Recap of the first ‘Meet the Expert’ interview series and full overview

| 04-08-2020 | by Kendra Keydeniers |

A couple of months ago, we started the ‘Meet the Expert’ interview series with experts from the treasuryXL community with different treasury expertise.

Treasury needs to deal with an increasing availability of alternative financial products, intensifying risk management requirements, regulatory and compliance constraints.

What do our experts think about this rapidly growing movements within the treasury world? What developments do they expect in the future? What opportunities do they see?

We interviewed 10 experts over the last 10 weeks and asked them about their treasury career, experiences, the future of treasury and of course how COVID19 impact treasury from their perspective.

Did you miss an interview? No worries, here is a full overview of the ‘Meet the Expert’ series:

 

 

 

Bertus van de Kamp

Senior Business Consultant & Cash Management Specialist

read interview

 

 

 

 

 

Wim Kok

International Business Consultant & Trade Finance Specialist

read interview

 

 

 

 

 

Aastha Tomar

FX & Derivatives | Debt Capital Markets | MBA Finance | Electrical Engineer | Sustainability

read interview

 

 

 

 

 

Michael Ringeling

Corporate Treasury, Corporate Control and Banking

read interview

 

 

 

 

 

Olivier Werlingshoff

Cash- and Treasury management

read interview

 

 

 

 

 

Ger van Rosmalen

Trade Finance Specialist

read interview

 

 

 

 

 

Francois De Witte

Owner at FDW Consult | Sr. Project Manager at Gaming1 | CFO at Safetrade Holding

read interview

 

 

 

 

 

Arnoud Doornbos

Interim Treasury & Finance | Consultant | FX & Interest Derivatives | Treasury Outsourcing| Risk | Fintech | TMS

read interview

 

 

 

 

 

Vinzenco Masile

Treasury Expert/Credit Risk Manager

read interview

 

 

 

 

 

Arnaud Béasse

Debt Management Specialist

read interview

 

 


A big thank you to everyone that worked with me on this series, to everyone that selflessly shared their knowledge and experience with all of us! You guys rock.

If you’ve enjoyed our series so far, don’t worry, this is just the beginning! We are looking into more perspectives to share with you later this year when we will start the second ‘Meet the Expert’ interview series.

Take care and thanks for reading,

Kendra Keydeniers
Community & Partner Manager at treasuryXL

Rent a Treasurer – Joint Venture treasuryXL & Treasurer Search

| 29-07-2020 | treasuryXL | Pieter de Kiewit

Organisations with treasury exposure, without the expertise. The ones of you who know me longer, know this is one of my favourite hobby horses. For a longer period of time I have been tinkering with many plans to help the aforementioned organisations. This led to contributions to treasuryXL as a community and educational institutes like the Hogeschool Utrecht and the Vrije Universiteit. Now we will work on the obvious: bringing highly skilled treasury interim managers to organisations without a treasurer.

Impact on SME’s

Treasurer Search has a long and solid track record in finding interim treasury managers to large organisations with a corporate treasury function. One of our team members reaches out on a continuous basis to these managers to ask them about their availability, skills and preferences. Many of these managers love to work in smaller size organisations. There they can have real impact, save costs, mitigate risk and create opportunities.

Target audience treasuryXL

One of the important target audiences of treasuryXL is the group of CFOs, group controllers and entrepreneurs who, consciously or not, deal with treasury topics. In the content distributed on the platform the following is taken into consideration: non-technical treasury information on a regular basis with a clear upside-story. The communication channels that are used are also the ones that hardcore treasurers might not tune into but other financials do.

Rent a Treasurer

All the pieces of the puzzle have been on the table for a long time. The plans have been there for a long time and now we will act. As Ben Tiggelaar states: “the gap between plans and success is action”. Through treasuryXL you can “rent a treasurer”, click the link for more information about the concept.

Thank you,

On behalf of Treasurer Search, Pieter
On behalf of treasuryXL, Kendra

 

 

Pieter de Kiewit

Owner at Treasurer Search

Proud media partner of the SCF Forum Europe 2019

| 08-11-2019 | by Kendra Keydeniers |

treasuryXL is media partner of the SCF Forum Europe, the world’s leading supply chain finance conference and awards.

The conference will take place on November 28th, 2019 at the Beurs van Berlage in Amsterdam, The Netherlands.

The SCF Forum & Awards brings together over 300 of Europe’s treasurers, procurement directors, banks, technology vendors and academics to learn from each other and set out the future of Supply Chain Finance. Now in its seventh year, SCF Forum has grown to become Europe’s leading supply chain finance event.

SCF Forum is different from other conferences: with an agenda driven by leading business schools and an ethos that is about learning and networking rather than selling, it attracts the treasurers and procurement directors of corporations that are serious about understanding what supply chain finance can do for their businesses.

See an overview of the event speakers here.

Download the full agenda of the conference here.

The SCF Awards presentations will take place at the end of the conference, showcasing the best examples of supply chain finance from around the world.

Keynote speeches, corporate case studies, plenaries and workshops, together with three breakout streams, make up the most comprehensive review of the state of Supply Chain Finance available anywhere.

REGISTER HERE 

and be part of the SFC Forum Europe 2019. We are happy to provide our readers with a 25% discount code on regular tickets. Use the code TXL25 at checkout.

Already registered? Download the SFC Forum Europe app on your mobile (apple or android)  and receive an exclusive offer by treasuryXL.

Looking forward connecting with you at the SFC Forum Europe 2019.

Kendra Keydeniers
Community & Partner Manager at treasuryXL

 

What does the hiring manager know about treasury?

| 23-05-2019 | by Pieter de Kiewit |

Among corporate treasurers IPOs are always the icing on the cake and I have followed Adyen going public. Very interesting is that besides the obvious reasons like increased investments, money for the founders and employees dealing with their stock options, the strategic partners and clients play a role. Clients like eBay and Uber apparently work better together with a listed Adyen. Food for thought….

What does the hiring manager know about treasury?

At least half of our recruitment assignments starts with a message from our client like this: “we have this treasurer, I do not understand what he does but he is leaving. Can you help?”. Of course music to our ears, happy to help. In recruitment for permanent positions HR is involved, very often they also contribute in interim assignments. HR not knowing in detail about treasury is understandable. Especially when the candidate we search does not report into a senior treasurer but, for instance, a CFO, we also encounter a lack of knowledge in treasury with the hiring manager. Is this a problem and if so, how can this be solved?

You might have seen we contribute in the build-up of the Treasurer Test. One of the groups of people we asked to do the test are “financials, not being treasurers”. Their measurered lack of knowledge and interest in the field is obvious. This is of course not a surprise. Treasurers are, amongst others, responsible for funding, payments, management of currency and interest risk. Important enough for the continuation of the existence of an organisation. How can we prevent this important job lands with the wrong person? Some ideas:

  • A track record as shown in a cv is of course a first obvious. A candidate might be too positive about accomplishments, this can be screened by checking references. Screening CVs without knowledge about treasury might be daunting. Simply key word comparison will not work;
  • Worldwide there are only a few universities that pay attention to corporate treasury. Measuring knowledge through academic qualifications is smart (Register Treasurer, CTP, ACT are the most obvious). Currently less then 20% of the corporate treasury population holds such a degree;
  • The aforementioned Treasurer Test will be launched shortly presents skill level and personality and compares with peers;
  • Including knowledgeable experts in the recruitment process will help. We of course are available. Alternatively involving a specialized treasury consultant in the screening process might also work.

I hope you will be able to find the right next treasury team member, secure business continuity and feel confident with your recruitment decision with the above list. We are available to brainstorm and support.

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

Flex Treasurer via treasuryXL: Wij regelen het voor je

| 18-12-2018 | treasuryXL |

Laagdrempelige en hoogwaardige expertise van ZZP’ers uit de treasury wereld voor kleine en middelgrote organisaties die geen treasurer of cash manager in dienst hebben.

WAT IS EEN FLEX TREASURER?

U bent de eigenaar van of werkt in een kleine of middelgrote organisatie die geen treasurer of cash manager in dienst heeft. U denkt waarschijnlijk dat er binnen uw organisatie geen plaats is voor een dergelijke functie. Maar, oordeel niet te snel: ook het MKB heeft behoefte aan professionals als het gaat om treasury en cash management. Toch gaat het aannemen van iemand vaak een stap te ver.

Welke mogelijkheden zijn er?

treasuryXL en Treasurer Search hebben de handen ineengeslagen om laagdrempelige en hoogwaardige expertise van ZZP’ers uit de treasury wereld te koppelen aan kleine en middelgrote ondernemingen die geen treasurer of cash manager in dienst hebben.

We willen met deze dienstverlening geen substituut worden voor de grote treasury consultancy organisaties maar we bieden graag ondersteuning bij vraagstukken die nu onbeantwoord blijven. U kunt de vraag aan ons stellen en wij zullen u vrijblijvend in contact brengen met de juiste deskundige. Leidt dit tot een samenwerking, dan kan dit op urenbasis, als lump sum of in een abonnementsvorm ingevuld worden.

Beschikbare diensten

Wij kennen Flex Treasurers uit verschillende vakgebieden: risk, bankrelaties & technologie, regulations, non-profit, financiering, trade finance, cash management, SME & overige gebieden.

Meer informatie kunt u terugvinden op onze website: https://www.treasuryxl.com/community/flex-treasurer/ . Hier kunt u bijvoorbeeld een overzicht van de diensten vinden die we aanbieden in samenwerking met de Flex Treasurers zoals bijvoorbeeld een treasury quickscan en een treasury coach.

 

Heeft u een bankkosten strategie?

|23-07-2018 | by  Pieter de Kiewit |

Als niet-benoemd ambassadeur van het corporate treasury vak wil ik een lans breken voor de bewustwording over bankkosten. In mijn beleving wordt hier te weinig aandacht aan gegeven met onder andere als consequentie grote risico’s, te hoge kosten en onnodige afhankelijkheid van de huisbank. Een les die we, denk ik, allemaal wel hebben geleerd intussen is dat we niet moeten kopen wat we niet begrijpen. Laat me een paar voorbeelden geven.

Sinds de Vestia bom barstte is er veel gebeurd rond het thema derivaten. Niet alleen grote organisaties bleken deze bankproducten te hebben afgenomen. Soms werden ze aangeschaft omdat er klakkeloos werd geluisterd naar een bankier (die werd beloond voor het zoveel mogelijk verkopen). Soms omdat er werd verwacht dat de rente zou stijgen, terwijl hij verder daalde, met grote kosten tot gevolg. Soms goed doordacht en volledig terecht. Deskundigen met enig begrip van het Uniform Herstel Kader verdienen nu een goede boterham met de reparatie van de derivaten chaos.

Tot op heden kopen veel ondernemingen hun vreemde valuta bij hun huisbank zonder te vragen naar transactiekosten en het verschil tussen aan- en verkoopkoers. Men gaat ervan uit dat de bankier de oprechte adviseur is en negeert dat hij wordt beloond op marge omzet. Intussen zijn er diverse partijen die betere koersen bieden, wat mijns inziens niet direct betekent dat ze de betere partij zijn.

Het laatste voorbeeld dat ik wil benoemen is dat iedereen begrijpt dat een piano vervoeren geld kost maar dat men niet beseft dat een betaling doen, oftewel geld vervoeren, ook met een prijs komt. Mogelijk wordt dit veroorzaakt omdat retail banken in Nederland van oudsher geen kosten aan hun klanten berekenden voor het aanhouden van een rekening courant, terwijl dit in het buitenland wel de standaard is.

Hoe hiermee om te gaan? Vanzelfsprekend kan ik hier niet uitputtend over zijn. Een goed begin is nadenken welke financiële producten uw organisatie afneemt: financiering, cash management en risk oplossingen. Heeft u ze daadwerkelijk nodig, wat kosten ze en waarom worden ze afgenomen bij een specifieke partij. En let wel, kosten overwegingen hoeven niet de dominante te zijn. Gemak, expertise en, ook al klinkt het onzakelijk, het goede gevoel zijn ook belangrijk. Boerenverstand is een goed startpunt en van daaruit kan overwogen worden expertise in te kopen. Dat kan zeer laagdrempelig (zie de Flex Treasurer) tot en met zeer hoogwaardige consultants. Sommigen bieden hun diensten no-cure, no-pay aan.

Ik nodig u uit om kritisch te zijn en stel mijn netwerk graag tot uw beschikking.

 

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

 

Wat zijn de mogelijkheden van een Flex Treasurer binnen het MKB?

09-07-2018 | treasuryXL |

Laagdrempelige en hoogwaardige expertise van ZZP’ers uit de treasury wereld voor kleine en middelgrote organisaties die geen treasurer of cash manager in dienst hebben.

WAT IS EEN FLEX TREASURER?

U bent de eigenaar van of werkt in een kleine of middelgrote organisatie die geen treasurer of cash manager in dienst heeft. U denkt waarschijnlijk dat er binnen uw organisatie geen plaats is voor een dergelijke functie. Maar, oordeel niet te snel: ook het MKB heeft behoefte aan professionals als het gaat om treasury en cash management. Toch gaat het aannemen van iemand vaak een stap te ver.

Welke mogelijkheden zijn er?

treasuryXL en Treasurer Search hebben de handen ineengeslagen om laagdrempelige en hoogwaardige expertise van ZZP’ers uit de treasury wereld te koppelen aan kleine en middelgrote ondernemingen die geen treasurer of cash manager in dienst hebben.

We willen met deze dienstverlening geen substituut worden voor de grote treasury consultancy organisaties maar we bieden graag ondersteuning bij vraagstukken die nu onbeantwoord blijven. U kunt de vraag aan ons stellen en wij zullen u vrijblijvend in contact brengen met de juiste deskundige. Leidt dit tot een samenwerking, dan kan dit op urenbasis, als lump sum of in een abonnementsvorm ingevuld worden.

Beschikbare diensten

Wij kennen Flex Treasurers uit verschillende vakgebieden: risk, bankrelaties & technologie, regulations, non-profit, financiering, trade finance, cash management, SME & overige gebieden.

Meer informatie kunt u terugvinden op onze website. Hier kunt u bijvoorbeeld een overzicht van de diensten vinden die we aanbieden in samenwerking met de Flex Treasurers zoals bijvoorbeeld een treasury  quickscan en een treasury coach.

 

Laatste trends in financiering: oog voor duurzaamheid

| 02-03-2018 | Bianca van Zeventer |

Duurzaam ondernemen wordt steeds belangrijker voor de toegang tot financiering en financieringsvoorwaarden. Al langer wordt door overheid, investeerders en banken kritisch gekeken naar duurzaamheid. Waar voorheen de overheid en gemeentes het initiatief namen, is de financiële sector nu ook een actieve kracht in het stimuleren van duurzaamheid, door middel van maatwerk financieringsvoorwaarden.

Voor financiering van duurzame projecten, zijn door de gemeentes de afgelopen jaren fondsen opgericht, die leningen verstrekken tegen aantrekkelijke voorwaarden.
De Regeling Groenprojecten van de overheid is sinds 2016 van kracht. Deze regeling biedt belastingvoordeel voor groene spaarders en beleggers en daarnaast de mogelijkheid voor erkende banken om via een ‘groen’ fonds geld uit te lenen aan duurzame projecten met een rentekorting. Het zwaartepunt ligt hier vooral op stimulering van energie besparende projecten, duurzaam bouwen en duurzame transportmiddelen.

Naast de overheid, richt nu ook de financiële sector zich, meer dan ooit, op het stimuleren van duurzaamheid.

Duurzaamheiddoelstellingen in financiering laten daarbij een duidelijke verbreding zien. Niet alleen energiebesparing, duurzame energie en CO2 uitstoot krijgen nu de aandacht, maar ook andere – veelal sociaal economische – doelstellingen. Bij de recente financieringen van Philips en Barry Callebaut zijn bijvoorbeeld de kredietvoorwaarden gekoppeld aan een beoordeling door Sustainalytics, die veel breder kijkt naar duurzaamheid. Dit in lijn met de doelstellingen van de Verenigde Naties. De VN heeft in totaal 17 SDG’s (Sustainable Development Goals ofwel Duurzame Ontwikkelingsdoelstellingen) opgesteld ter bestrijding van armoede, ongelijkheid en klimaatverandering.

De aandacht voor duurzaamheid in financiering werkt twee kanten op.
Enerzijds zal financiering voor niet-duurzame projecten en ondernemingen beperkt worden. Banken en investeerders hebben bijvoorbeeld al aangegeven de financiering aan fossiele energie projecten te willen beperken en dat energielabels op onroerend goed een doorslaggevende rol zullen gaan spelen in de toekomst.
Anderzijds wordt duurzaamheid gestimuleerd, door het opnemen van duurzaamheidscriteria in maatwerk leningsovereenkomsten. Wanneer bedrijven aan deze duurzaamheidscriteria voldoen, betalen zij een lagere rente.

Oog voor duurzaamheid loont. Het vergroot de financieringsmogelijkheden en geeft toegang tot aantrekkelijke financieringsvoorwaarden. Bedrijfsgrootte is van ondergeschikt belang. Groenleningen kunnen bijvoorbeeld al worden afgesloten vanaf circa €10.000.

Uw Flextreasurer kan helpen bij het vinden van de juiste, en meest aantrekkelijke financieringsvorm.

Bianca van Zeventer

Treasury and Finance Specialist / Owner of CuCoFin

 

 

 

TREASURY FOR NON-TREASURERS: The good, the bad and the ugly of outsourcing

| 12-02-2018 | treasuryXL |

Planning & OperationsIn January 2018, Carillion – a British construction, engineering and facilities company – entered into liquidation. They had been in existence since 1999 after a demerger from Tarmac, which had been founded in 1903. They were the second largest construction company in the British isles, employing more than 40,000 people and were listed on the London Stock Exchange. They were known for their role in Private Finance Initiative (PFI) schemes – a form of Government outsourcing. Their insolvency has led to the loss of jobs, shutdowns of ongoing projects, and financial losses to more than 25,000 pensioners and 30,000 suppliers.

Outsourcing is a method used by most Governments in Europe to buy a particular service as opposed to providing the service directly. This allows a Government (or a company) to identify their core competencies and to buy in the ancillary services they need to perform all their tasks. A big motivator is of course related to cost. For a company this means only employing those staff that are needed for the core operations and hiring in those needed for non-core functions, such as pay roll. For Governments it allows large direct capital expenditure to be removed from the balance sheet whilst still providing necessary services for maintenance and construction in the general infrastructure within the country.

In simple terms, however frustrated we might be with builders or manufacturers, we generally recognise that it is more efficient – both financially and economically – to have external suppliers perform these functions. We do not possess the knowledge or proficiency to undertake building our own homes or designing and fitting our own kitchens. It is more acceptable to hand complex tasks over to others, and so make the procedure more accountable and manageable.

Likewise for companies it is imperative to determine whether to employ permanent staff to undertake their treasury and cash management operations, or to look at buying in the relevant knowledge and expertise. Many companies do not have a dedicated treasury team. Regularly, the work of a treasurer is incorporated into the work of another existing role within the organisation. This can be performed by the CFO, a controller, or the head of planning and control. Invariably, none of these people actually have the complete skill set to perform the treasury task.

When financing is needed for long term investment, contacting 3 banks and just taking the cheapest quote is not actually the same as getting the best deal. The individual banks could have different standard terms and conditions. The ratios expressed in the bank covenants could also differ from bank to bank. Implementing a hedging strategy for foreign currency requires a deep knowledge of the company’s cash flows, sales and purchases, and comprehensive understanding of the different financial products that can be used to hedge the risks.

Employing someone fulltime to perform these tasks is counterintuitive if there is not enough work for that person to be employed full time. Other staff could be resentful; the person could become disenchanted if there is not enough of a challenge in the work; a lack of continuity within the company could exist.

However, employing someone on a flexible basis to do the work that needs to be done and nothing else, allows direct payroll to be cut, a dedicated and proficient person is employed to perform the tasks, and the company can yet again focus on their core competencies.

Are you facing these issues? Are you looking for a professional solution?
Flex treasurer offer you a bespoke solution to address your individual needs.
Contact us for more information and answers.

 

Lionel PaveyLionel Pavey – Cash Management and Treasury Specialist

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Do treasurers really need instant payments? some implications.

| 30-01-2018 | Patrick Kunz |

 

Per 13 January 2018 we have a new payments service directive (nr. 2) live in the European union, PSD2 for short. One part of PSD2 is the possibility for banks to offer instant payments between banks in the EU. Within max 10 seconds money flows from one bank to the other, also on weekends and on holidays. In this paper I want to discuss the implications for treasurers of instant payments.

Cash flow forecasting

Forecasting is an important part of the daily/weekly routine of a treasurer. He/she needs to predict the future to know his cash/risk/financing position. On the ultra-short term spectrum of this forecast a treasurer might use intraday bank statement (MT942) to take into account the incoming funds during the day. These are often updated hourly. With instant payments a treasurer can have a look at their bank account and the balance that is showing is the real-time balance with all incoming transactions being settled. As said before a treasurer might already have intraday statements but there is (1) a time lag in those and (2) there might be transactions not processed yet. Bottom line this difference amounts to several hours lag. Depending on the size of the company and the amount and size of transactions there is some impact but not very sizeable. Furthermore, those treasurers that do not use intraday balances for their forecasting have no impact of instant payments. However, how about the due payments on non-working days? In the future these are normal payments dates. Previously due payments on weekends are either set on Friday or Monday depending on the terms of the contract. These could now be forecasted on the exact day. But that depends, payments are often done during business hours, so it is possible that nothing changes. Depending on the size of the transactions there is importance to check this with your suppliers and clients. This also depends on bank processing of yourself and your client/supplier.

Bank processing

Instant means instant in time but also in days. In the past we were dependent on the opening hours of the banks and later of the ECB. That could mean that if we send money just after close on Friday and there was a public holiday on Monday we would only see the money coming in on Tuesday. The money was “lost in translation” in between. This is not very modern in an age where we send an email from Tokyo to South Africa in minutes but not money. We could literally fly there with cash and be faster. After all banks have implemented PSD2 money flows 24/7. So also in the weekend and on holidays.
This has an impact on the processing of your bank statement. You now receive bank statement for Saturday and Sunday. Most accounting/treasury departments do not work on the weekends so there is a chance that these statements are not processed. This means you must process 3 statements on Monday. Some companies have automatic processing of bank statements, so the weekend statements might be processed but not (automatically) consolidated leading to more open positions on Monday.
Ok big deal, there is more work to do on Monday due to more bank statements. But there is more: not necessarily for treasury departments. Think about customer services (helpdesk) departments. If a client with an overdue payment calls it would be great if the helpdesk employee is able to verify statements of the customers if the says he has paid or will pay immediately. This however only works if processing is automatic or if the helpdesk employee can access/search the incoming payments on the bank account (which might not have processed in accounting). Not all companies will have this yet.
Overdue calculations might be faulty in some ERP systems as only working days are considered. If a payment is due on Sunday, you can pay on this Sunday and not necessarily on the Friday before.

Conclusion

Instant payments are only a fraction of PSD2 which is often not very interesting for most treasurers. They get some information faster but that does not really help them too much. There is however more to it. Since payments can now arrive and be made in the weekends the cash flow forecasting should now contain 7 days in a week instead of 5. Payment can be spread out more but also receipts will be. Bank processing is more work; 7 daily statements per bank account per week instead of 5. Extra processing or extra automation needed. The extra information might be needed by other departments too even though the treasury/accounting department is not working.
Overall the implications could be bigger then you might think and are different for every company and depending on their existing (bank) processing.
Most bank are planning to introduce weekend reporting by H2 2018 while instant payments are due beginning 2019. For business transactions this might even take until H2 2019.
Some time left but a good time to already think about your current processes in comparison to the new reality under psd2. Treasury is moving to a 24/7 information economy. It’s about time.
Time will tell if there will be fintech’s stepping in helping with above issues with direct connections to the bank, which is another important part of PSD2 but not within the scope of this article.

If you need help with automating your bank statement processing or with your cash flow forecasting, then look at this author and other Flex Treasurers on this website for answers.

Patrick Kunz 

Treasury, Finance & Risk Consultant/ Owner Pecunia Treasury & Finance BV