Thursday, April 29, 2010

Treasury and finance expand to a strategic role

Posted by Mark Brousseau

Corporate finance and treasury officers' roles have expanded from operational to strategic, a move that has been accelerated by the recession.

Eighty-one percent of senior financial executives say that their job is more strategic than this time last year. Forty-four percent of senior financial executives now have daily contact with the CEO and board.

Finance and treasury's responsibility have grown from managing balance sheets and cash flows to include: improving liquidity, increasing working capital efficiency, enhancing cash forecasting, taking advantage of global opportunities and managing fraud. Automating functions is a more pressing need for finance and treasury departments now that they are taking on more responsibilities.

Many companies are still managing multiple vendors to accept customer's electronic payments, rather than saving time by allowing one vendor to manage all of their electronic payment channels.

Source: Wells Fargo Treasury Trends, April 6, 2010

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