BCR Publishing
We are the leading provider of news, market intelligence, events and training for the global receivables finance industry.
Working with industry leading organisations, experts, governments and universities, BCR Publications delivers expertise in factoring, receivables and supply chain finance to a global audience.
BCR has long been a beacon of innovation and excellence in the realm of receivables finance, playing an instrumental role in shaping the industry’s international landscape. Through its comprehensive conferences, insightful publications, and thought leadership, BCR has facilitated crucial dialogues and connections among industry professionals, driving forward the development of receivables finance globally.
Follow BCR Publishing
Free passes
For corporate treasurer roles/functions!
The link between financial performance and working capital metrics
| 10-07-2018 | Theo Paardekooper | treasuryXL
Managing working capital is an important task for treasurers in order to reduce the financial risk of a company and to improve the financial stability. In various studies the costs and benefits of working capital have been claimed.
According to Blinder and Maccini (1991), supply costs and price fluctuations can be reduced by larger inventories and this can prevent loss of business due to scarcity of products. However, there are also effects of investment in working capital, which may lead to a negative impact on firm value. Firstly, keeping stock available imposes costs such as warehouse rent, insurance and security expenses, which tend to rise as the level of inventory increases (Kim & Chung, 1990). Secondly, larger investments in working capital, involves opportunity costs and financing costs (Kieschnick, Laplante, & Moussawi (2013) and this will increase credit risk. Summarizing, working capital management affects the perational performance of the company and external circumstances can influence working capital management accordingly. The corporate treasurer is the key person to create working capital policies and initiate managerial focus on this topic. In order to define the added value of a treasurer in the perspective of working capital management the main question is:
Is there a link between the financial performance of a company and its working capital metrics?
This question can be mathematically rephrased as
Where the working capital metrics are defined in the Cash Conversion Cycle (CCC)
Several studies conclude that a faster rise in the cost of higher investment in working capital relative to the holding of more inventories and or granting trade credit to customers may lead to a decrease in corporate profitability (Deloof 2003) and Shin and Soenen (1998) find in a comprehensive study a strong negative relationship between working capital metrics and corporate profitability for US corporates. Most studies focuses on the linear relationship between financial performance and working capital metrics, however a non-linear relationship between financial performance and working capital metrics is at stake. On top of the non-linear relationship industry specific effects might play an important role. After investigating the statistics of a database containing the financial information of 39.052 non-US listed corporates in a time period between 2010 and 2017 2 samples of scatter charts below give a view on the data
Theo Paardekooper
Independent treasury specialist
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.
Highlighted partner: Treasurer Search
| 3-7-2018 | treasuryXL |
Over the last two years treasuryXL built a community with and for corporate treasurers and all interested in the profession. Starting from the Netherlands our network expands into surrounding countries and we cooperate with more and more partner organizations. In the summer months we will present the most prominent ones.
Treasurer Search
In 2009 Pieter de Kiewit founded Treasurer Search after an international career of 15 years in consultancy and management of two prominent recruitment companies. In the first he learned about executive search of, amongst others, group treasurers of listed firms. In the second he was responsible for building a number of international subsidiaries of the Dutch market leader in the mid segment recruitment market. The German the most prominent one. Approaching 40, he decided to continue as entrepreneur.
Treasurer Search finds candidates for interim assignments and permanent positions. From graduate level to group treasurer of a listed firm. Clients are headquarters of large corporates, international treasury hubs, treasury consultants, non-profit organizations and some companies in financial services. In the Netherlands and increasingly international: recent recruitment has been done in Belgium, Luxembourg, Germany and Switzerland. Job types include cash & treasury operations management, risk, corporate & project finance, treasury IT and treasury control.
By now, Team Treasurer Search holds 6 members, 3 of them recruitment consultant. With their niche market approach they invest in thorough job content expertise and a very warm network. Over 90% of the placed candidates already had a meeting with Treasurer Search before the assignment was landed where he or she started in. The team is stable, something the recruitment industry is not known for.
Having a keen interest in what’s happening in treasury and knowing not each contact with a candidate and client can be about job openings, Treasurer Search takes a proactive network role. Most often as a courtesy Treasurer Search connects people with expertise with those seeking treasury knowledge. For this team members are in constant contact with educators, professional bodies and other suppliers of treasury solutions. All this makes Treasurer Search an obvious partner of treasuryXL.
For more information check out:
Pieter de Kiewit
[email protected] / +31 6 1111 9783
Pieter de Kiewit
Owner Treasurer Search