What sets a great treasury department apart from a merely competent one? Above all, it’s the ability to eliminate surprises involving cash. A world-class treasury organization knows precisely the business’s current situation and sees clearly what’s coming down the road.
At a glance
- Top-performing treasury groups are proactive—they constantly and accurately anticipate the business’s cash needs.
- They demand accountability for every dollar flowing in or out of the company, creating a cash-centric organizational mindset.
- They also provide focused, relevant reporting for cash users and communicate effectively with operating executives.
- World-class treasury departments don’t need cutting-edge technology, but they do need systems that can automate routine tasks, easily circulate information among accounting and other financial departments, and rigorously measure performance.
- Finally, great treasury departments are adaptable, constantly evaluating and adjusting to the business’s current and future needs.