La gestion centralisée de trésorerie ou cash management un ...

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    S A L R C W _ L Y C W C A C I C _ O N W Y C _

    ([NWL_ R)

    VVVVVVVVVV

    BNOS@YC IC IWFLY

    IC__ GNA^SC_ & BLANAOC_

    Wcspfasng`c [r. _y`vlc ic OFS__CWESC_

    @N EC_YLFA OCAYWN@L_CC IC YWC_FWCWLCFS ON_M DNANECDCAY 8

    SA [WFISLY GNAONLWC CA [@CLA C__FW

    pnr

    [nson` ONSGCWY

    Ddflrc sfutcau Ilrcotcur ic Ddflrc 8

    Ca vuc ic `fgtcatlfa D. @nurcat YCW_CSW

    Iu IC__ Gnaqucs & Blanaocs

    Naac Salvcrsltnlrc 8 7;;; / 7;;>

    _csslfa 8 Fot. / Afv. 7;;>

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    7

    _FDDNLWC

    WC_SDC CY DFY_-O@CB_

    LAYWFISOYLFA

    [WCDLCWC [NWYLC 8 @N[[WFOMC YWNILYLFAAC@@C IC

    OCAYWN@L_NYLFA IC YWC_FWCWLC

    OMN[LYWC > 8 @C ALRC@@CDCAY OFD[YNG@C FS RLWCDCAY [FSW _F@IC

    (XGN)

    _cotlfa > 8 @c vlrcdcat pfur sf`ic trnasbrfatlrcs

    _cotlfa 7 8 @c vlrcdcat pfur sf`ic antlfan`

    _cotlfa ? 8 @nssfolntlfa iuac ocatrn`lsntlfa ic trsfrcrlc antlfan`c ct iuac

    ocatrn`lsntlfa trnasbrfatlrcs

    OMN[LYWC 7 8 @N BS_LFA ICOMC@@C_ FS OCAYWN@L_NYLFA AFYLFAAC@@C

    _cotlfa > 8 @c bfaotlfaacdcat ic `n ocatrn`lsntlfa aftlfaac``c

    _cotlfa 7 8 @cs icux bfrdcs ic ocatrn`lsntlfa aftlfaac``c

    OMN[LYWC ? 8 @N OFD[CA_NYLFA IC_ _F@IC_

    _cotlfa > 8 @n prntlquc brnanlsc

    _cotlfa 7 8 @n prntlquc `trnaecr

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    ?

    ICS]LCDC [NWYLC 8 LAYCWACY CY CSWF, IC BFWDLING@C_

    NOOC@CWNYCSW_ IS ICRC@F[[CDCAY IS ON_M

    DNANECDCAY

    OMN[LYWC > 8 @C_ N[[FWY_ ILAYCWACY INA_ @C IFDNLAC IS ON_M

    DNANECDCAY

    _cotlfa > 8 @n ilbbuslfa ct `n ecstlfa ic `labfrdntlfa

    _cotlfa 7 8 @cs npp`lontlfas iLatcract `n ecstlfa ic trsfrcrlc

    _cotlfa ? 8 @n sourlt sur Latcract

    OMN[LYWC 7 8 @CSWF CY @N OCAYWN@L_NYLFA IC YWC_FWCWLC

    _cotlfa > 8 @cs ldpnots ic `curf sur `n ecstlfa ic trsfrcrlc

    _cotlfa 7 8 @c omflx iuac gnaquc

    _cotlfa ? 8 @n ocatrn`lsntlfa ic trsfrcrlc curf, rn`lt fu blotlfa

    OFAO@S_LFA

    YNG@C IC_ DNYLCWC_

    GLG@LFEWN[MLC

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    9

    WC_SDC

    @n ecstlfa ocatrn`lsc ic trsfrcrlc inas ua erfupc latrcssc ic p`us ca p`us icatrcprlscs inas

    `c dfaic ct `n p`upnrt ics gnaqucs fbbrcat nuhfurimul `curs o`lcats ocs scrvlocs. @cs

    ilbbrcatcs tcomalqucs fat tfutcs pfur fghcotlb ic pcrdcttrc nux catrcprlscs ic ercr `curs

    `lqulilts inas `cs dcl``curcs ofailtlfas ct ic dnalrc nutfdntlsc. Latcract ct `curf sc

    rv`cat ic bfrdling`cs noo`rntcurs iu ivc`fppcdcat ic `n ecstlfa ic trsfrcrlc.

    N`` fvcr tmc wfr`i dfrc nai dfrc ofrpfrntlfas nrc latcrcstci la onsm dnanecdcat bfr tmclr

    erfup nai dfst fb tmc gnajs afw fbbcr tmls scrvloc tf tmclr oustfdcrs. Ymc ilbbcrcat

    tcomalqucs n`` mnvc tmc sndc purpfsc wmlom ls tf n``fw ofdpnalcs tf dnanec tmclr onsm la tmc

    gcst ofailtlfas nai la nutfdntci wny. Latcract nai curf prfvc tf gc bfrdling`c nooc`crntfrs

    fb tmc icvc`fpdcat fb onsm dnanecdcat.

    DFY_ O@CB_

    OCAYWN@L_NYLFA IC YWC_FWCWLC ON_M [FF@LAE

    EC_YLFA IC YWC_FWCWLC ON_M DNANECDCAY

    GNA^SC_ GNAJ_

    LAYCWACY LAYCWACY

    CSWF CSWF

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    3

    Dcs slaorcs rcdcrolcdcats

    Dfaslcur @nurcat Ycrscur

    Rloc-[rcslicat

    E`fgn` Onsm Dnanecdcat

    (Icutsomc Gnaj NE)

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    2

    LAYWFISOYLFA

    @cs sfolts iua ddc erfupc sfat ic p`us ca p`us sfuvcat ndcacs dcttrc ca ofddua

    `curs ilspfalgl`lts blanaolrcs nbla ifptldlscr `n ecstlfa ic `cur trsfrcrlc e`fgn`c. L` cst ca

    cbbct brqucat nu scla iua erfupc quc ics sfolts ilspfscat icxoicats ic trsfrcrlc n`frs

    quc inutrcs iflvcat bnlrc bnoc ics gcsflas ic blanaocdcat ct fat ifao ua gcsfla ic

    trsfrcrlc. If `lic, is `frs quua erfupc cst ofastltu, quc `cs sfolts qul fat ua gcsfla

    ic trsfrcrlc pulsscat bnlrc nppc` oc``cs qul ilspfscat iua cxoicat.

    Ilbbrcatcs tcomalqucs sc sfat dlscs ca p`noc ct sc ivc`fppcat, tc` pflat quc `cs

    ofavcatlfas ofdduadcat nppc`cs pff`s ic trsfrcrlc , rscrvcs l` y n quc`qucs naacs

    caofrc nux ernais erfupcs, stcaicat prfercsslvcdcat nux pctltcs ct dfycaacs catrcprlscs.

    Ocs pff`s ic trsfrcrlc iflvcat slasorlrc inas ua onirc prols ct rcspcotcr ua ocrtnla afdgrc

    ic re`cs, tnat ca dntlrc blson`c quc ic irflt ics sfolts fu irflt gnaonlrc.

    Sa ocrtnla afdgrc ic bfaotlfas ic trsfrcrlc, nu scla ic `catrcprlsc, sfat susocptlg`cs itrc

    ofaocracs pnr uac ecstlfa ocatrn`lsc fu offrifaac ic `n trsfrcrlc. Fa trfuvc

    prlaolpn`cdcat `n ecstlfa ics dfycas ic pnlcdcat, tc``c quc `n prpnrntlfa ct `cavfl ics

    lastrudcats ic re`cdcat (omqucs, vlrcdcats, cbbcts ic ofddcroc), `n tcauc ic `n pfsltlfa

    ca vn`cur, ocst ilrc `n itcrdlantlfa trs ofurt tcrdc ics gcsflas ic p`nocdcat fu ic

    blanaocdcat, `n ecstlfa ics sf`ics gnaonlrcs, ocst ilrc `n itcrdlantlfa iu sf`ic quftlilca

    ca vn`cur ic omnquc ofdptc gnaonlrc ct `n rn`lsntlfa vcatuc``c ic `qul`lgrnec ic ocs

    ofdptcs, `n ecstlfa ics gcsflas ct ics cxoicats ic trsfrcrlc qul ofaslstc rn`lscr `cs

    fprntlfas ic p`nocdcat fu ic blanaocdcat aocssnlrcs `n rn`lsntlfa ics gcsflas ic

    trsfrcrlc, ``ngfrntlfa ics prvlslfas ic trsfrcrlc dfyca tcrdc ct cabla `n iblaltlfa ic `n

    strntelc blanaolrc.

    @n dlsc ca p`noc iuac trsfrcrlc ic erfupc, icstlac ocatrn`lscr fu offrifaacr `cs

    notlvlts ic ecstlfa ic trsfrcrlc iua cascdg`c ic sfolts, pcut ofaocracr tfut fu pnrtlc ics

    bfaotlfas dcatlfaacs ol-icssus. @fghcotlb earn`cdcat pfursulvl pnr `n dlsc ca p`noc

    iuac ocatrn`c ic trsfrcrlc nu scla iua erfupc, icstlac ercr `cs gcsflas ct `cs cxoicats

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    5

    ic trsfrcrlc, vlsc riulrc `caicttcdcat e`fgn` ofurt tcrdc vls--vls ics tng`lsscdcats ic

    orilt. Nlasl, pnr ua systdc ic prts catrc bl`ln`cs iua ddc erfupc, oc`ul-ol fptldlsc

    `cascdg`c ics pfsltlfas igltrlocs ct oriltrlocs ic omnouac ics catlts dcdgrcs iu pff`, ca

    vltnat ic rcofurlr nu systdc gnaonlrc. Oc`n vltc quc ics sf`ics oriltcurs, `cs ipts vuc,

    ac sflcat pns rduars, iu dflas ` f `n rduarntlfa ics ofdptcs cst latcriltc, ocst ilrc

    prlaolpn`cdcat ca Brnaoc sl `fa sc sltuc `omc`fa curfpca. Oc`n pcrdct pnr nl``curs

    ``ldlantlfa ics iofuvcrts, earntcurs ic brnls blanaolcrs. Ic octtc dnalrc, `c erfupc

    rn`lsc ics ofafdlcs, ca tcrdcs inelfs ct ic ofddlsslfas.

    @n dlsc ca p`noc ic pff`s ic trsfrcrlc iflt trc ofabfrdc ua ocrtnla afdgrc ic prlaolpcs ct

    ic re`cs. @cascdg`c ics pnys curfpcas ofddc inl``curs `cs nutrcs Ctnts iu dfaic

    npp`lqucat `n ocatrn`lsntlfa ic trsfrcrlc ua ocrtnla afdgrc ic re`cs, quc oc sflt ca dntlrc

    blson`c, gnaonlrc, fu irflt ics sfolts Nlasl pnr cxcdp`c, ca Brnaoc, `nrtlo`c @. 3>>-5-? iu

    Ofic dfatnlrc ct blanaolcr (naolca nrtlo`c >7-? ic `n `fl iu 79 hnavlcr >

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    =

    l` rlv sur `cs notlvlts ct `cs ofdptcs ic scs bl`ln`cs, scst vltc rcaiuc ofdptc ic `latrt quc

    pfurrnlt rcprscatcr pfur c``c `n ecstlfa ocatrn`lsc ic sn trsfrcrlc. L` acst pns rnrc ca cbbct

    quc inas ua erfupc, ics sfolts sflcat struoturc``cdcat ibloltnlrcs n`frs quc inutrcs

    eneacat ic `nrecat, if octtc lic ilastnurcr ua systdc ocatrn`ls ic prts ct icdpruats

    icstla fptldlscr `n ecstlfa ic `n trsfrcrlc ic omnouac ics catrcprlscs ct iu erfupc.

    Ilbbrcatcs tcomalqucs ic ocatrn`lsntlfa ic trsfrcrlc ( onsm pff`lae ) fat t `ngfrcs

    ct/fu sfat ivc`fppcs pnr `n prntlquc ([rcdlrc [nrtlc). @n ocatrn`lsntlfa ic trsfrcrlc n

    ofaslirng`cdcat vf`u nu ofurs ic ocs icralrcs naacs, prlaolpn`cdcat onusc ics icux

    bnotcurs qul sc sfat rv`s trc ic bfrdling`cs noo`rntcurs ic sfa ivc`fppcdcat 8 Latcract

    ct `Curf (Icuxldc [nrtlc)

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    ).

    @nutrc tcomalquc cst nsscz ilbbrcatc ic `n prcdlrc inas `n dcsurc f nuoua trnasbcrt ic

    bfais a'latcrvlcat, scu`c `n pfsltlfa ics ofdptcs ics ilbbrcatcs sfolts pnrtlolpnatcs tnat

    ofaslirc ua dfdcat t pfur `c on`ou` iua sf`ic e`fgn` nu alvcnu iu erfupc, pcrdcttnat ic

    iblalr `c dfatnat ics nelfs ius pnr `cs uacs ct ics latrts oriltcurs ius nux nutrcs, ` f `n

    `els`ntlfa `c pcrdct. Octtc tcomalquc ic ocatrn`lsntlfa aftlfaac``c fu pff`lae aftlfaac`

    cst nussl nppc`c buslfa iomc``cs (Omnpltrc 7).

    Ca dnrec ic ocs icux tcomalqucs, `n ecstlfa ic trsfrcrlc ofaant nussl `n ofdpcasntlfa ics

    sf`ics, rscrvc tfutcbfls uac ddc catlt hurlilquc, ddc sl pnr nl``curs oc``c-ol pcut bnlrcpnrtlc iua erfupc (Omnpltrc ?).

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    >;

    OMN[LYWC >

    @C ALRC@@CDCAY OFD[YNG@C

    FS RLWCDCAY [FSW _F@IC

    @n ocatrn`lsntlfa nutfdntlquc ic trsfrcrlc cst uac tcomalquc ifat `cs dfin`lts sfat blxcs

    pnr `n ofavcatlfa ics pnrtlcs ct qul snvrc iuac utl`lsntlfa trs sfup`c. C``c pcrdct

    icb