Tag Archive for: ernie

Interview | 8 questions for Sugandha Singhal, Vice President – Head Treasury at SRF Limited

24-10-2022 | treasuryXL | LinkedIn |

 

We are so happy to embrace Sughanda Singhal as one of our newest treasuryXL experts for the community.

Sugandha is a Treasury Professional with diverse experience in Treasury, Strategic Planning, MIS, and Business analytics. She is passionate about breaking down complex problems and solving them using system-oriented thinking. With strong focus on process improvement, she has lead transformation of the treasury function both in terms of cost-effectiveness and process agility. A firm believer that real change in society must start at individual level she channelizes her spare time in volunteering for the cause.

Sugandha is also the highly commended winner of Adam Smith Asia Award for ‘Best working capital management solution’, winner of ‘Finance Transformation Initiative award of the year’ with C2FO and ‘Out of box thinker Award’ by SRF Limited.

 

Sugandha’s impressive career is an example for many. What is her secret? What drives her to perform at such a high level every day?

Well,…. let’s find out!

 

We asked Sugandha 8 questions, let’s go!

INTERVIEW

 

1. You have an impressive career in Treasury coming all the way up where you are right now. What is your secret?

The secret of success is not just one single mantra but a combination of smart habits. I realized very early that in treasury you spend most of your working hours networking and executing. Back home being a mother to two lovely teenage girls, I have always been hard-pressed for time. Thus changed my early morning routine to dedicate an hour to planning my work. I started setting up weekly learning goals to be completed flexibly during the week. Another important change was developing independent opinion through research rather than being influenced by what others say. These small habits practiced over the years helped me achieve my targets successfully.

2. The last two years must have been incredible for you, winning great awards for example. We are curious about what makes you most proud in your career?

While yes, I have been fortunate to lead certain critical projects that were recognized widely. When I think of what makes me proud it’s not any one project or an award but the journey I have taken as a woman and especially as a mother. I feel proud when I see youngsters, especially girls getting inspired by my journey and motivated to become leaders themselves. Being in a position where one can more effectively encourage and empower young women and girls to become leaders is an accomplishment that matters.

3. What do you like about working in Treasury?

We are living in very exciting times when digital transformation is still unfolding and is providing a wealth of learning opportunities. What I love about my current role is the fact that I have this unique opportunity to shape the future of the Treasury function and how it interacts with other processes/people in the business. It’s the everyday challenges and fast-paced work that excites me about my role.

4. What is your Treasury Expertise and what expertise gives you a boost of energy?

While I had the opportunity to lead multiple aspects of corporate treasury like borrowing, investment, policy formulation, working capital management, risk management, hedging, etc. what excites me the most is transforming the working capital landscape through business process re-engineering and digitalization.

5. What has been your biggest challenge in treasury?

The biggest challenge in treasury has been managing people while driving change.  On one hand, you have new technology, new compliances, new solutions that you need to implement, and on the other hand you have internal teams resisting change. This means while you are busy implementing the project through data architecture, solution design, onboarding suppliers & customers, etc. you are also leading a cultural change within the organization. To succeed, one needs to ensure the wider adoption of a digital mindset and overcome resistance to change through upskilling and communication.

6. What’s the most important lesson that you’ve learned as a treasurer?

The two most important lessons that I have learned as a Treasurer are first, the only constant in our profession is change, and second, people are the anchor helping you sail through this sea of change. While we all know that change is inevitable and that people are the key, somehow, it’s often easily forgotten. In my experience, if you know the right person at the right time, half the task is done. I feel what has made a difference in my career is networking and relationship building.

7. How have you seen the role of Corporate Treasury evolve over the years?

I would say over the last few years the role has not just evolved but has completely transformed from being transactional to being strategic. Internally, in the past, treasury was all about ensuring fund availability, dealing with trade products, hedging, and managing excess funds. Today we are seen as the strategic partner to businesses who actively provide solution sales, re-engineer business processes, and act as an advisor to top management. Externally, the environment in which we operate has transformed, we now see very high volatility, significantly increased speed of information sharing, digitalization, enhanced compliances, and ESG focus that has made corporate treasury more agile and tech-oriented than what it was a few years back.

8. What developments do you expect in corporate treasury in the near and further future?

In the future, corporate treasury will become pivotal in driving the corporate sustainability initiatives. With corporates formalizing their ESG pledges, the treasury department will be expected to apply the ESG lens on everything from raising capital and investing surplus cash to supply chain finance. Secondly, the treasury team will become more and more connected to core business activities such as sales or procurement focusing on meeting fast-changing expectations/requirements of both customers as well as suppliers. Lastly, technological disruption will continue in ways beyond what we can imagine today, and treasury teams will be expected to be the front leaders in driving this transformation.

 

Want to connect with Sugandha? Click here

 

Thanks for reading!

 

 

Kendra Keydeniers

Director Community & Partners, treasuryXL

Interview Haia Aaraj, Recruitment Consultant at Treasurer Search

11-10-2022 | treasuryXL | LinkedIn |

 

Speaking about a rockstar within recruitment for treasury you think about Haia. She started working for Treasurer Search as a Recruitment Consultant at the beginning of this year and celebrated many successes with the team since then.

Haia is a down-to-earth, spontaneous and proactive human being with a hilarious sense of humor! You will be very lucky to work with her as someone who is searching for a next treasury adventure or if your company is in need of a treasurer.

 

 

We wanted to know Haia a bit more and we asked her the following questions. Happy reading!

7 questions for Haia, let’s go!

INTERVIEW

 

1. Treasurer Search is a recruitment business for treasury based in the Netherlands. What is your role within the company? And can you tell us more about your background?

I’m a recruitment consultant at Treasurer Search, so I’m mainly responsible for assignments from our clients to hire treasury professionals (from A to Z), and here we’re talking about Juniors up to executive level assignments. About my background, I have a Bachelor in Sociology and a high Technical Diploma in Management. I started in recruitment since 2016 doing some internships, and officially started as a recruitment assistant at a medical centre, then a company in Dubai where I made my way to the upper level and I left as a Recruitment manager. I moved to the NL and started at Treasurer Search in Feb, 2022.

2. How would you describe Treasurer Search in 3 words?

Well-connected / Transparent / Professional

 

3. What is, in your perception, the biggest benefit for clients and candidates to work with Treasurer Search?

They will be working with Recruiters who are experienced in both recruitment and treasury, so we know who a good cash manager or group treasurer is. At the same time, Treasurer Search provides a transparent recruitment process, no surprises or hidden info, alongside the smoothness in communication.

4. You started at Treasurer Search with zero knowledge about Treasury 8 months ago. Now you are a Rockstar in matching the right candidate with a client. What’s your secret?

In today’s world, everyone can learn whatever they want in no time, the resources available are at a wide range. For me it was mainly reading, attending online courses, and of course, learning from the experts in this field.

 

5. How do you stay informed about the recruiting industry combined with treasury trends?

Attending as much helpful webinars as possible. Also following the stars in both industries is very helpful because you need to stay up-to-date, don’t you?

 

6. What do you think is the most rewarding aspect of being a treasury recruiter?

Being a treasury recruiter widen your aspects of how the financial management works. You forget about traditional roles in business finance and you learn treasury is way more than the basics that the public knows.

 

7. What are you most proud of in your career at Treasurer Search so far?

When I started at Treasurer Search I was new to the country, and the treasury. This is where my colleagues played the big part and helped a lot through time. Now I’ve integrated well in the society as well as learned a lot about treasury. Mainly, I’m proud of my colleagues who played an essential part in this big movement for me.

 

Want to connect with Haia? Click here

 

Thanks for reading!

 

 

Kendra Keydeniers

Director Community & Partners, treasuryXL

The FX-Files: Secret Treasury Alternatives to Global Bank Accounts

08-03-2022 | Ernie Humphrey | treasuryXL | LinkedIn |

When businesses engage suppliers across new cross-border frontiers, many assume that they need a separate bank account to make payments. Even the most seasoned treasury professionals assume they need foreign bank accounts or need to manage relationships with providers of foreign exchange currency services to make payments across international borders? Is there a better way?

I recently spoke on a webinar where we discussed the challenges of international accounts payable, and the value in investing in AP automation from supplier on-boarding to making international payments via one payment file which is funded in US dollars and affects payments to suppliers in multiple currencies.

The business case for investing in AP automation is multi-dimensional and compelling for companies of all sizes. International AP automation done right empowers top line growth by impacting productivity within and beyond the AP department and improving working capital by facilitating supplier relationships that allow companies to take more control of how and when they make payments. International AP automation also mitigates invoice processing costs which are inherently inefficient due to the number of people. processes, and systems involved in processing an invoice, let alone one denominated in a foreign currency.

Pain points for accounts payable, which are magnified by international accounts payable include the following:

  • Supplier On-Boarding– a supplier relationship starts with onboarding. This can make a great impression on a new supplier or be the beginning of ongoing friction with a supplier.
  • Supplier Communications– effective communication is key to effectively managing supplier relationships. Asymmetry of information (can your supplier see what your AP team can see), and a lack of visibility into supplier activity and conversations leads to unnecessary disputes and hours spent on the phone resolving issues (many of which are perceived rather than actual and could have been avoided)
  • Information Exchange– pushing paper back and forth, especially across borders, leads to inefficient communication and represents a significant inherent barrier to effective AP processing in terms of how long it takes and how much it costs to process invoices.
  • Invoice Processing Time– the more it takes to process an invoice the less opportunity to take and negotiate payment discounts. Efficient invoice processing enables financial agility in terms of controlling when suppliers are paid and improves working capital management
  • Payment Timing– time is money. The more control a company has over when they pay suppliers the better. More control of the cash conversion cycle should translate into a positive impact on the bottom line.
  • Tax, OFAC & FCPA Compliance– doing business across a new international border can create tax, legal and regulatory compliance exposures. A failure to manage these exposures effectively can do quite a bit of damage to the bottom line.
  • FX Risk Exposures– new liabilities in currencies other than the functional currency of your company either create new FX exposures or impact these exposures. A failure to effectively manage FX exposures show up in the “FX gain/loss” line of a company’s income statement.

The value proposition for investing in international accounts payable is evident in how many ways international AP done right impacts the bottom line:

  1. Mitigates invoice processing costs & the payment of duplicate invoices
  2. Mitigates time spent resolving supplier issues/disputes
  3. Allows discount opportunities to be captured
  4. Facilitates early payment program opportunities
  5. Impacts the productivity of employees processing invoices
  6. Mitigates payment processing costs
  7. Rebates from commercial card payments
  8. Improves working capital management
  9. Impacts the productivity of employees approving & affecting payments
  10. Mitigates FX Risk Exposures
  11. Mitigates the Cost & Complications of International Bank Relationships

 

If you want to learn more about how to leverage automation to manage international accounts payable, including how your company can affect international payments by funding one amount in USD, I invite you to experience the recording of The FX-Files: Secret Treasury Alternatives to Global Bank Accounts webinar.

 

 

Ernie Humphrey
Seasoned Treasury Expert
& CEO Treasury Webinars

Cash Management in the Digital Age: Redefining Visibility & Control

15-02-2022 | Ernie Humphrey | treasuryXL | LinkedIn |

Access to cost-effective technology and greater data availability are redefining best practices in cash management. Many cash management pain points that were common even a few years ago are no longer causing treasury professionals headaches and sleepless nights.

On paper, effective cash management has always appeared simple. You need to have visibility and control of cash. Cash visibility means knowing current available balances, what happened and when it happened relative to all cash inflows and outflows for all bank accounts.

Cash visibility means having access to all balances and activity in your bank accounts. Historically, this has been a huge challenge. It required direct interaction with each bank to give you assess to the information you needed either through a bank portal or having the bank send you the information in a standard formatted message, an MT940 message for example. Imagine even 10 banks with a few being international banks and this task was difficult at best. I know this because I was involved in cash management at a company that had over 60 accounts in 12 different countries back in the early 2000’s. The best-case scenario for a treasury professional was to have to carry around many bank tokens and get IT resources allocated to manage any messaging from banks.

The good news is that there are now providers of cost-effective treasury management systems (TMS) that take on the challenges of gathering all information from your banks and getting relevant information to you in a timely manner in an easy-to-read dashboard. The following is a “Then vs. Now” illustration relative to the task of establishing visibility of cash in bank accounts courtesy of TIS, a leading TMS provider.

Control of cash means that informed decisions are being made relative to when and how payments are made, and cash is received. Payments and receipts are not just being scheduled and received based on the preferences of suppliers, customers, or at the convenience of accounts payable, accounts receivable, and/or treasury staff. Establishing control of cash means understanding how and why cash movements are taking place, and then optimizing the timing and types of payments and receipts (check, ACH, corporate cards)

Historically this has been challenging as accounts payable and accounts receivable were often run in silos, and there was limited visibility into what was going on and why for treasury professionals. Furthermore, accounts payable and accounts receivable were reporting up to the controller, and not up through to the Treasurer. Treasury professionals were handcuffed to a great degree in managing the cash conversion cycle.

Given more focus of investors on free cash flow and advances in technology relative to accounts payable and accounts receivable management, CFOs have given more attention to accounts payable and accounts receivable. This has meant that accounts payable and accounts receivable are no longer allowed to run in silos or viewed as purely back-office functions. At many companies, accounts payable and accounts receivable are collaborating much more with treasury professionals, and in some cases reporting up to treasury leaders.

Cloud-based accounts payable solutions are providing companies with visibility into all aspects of accounts payable, facilitating better relationships with suppliers, improving the productivity of those involved in the accounts payable process, giving companies more control of when and how they pay suppliers, and vastly improving the forecasts of payments.

Cloud-based accounts receivable solutions are providing companies with visibility into all aspects of accounts receivable, facilitating better relationships with customers, improving the productivity of those involved in the accounts receivable process, giving companies more control of when and how they get paid, and vastly improving the forecasts of receipts.

Advances in technology have turned what used to be cash management nightmares into dreams of optimizing all cash movements (how and when) which, frankly, can be a reality at companies of all sizes with the right people, processes, and systems.

Thank for reading!

 

Ernie Humphrey
Seasoned Treasury Expert
& CEO Treasury Webinars

 

Meet our Expert | Interview Ernie Humphrey, CEO of Treasury Webinars

31-01-2022 | Ernie Humphrey | treasuryXL | LinkedIn |

 

We are happy to introduce our newest treasuryXL expert, Ernie Humphrey.

Ernie serves as the CEO of Treasury Webinars. Over the past three years Treasury Webinars have delivered thought leadership webinars to over 15,000 treasury and finance leaders across the globe.

Ernie has extensive experience as a long-time treasury manager and previously served as the Director, Treasury Services at the AFP.

Ernie’s dedication within the treasury ecosystem has been awarded with an impressive list of recognitions over the last years. He keeps on learning and surprising us, this man sure doesn’t sit still. We are excited to welcome him into the treasuryXL community.

Curious to know more about Ernie and his adventures?

We asked him 8 questions, let’s go!

INTERVIEW

 


1. How did your treasury journey start?

Actually, it has been a fairly interesting journey. I started working as a marketing analyst at a fast- growing mid-market public company in Fort Wayne, Indiana, Franklin and Electric. When I first started I was “asked” to be in charge of the golf outings. I would interact with the CFO and Treasurer during the golf outings. I would let it be known to the CFO I would like to work for him as I was a bit “out of place” in product marketing.

After about a few golf outings, the CFO invited me to his office asked me whether I was seriously interested in a role in finance. At the time, they had an open vacancy for a treasury role as a Treasury Specialist. Their Treasury Department consisted of only one treasurer. At that time Franklin Electric had bank accounts in over 16 countries, over 5 continents and over 50 bank accounts. So, speaking about the start of my treasury journey, these were my first steps.

I think my start in treasury is an example which shows that it is important to have your brand out there. The CFO noticed that I could really bring people together at the golf outings, as everyone out there was having lots of fun. I had all people wearing all the marketing attire, so that was how I got my foot in the door.

2. What do you like about working in Treasury?

I think the biggest thing which made me like my work at Treasury at Franklin Electric was that no day was the same. We only had a small department, which made it possible to get really involved in almost everything. For instance, we were involved in global cash management, risk management and coordinated all the global insurance financial risk. I also enjoyed helping manage and administer the benefit plans of our company. We really had our footprint across the whole organization. Operating within multiple departments gives you a clear overview of a company. You get familiar with every department and every facet of the business. You really have your fingers in the pie and that’s very exciting.

3. What is your Treasury Expertise and what expertise gives you a boost of energy?

Well, the first thing I was really involved in was global cash management and I am still very versed in this area. Cash management has always been a passion of mine. I am always interested in what is going on, especially in terms of technology. Another topic which has always excited me is bank relationship management.

I used to work as Director of Treasurer Services at the Association for Financial Professionals (AFP) in Bethesda National. In this role, I was helping with managing the Bank Relationship management suite. As this was something near and dear to my heart, it is still something I love to talk about. When I speak on webinars and seminars of the AFP, relationship management is often involved. I still have an appetite for short-term investments and benefit plans of accounting administration.

During my last few years, I have really been focusing on treasury technology, as all the recent RPA and AI developments have help move treasury into a more strategic role. I have tried to stay on the forefront of these developments as it can really benefit Treasury.

And also really in advancing technology has empowered companies to take more control of cash through more visibility into the how and why of cash movements through AP and AR,. If AP and AR don’t report up to Treasury, I believe they should. Along those lines, also become involved in business partnering.

Lately, I have been creating and sharing quite a bit of treasury content. For example, I have spoken on my own and the webinars of other organizations and created surveys on how to impact the professional success of Treasury professionals. My latest content is mainly focused on how treasury professionals can really take control of their careers. For me, the foundation for a successful treasury professional is an impactful personal brand.

4. What has been your best experience in your treasury career until today?

Wow, that is kind of a tough one. I would say the things that were most valuable to me were:

  • My time at AFP, I was in charge of the Retail Treasury Forum in New York City.
    This was a big undertaking for me. I head to take control of an entire conference which was very exciting. It provided me opportunities to connect with treasurers and people from over 500 companies like Tiffany’s, Ikea, Big Five sports. The event went well and proved to me that I could take the challenge and collaborate with people who I looked up to. I managed to get people to work with me and follow my lead , so that was cool.
  • Another thing which was really great is that I created and delivered the Treasury and Finance Virtual Forum.
    I experienced this a couple of years ago. This was the first real virtual conference for finance professionals. Delivering a full-blown virtual conference had been really a dream of mine for a long time to accomplish. I made this happen as a one man show, as I organized and delivered the entire conference by myself. We had a tremendous number of registrations, the attendee feedback was amazing and it was a big success.

5. What has been your biggest challenge in treasury?

As a practitioner in Treasury, my biggest challenge has been just staying on top of my game. I try to engage with as many treasury and finance leaders as possible to make sure I stay on top of my game and help them to do the same.

Also, every day I try to spend some time networking. Networking is something where I invest my time and I think everyone should do that. Next, I think it is also important for me to deliver relevant content that offers value to the world of treasury. Furthermore, be professional, stay connected and know what is going on in treasury and why.

6. What’s the most important lesson that you’ve learned as a treasurer?

There are a couple of lessons I have learned in interacting with thousands of treasury professionals over the past several years. The first thing that comes into my is: to listen. Really listen to what other people saying, before you should respond.

Also, don’t forget that we are all humans. Nobody is perfect, and we all make mistakes. That it is all right to be yourself at work. You should be authentic, no matter what. And as a leader, you should be empowering other people in accomplishing their goals.

7. How have you seen the role of Corporate Treasury evolve over the years?

The evolution of the treasury function is depended on mainly two big things:

  • First thing which I noticed is that treasury professionals need to be more social.
    I try to educate treasury professionals about this by doing a lot of public speaking about this topic. For instance, how do you collaborate across your department right within treasury? How do you collaborate with colleagues in accounting , HR, marketing and sales? It is really important to communicate with different departments. You have to communicate effectively in order to collaborate effectively. I have had to learn that the hard way as I did not have much of guidance. Treasurers need to know that social communication is a valuable resource for them. You need to be trusted by others, but also have trust in others. My advice is to let other people know you, and you should invest in getting to know them.

  • Also, keep up to date with the newest technologies within treasury.
    We see a lot of advantages within treasury. The current developed technologies make it able for us to re-allocate more time and value to all our working activities. Therefore I am always keep an eye on the recent technology advancement that could makes its way to treasury.

8. What developments do you expect in corporate treasury in the near and further future?

Back in the day, technology had been a competitive advantage for the Treasury Department at a fortune 100 company, and that is no longer the case. I think, that in the near future we are going to continue seeing a focus on developing social soft skills. Also embracing technology will be important. A little bit further in the future, it will be interesting to see how things like Bitcoin and blockchain will make their way into Treasury. For example, will there be big differences in adoption in the US versus the rest of the world? Again, treasury is very exciting, as it is always changing.

Concluding, I am always looking for possibilities to learn, as learning is a way of living for me. Thanks you for having me!

Ernie was a driving force behind Proformative, formerly the largest community of Finance professionals, which grew from 500 to 30,000 during his tenure. He has authored published articles on working capital management, performance management budgeting & planning, acquisition integration, and bank relationship management in addition to articles dealing with several aspects of professional development. His e-book focused on career management was recognized as one of the Top 10 e-books for CFOs in 2018. Ernie was named one of the Top 20 Pioneering CEOs by Tech Magazine in 2020. Ernie has a BS and MS in Economics both from Purdue University, and currently serves on the Board of Directors of the Purdue Alumni Association and as the President of the AFP of Indiana (AFP-IN). Ernie is a Certified Treasury Professional and is a sought-after public speaker.

Get in touch with Ernie
Click here for his Expert Profile

Thanks for reading!

 

 

Kendra Keydeniers

Director Community & Partners, treasuryXL

The Social CFO: Communicate or Evaporate

25-01-2022 | Ernie Humphrey | treasuryXL | LinkedIn |

As the CFO role continues to evolve in many areas the focus on accounting and reporting is still important, but there are additional expectations for today’s CFOs, including the ability to communicate with impact to deliver the story behind the numbers and build better relationships with their fellow leaders across the enterprise. CFO success in today’s world means impacting performance across the enterprise.

Collaborating effectively requires a CFO need to communicate effectively. Communication skills do not come naturally for most CFOs.

Five pillars of effective communication are:

  1. Listening
  2. Authenticity & Honesty
  3. Being Proactive vs. Reactive
  4. Aligning Perceptions and Reality
  5. Having Deliberative Discussions vs. Arguing

Listening

The best communicators are the best listeners. Listening is a skill that any CFO would do to invest in developing. I found a great blog from Skillsyouneed.com that shares 10 tips to leverage in listening effectively, The 10 Principles of Listening. The 10 principles are as follows:

  1. Stop Talking
  2. Prepare Yourself to Listen
  3. Put your Counterparty at Ease
  4. Remove Distractions
  5. Empathize
  6. Be Patient
  7. Avoid Personal Prejudice
  8. Listen to the Tone
  9. Listen for Ideas not Just Words
  10. Watch for Non-Verbal Communication

Authenticity & Honesty

Most finance leaders will need to go out of their comfort zones in communicating as often as they need to, with the people they need to, to build trust and collaborate. It is important to remain to your personality in communication. If you are not a comedian, do not try and become one. If you are not a high energy personality, do not drink give cups of coffee each morning to be more energetic when speaking with people.

Honesty is the best policy, even in business. You can be honest and deliver information that the person you are speaking with might not like. It is all about the tone of your messaging. Tone in how you say what you say and the volume at which you say it

Being Proactive vs. Reactive

If you see an issue coming or an opportunity for collaboration communicate proactively. Do not wait for an issue to arise to deal with an impending problem, and do not let an opportunity go by the wayside because you wait to long to pursue it.
​
If you make a mistake own it and reach out to those who may be impacted by it before it does. That will build trust and inspire others to trust you enough to share their mistakes with you and help you mitigate the consequences from it. We are all human, be human, and allow others to do the same.

Aligning Perceptions and Reality

Many careers have been derailed when perceptions that are not true become reality to colleagues that can impact their job success and/or their job status. It is important to pay attention to how others perceive you and that is done through effective listening and honest communication.

If you have invested in building trust with colleagues, then you will “get wind” of how you are perceived before these perceptions impact your job performance and your career. This means that you must be willing to accept honest communication from others.

Deliberative Discussions vs. Arguing

Growth and innovation require friction. An effective leader has difficult conversations up and down the company org chart and knows how to unlock the value of disagreements.
Arguing involves emotion. Keeping emotion out of a conversation allows you to have difficult conversations and make decisions that ignite changes that impact company success without causing a fire from the sparks that emotion beings conversations that inherently involve friction

The career of any CFO who is not able to communicate effectively will evaporate in today’s world. CFOs need to invest in soft skills

Collaboration requires effective communication. I will explore the art and science of collaboration in a future blog.

Thank for reading!

 

Ernie Humphrey
Seasoned Treasury Expert
& CEO Treasury Webinars