experience, the firm offers cost-effective treasury services on a project basis – from just a few days to several months in duration.

With HTS, your project will be performed in a professional and confidential manner. Results will be timely and of high quality – allowing you to avoid the detail, and focus your attention on your organization's goals!

Specializing in...

Bank, Lease, and Private Placement Financings

Seek out new lenders. Negotiate improved financing terms, better and more meaningful covenants, and better pricing. Prepare a credit agreement summary for management reference, and develop pro-forma F/S covenant compliance model for required reporting to lenders.

Result is a financing that is best suited to your company's needs, with greater availability, better overall terms and pricing, and improved covenants.

Distressed Company Assistance

Working directly with the company or as part of a larger workout group, prepare short-term forecasts, fulfill court/lender reporting and other requirements, and identify opportunities for improvement: further cost reductions, business restructuring for greater efficiency, sales of non-productive assets, negotiation of refinancings and/or forgiveness of debt.

Result is more accurate reporting designed to fulfill all court and lender requirements including Chapter 11 and borrowing base reporting, daily cash-flow monitoring and reporting, and cash-flow forecasts. Additional efforts result in a greater likelihood for turnaround due to lower costs, cash from asset sales, refinanced debt, and greater efficiencies of operations.

Due Diligence and Merger Integration

Working directly with company management, review, document, and opine on all treasury-related activities of the target company. These include existing financing agreements and activities, banking and other vendor relationships, covenant compliance, hedging activities, cash-flow forecasts, insurance, controls over receipts and disbursements, Sarbanes-Oxley, etc. A plan can then be developed for the integration of the target company’s treasury department, should the merger take place. Upon any merger, further efforts include the assimilation of all activities and balances of the target into the purchaser, development of processes and procedures, training, and the development/improvement of the needed reports and controls.

Result is a due diligence report for management which documents and summarizes the target’s current status and any concerns, as well as a plan for the integration of all activities. Upon the merger taking place, additional efforts result in an optimally-structured, staffed, and run treasury department for the combined entity.

RFPs for Credit, Debit, and Gift Card Processing

Review your card processing costs in detail, analyze the problems (interchange downgrades, excessive charge-backs, etc.) and their causes, discuss/determine your current and future needs. Develop a customized RFP that addresses your specific card processing needs, document and analyze vendor proposals, and assist with vendor selection and the processor conversion.

Result is lower processing costs, and a processor best fit for your future volumes and needs.

Sarbanes-Oxley and SAS 112 Projects

For companies needing a few more experienced resources for their Sarbanes-Oxley or SAS 112 projects.

Leading or working with your internal control project team, direct or assist with project planning. Assist with software tool selection as needed. For areas assigned, review and document (via narratives, flowcharts, risk and control matrices, etc.) all significant processes and accounts, and their related controls and weaknesses. Design and execute tests of controls, remediate control weaknesses, and develop and document policies and procedures.

Results in a greater likelihood of completing your control project on time and/or at a lower cost, than if only done internally or fully-outsourced.

Cash Management Reviews

Review bank accounts and services, cash flows and procedures, internal controls and reporting. Identify opportunity costs related to inefficiencies, weak controls, high cash balances, and excessive vendor charges. As with Sarbanes-Oxley work, this type of project includes reviews of controls over cash management. However, in addition, it also focuses on preventing external fraud, improving reporting, and identifying and recommending areas for reducing the many costs related to cash management.

Resulting report provides recommendations and a detailed action plan for reducing cash management costs, improving upon banking services and internal controls, and strengthening procedures and cash management reporting.

Interest Rate and FX Hedging and Accounting for Derivatives

Review current interest rate and FX hedging procedures and activities. Identify potential short and long-term exposures relative to acceptable levels of risk. Determine the most effective hedging strategies for the Company, including netting and the use of derivative instruments. Develop/revise procedures to allow for the optimal controls over and proper accounting of these transactions and related derivatives.

Result is more efficient, better controlled, and less costly method of transacting business related to borrowing costs and utilizing foreign currencies.

Forecasting - Cash and F/S

Prepare short or long-term forecasts of company's daily or weekly cash-flows and position, or of its monthly financial statements. Also, develop and document procedures for updating the forecasts by internal personnel going forward.

Result is a significant improvement in the methodology used by the Company to determine future positions - whether cash, debt, investments, or other F/S items.

International Cash Management

Review current hedging processes of FX cash and loan balances and activity. Identify potential short and long-term exposures relative to acceptable levels of risk. Determine the most effective hedging strategies for the Company, including netting and the use of derivative instruments. Develop/revise procedures to allow for the control over and proper accounting of FX transactions and any derivatives.

Result is a more efficient, better controlled, and less costly method of transacting business utilizing foreign currencies.

Treasury Management Reviews

As opposed to the tasks performed in a Cash Management Review (above), this review focuses on the company's overall strategies relative to industry best practices in the areas of debt and investments, use of available technologies, foreign exchange risk management, disaster recovery planning, staffing allocation and levels, and other areas.

Resulting report provides comparisons to industry practices and numerous recommendations for improvement.

Interim Treasury Positions

Functioning as Treasurer, Assistant Treasurer, or Director, perform and/or oversee ongoing corporate treasury functions while the Company is short-handed. During this time - and as a result of HTS’ involvement in the Company’s treasury operations - HTS is also able to identify and document opportunities for improvements in processes, reporting, cost reduction, controls, and other efficiencies.

Result of interim role is the proper fulfillment of all treasury responsibilities, with an independent and objective road map established for further improvements to be made in the Company’s treasury department – leading to a better structured and lower-cost treasury function.

RFPs for Banking Services

Develop a request for proposal for banking services, analyze bank responses, and assist with bank service selection and implementation.

Results in rationalized and improved banking services.

Cash Management Reporting and Software

Analyze cash management reporting needs and recommend the best overall solution for you - from a simple internally-developed “Daily Cash Report” to vendor software for deposit reconciliation, POS exception reporting, TWS, etc. Assist with report writing and/or implementation.

Result is the best cash management reporting software for your needs.

Other Financial Projects

Other projects include:

• Payroll and Purchasing Card programs
• Feasibility and Benchmarking Studies
• Electronic Invoicing implementation
• A/P and A/R Processing Reviews
• 401k Plan selection

We specialize
in performing treasury-related financial projects and helping our clients achieve their financial goals