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Managing a company pension fund - Article
Treasurers and other members of the finance function are often asked either to act as a trustee themselves or to provide professional support to appointed trustees. The challenge is to ensure that the pension fund is managed professionally. Demonstrating good governance is good practice and also provides reassurance to members of the fund. This article provides a guide for companies when managi... |
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IFRS3 & IFRS 4 - Article
All EU companies, listed on a regulated market, will have to prepare consolidated accounts in accordance with International Accounting Standards (IAS) and their successors, International Financial Reporting Standards (IFRS), for accounting periods starting on or after 1st January 2005 at the latest. Companies should be preparing for transition now. Most companies will use comparative figures fro... |
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IFRS 5 - Article
All EU companies, listed on a regulated market, will have to prepare consolidated accounts in accordance with International Accounting Standards (IAS) and their successors, International Financial Reporting Standards (IFRS), for accounting periods starting on or after 1st January 2005 at the latest. Companies should be preparing for transition now. Most companies will use comparative figures fro... |
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Treasury training - Article
All treasury personnel need to continuously update their skills in the face of changing regulations and improvements to technology and products. We look at why a group treasurer should oversee departmental training, why individuals want it and where training is available.... |
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Treasury qualifications - Article
One of the core indicators of the development of treasury as a profession is the increased availability of formal qualifications. This article identifies the range of qualifications available and assesses their benefits to both employees and employers.... |
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Transfer pricing - Article
One of the biggest obstacles to efficient cash management is the various local regulations which apply in every country. Transfer pricing is an issue which arises whenever group entities trade with each other and whenever a cross-border cash pool is established. This article explains transfer pricing and identifies the key issues which need to be addressed in order to satisfy domestic tax author... |
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Withholding tax - Article
Understanding how tax affects cash flow is an important part of the treasurer’s role. As companies take more advantage of the opportunity to centralise cash, treasuries need to be aware of the risk that withholding tax poses to the efficiency of a cash management structure. This article identifies the areas in which treasurers need to be aware of the potential impact of withholding tax. It also... |
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The purpose of accounts - Article
All companies need to prepare accounts for both external and internal audiences. This article highlights their range of uses and describes their principal users. Whether accounts are prepared for internal or external use, the underlying process of data collection, recording and analysis is the same.... |
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Financial accounting - Article
In this article we look at the content of financial statements. We outline which entities determine the level of reporting required and describe the main components of a financial statement.... |
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Management accounting - Article
Over the last few years, the role of a central treasury department has significantly increased as treasury has got more involved in operational aspects of the company. This has imposed a greater challenge on the corporate treasurer who has to exercise control over the treasury at the centre and understand what is going on within the operating companies. At the same time, boards have become ever ... |
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Reporting II - Article
Treasury reports are an important part of the treasury control and management framework. In this article, we examine different types of treasury reports, their formats, features and frequency of distribution.... |
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The role of negotiation in treasury - Article
In order to manage treasury successfully, it is vital to have good communication with other departments and your operating companies. Without this, it is unlikely the company's operations will be coordinated and inefficiencies will result, making the company less profitable. Skilled negotiation is paramount to successful communications and therefore central to a treasurer's role. In this articl... |
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Treasury centre location - Article
We review what factors are important when selecting a country in which to locate your treasury centre. We consider operational and employment issues abd examine the cost implications of locating your treasury centre in a specific country. We also review the regulatory, cultural and political factors. Finally, we look at one increasingly popular location in detail - Hungary. ... |
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The evolving role of the corporate treasurer - Article
The role of the corporate treasurer has changed dramatically in recent years. Changes in regulations, the move towards treasury centralisation and technological advancements are just some of the many factots which have affected treasuries. Treasury is now a key driver of change within many companies and the role of the corporate treasurer has evolved to reflect this. We examine, in detail, the ... |
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Segregation of treasury duties - Article
One of the key strategies used to reduce the risk of error or fraud is the segregation of duties. However, smaller treasuries often struggle to apply this in practice. We discuss the key stages that should be followed in order to segregate treasury duties, the obstacles that many treasuries encounter and the measures that can be taken to overcome them.... |
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Shared Service Centres - Article
As a low cost location with high availability of skilled staff, China is becoming an attractive location for companies wishing to set up a Shared Service Centre in Asia. Shared Service Centres can play an important role in improving internal efficiency within a large group of companies. In this article, we discuss the benefits and challenges of Shared Service Centres and provide an introduction ... |
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Interim treasury staff - Article
Appointing an interim treasurer can be a good way of filling in the gaps when a member of your treasury team leaves or is away for an extended period. Interim staff can also be invaluable when setting up new processes or establishing a brand new treasury. This month we look at the different types of interim treasury staff, the reasons for recruiting them and the pros and cons of this approach.... |
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Internal controls - Article
The importance, value and complexity of many treasury operations exposes companies to significant risk. Losses and mistakes within treasury (whether deliberate or accidental) can seriously affect a company’s financial health. In this article we discuss how a rigorous set of internal controls can be used to create a secure treasury environment.... |
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Treasury security – the role of technology - Article
Technology plays a central role in all modern treasuries. Indeed, most routine treasury operations can now be automated, freeing the treasurer to concentrate on more strategic activities, such as arranging financing and managing bank relationships. Technology plays a dual role in treasury security: while technology can be used to support a rigorous set of internal treasury controls, increasing de... |
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Time for a change? - Article
Progressing up the treasury career ladder is about knowing when to move jobs and when to sit tight in order to gain promotion. The treasury profession is fast paced and there are huge opportunities for ambitious treasurers. In this article we consider how to manage your career to ensure that you make all the right career moves.
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The role of negotiation in treasury - Article
Good treasury management relies on the treasurer being able to juggle a number of different roles while working with external parties and different departments within the company. Negotiating is an essential part of this, so the development of strong negotiating skills is important to the corporate treasurer. In this article, we explore the fundamentals of formal negotiation and look at some com... |
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Tax efficient cash management structures - Article
This is the last in our series of four articles on tax and treasury. The first article dealt with tax efficient (intragroup) hedging activities, the second with efficient (intragroup) loan activities and the third with cash pool management. In this article, we will provide an example of a tax efficient cash management structure that contains all the elements discussed in the previous articles.
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Treasury policy - Article
The treasury policy is a key component of the treasury’s internal controls, providing the framework within which the treasury should operate. However, the treasury policy is, all too often, an outdated and overlooked document with little relation to the way in which the treasury actually operates. In this article, we look at why having an up-to-date treasury policy is important and how to ensure... |
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Developing a treasury policy - Article
The treasury policy provides a framework within which the treasury should operate. As such, it is a key element of the treasury’s internal controls. Last month we looked at the importance of maintaining an up-to-date policy and the various corporate governance requirements that a policy should satisfy. In this article, we look at the process of developing a treasury policy and provide a complet... |
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When staff leave - Article
The turnover of staff in the treasury department can be high. The treasurer should therefore have a clear understanding of the procedures that need to be followed in order to avoid security issues and legal action by disgruntled employees. In this article, we consider the various reasons for members of treasury staff leaving the company and the best practice in each case.
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What’s happening to outsourcing? - Article
The topic of treasury outsourcing was in vogue at treasury conferences and in industry publications in the early 2000s. In recent years this talk has died down, with surveys of treasury functions revealing that interest in the subject amongst treasurers has declined. However, while some providers have moved away from the agency treasury business, others have reported that their outsourcing busin... |
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Essential control tools in treasury operations - Article
Business risk cannot be removed entirely from treasury dealing operations. However, a strict control regime will help to protect against the detrimental impact of internal and external influences on the dealing process. In the first of two articles on treasury controls, we look at key tools used in an effective control framework and specific control measures for the front office.
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Essential controls in treasury dealing operations - Article
Effective control measures within treasury operations protect a company from unauthorised dealing, human error and unnecessary exposure to risk. Last month, we explained some of the key control tools used to achieve this within the front office. In this article, we turn our attention to processes within the back office and consider the role of the middle office within the treasury control framew... |
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Tax Treaties - Article
Tax always has a major influence on treasury transactions and the importance of tax treaties should never be underestimated. Hence the necessity to understand what tax treaties do (or at least are intended to do) and what they do not. This article describes what tax treaties are and gives examples of how these could affect treasury and finance transactions.
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Treasury models - an overview - Article
Multinational organisations are under pressure to minimise costs, improve visibility and achieve tighter control over their financial responsibilities. This drive for greater efficiency has prompted many chief financial officers and corporate treasurers to look closely at activities across the group with a view to developing a more effective framework for treasury operations. In this article, we... |
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Return of the profit centre - Article
As treasuries increasingly focus on driving efficiency, some are taking that to the next step and analysing the real value they are creating. This has created a new model for the profit centre treasury – driven by the analysis of value-add rather than the trading model of the past.
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Ethics in treasury - Article
Business ethics have become increasingly important in recent years, as high profile scandals have demonstrated how quickly unethical practices can ruin an organisation’s reputation. As a result, legislation like the Sarbanes-Oxley Act has increased the amount of documentation a company is required to provide in order to verify its dealings. In this article we look at the importance of business e... |
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Treasurers today – the treasurer’s skill set in 2008 - Article
Much has been said about the changing nature of treasury and how it has expanded to include a very broad range of tasks compared to its traditional focus on payables and receivables. The treasurer’s role is constantly evolving and as it does, so do the skills treasurers need to perform their jobs effectively. In the first of two articles on the role of the treasurer, we explore some of the skills ... |
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The treasurer’s role within the organisation - Article
The role of the treasurer has come to encompass a greater range of responsibilities over the last few years. Far from being predominantly a cash controller, today’s treasurer is often expected to be an integral part of the organisation, communicating with a number of other departments, as well as overseeing and advising on financial decisions. Following on from last month’s article on the skills a... |
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The treasurer’s role in the supply chain - Article
The treasurer’s role has evolved considerably over the years and it now encompasses a much broader range of activities than ever before. The concept of the financial supply chain has also been developing and has had a significant impact on the role of the treasurer. Over the past couple of months we have looked in some detail at the role of the treasurer in relation to the company; this month we e... |
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Treasury Management - Article
With fears of a recession looming, treasurers are increasingly looking at how to improve efficiency and drive down costs. Benchmarking is a key tool in determining and implementing best practice for treasury. This month we consider some of the techniques that can be employed in the benchmarking process.... |
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SSCs: the multi-function approach - Article
As Shared Service Centres enter the next stage of development, new locations are being sourced, new structures are being used and interest is increasingly being shown in what is being described as the multi-function approach. In this article we examine how the latest evolutionary changes in SSCs have redefined the functionality of the first centres seen 20 years ago. ... |
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