Treasury remains one of the most misunderstood yet essential functions in any business. From ensuring liquidity to managing financial risks, treasurers play a pivotal role in navigating companies through uncertain waters. However, over the years, I’ve encountered several myths and misconceptions about treasury—ideas that limit its perceived value or oversimplify its complexity.
Let’s explore The 12 Myths of Treasury and set the record straight.
Treasurers are often seen as mere cash managers, limited to handling payments and ensuring liquidity. Some organizations treat treasurers as the “cashiers” of the company, while there are even CFOs reserving tasks like debt negotiations with banks – the perceived “glamorous” side of treasury – for themselves. Treasury goes far beyond cash management. It’s a strategic function that safeguards financial stability, manages risk, and drives growth through proactive planning and collaboration. Treasurers are not just managing the present they’re shaping the future of the business.
Treasurers are often viewed as isolated from the broader business, focusing solely on numbers and financial transactions. Many believe that understanding the company’s operations, strategy, or market dynamics isn’t essential for their role.
Treasurers must deeply understand the business to manage liquidity, risks, and funding effectively. Their role requires a comprehensive view of the company’s operations and strategic goals to make informed decisions and align financial strategies with business needs.
From my own experience, I’ve seen how critical this understanding is. The more we understand the business and communicate within the organization with all the business units, the more we can add strategic depth to our role and provide solutions.
I recall a case where a CIO was exploring a Treasury Management Systems (TMS) without involving treasury in the process. The lack of collaboration could have led to a solution that didn’t meet the company’s actual needs, emphasizing the importance of treasury being part of key business decisions.
I’ve often collaborated internally with teams like procurement, logistics and HR. I remember instances when they brought issues to my office, and together, we worked on solutions that balanced financial strategy and operational needs. These moments underline the value of treasury’s deep involvement in the business.
On the other hand, knowing the business and being able to guide through site visit banks or external stakeholders, have made my feel great satisfaction whilst showcasing the operations firsthand. This helps them not only understand our business better but also strengthens our relationship and credibility.
Treasurers are not just “number people.” They are business partners who bring financial expertise into the operational, strategic, and external landscapes of a company.
Treasury and Accounting are often seen as interchangeable roles within finance. Treasurers are assumed to perform tasks like bank transactions and account reconciliations or interest accounting entries, leading to the belief that their work and responsibilities are identical to those of accountants. Some even argue that Treasury should report to Accounting or even that salaries should be equivalent, perpetuating the misunderstanding.
Treasurers are not Accountants. Their role requires a different skill set, a broader understanding of financial markets, and a strategic mindset. Recognizing this distinction is key to unlocking treasury’s full potential.
While Treasury and Accounting share common ground, they serve distinct purposes. Accounting is backward-looking, focused on recording and reporting historical financial information. Treasury, on the other hand, is forward-looking, focused on managing liquidity, mitigating risks, and aligning financial strategies with the company’s long-term goals.
Separating these two functions is essential for compliance and governance. For example, if Treasury manages payments and also reconciles bank accounts, there’s no independent oversight, increasing the risk of errors or fraud. By keeping these functions separate, companies create a system of checks and balances that enhances transparency and accountability.
Another reason for separation lies in the different areas of expertise. Treasury for instance focuses on forecasting and securing funding to maintain liquidity, while Accounting ensures accurate reporting and compliance with financial regulations. Each department’s specialization allows them to complement each other effectively without overlap. At the end, the true success lies in fostering strong collaboration between these departments to achieve aligned financial goals.
Treasurers are often perceived as solely managing relationships with banks—handling loans, deposits, and payment systems. This narrow view overlooks the broad scope of their responsibilities and the diverse stakeholders they collaborate with to ensure the company’s financial stability.
While banking relationships are an important part of Treasury, they’re far from the only focus. Treasurers also work with suppliers, customers, rating agencies, auditors, and even internal teams like procurement to manage liquidity and financial risks.
For example, for working capital management, treasurers collaborate with supply chain and procurement teams to optimize payment terms with suppliers and ensure cash flow aligns with operational needs. Similarly, they may work with rating agencies to improve the company’s credit profile, directly impacting borrowing costs and access to funding. Other cases as well are with technology providers for treasury automation as treasurers are increasingly involved in selecting and implementing TMS and automation tools.
Treasury’s role extends beyond transactional banking to becoming a strategic partner that bridges the internal and external financial landscape, aligning liquidity, risk, and funding strategies with broader business goals.
Treasurers don’t just “work with banks”—they work across the organization and with external stakeholders to drive value and financial resilience.
With the rapid rise of automation, APIs, and AI-powered tools, some believe that technology will eventually replace the need for treasurers altogether. This view assumes that treasury tasks are primarily transactional and can be fully automated.
Technology is not a replacement for treasurers but an enabler of their work. While automation tools like APIs, RPAs, and TMS systems streamline processes and reduce manual work, they do not replace the strategic judgment, risk management expertise, and forward-thinking that treasurers bring to the table.
For example,
These tools free up treasurers’ time to focus on higher-value activities like liquidity planning, funding strategies, and risk mitigation. Technology supports their role but does not replace their expertise and judgment.
Treasury is often viewed as a cost center, with its activities seen as transactional or administrative. Some believe that treasury doesn’t contribute directly to the company’s bottom line or long-term success.
Treasury is a cornerstone of business success. From ensuring liquidity to managing risks, treasurers play a vital role in keeping the company financially stable and strategically agile. Their work often enables the entire organization to grow and adapt, especially during turbulent times.
From my own career, I’ve seen treasury lead the way during moments of crisis. During the liquidity crunch and capital controls in Greece, treasury took center stage in guiding operations and navigating the business through uncharted waters.
In another case, when liquidity was scarce, treasury implemented new processes for payments, engaging the whole organization to be partners and successfully pass the milestone.
Working close with credit insurance companies, an invisible partner to each company’s cash flow management, to ensure appropriate credit limits for the supplier is another example as well.
Treasury’s role extends even further during M&A periods. Having participated in a couple of M&A transactions, I’ve seen firsthand how the knowledge treasury has of the business makes us an integral part of the due diligence process, the financing of the deal aas well as the following day . By working closely with cross-functional teams, treasury helps secure the best possible outcomes for the organization.
Treasury’s contributions don’t stop at crisis management or even at treasury related projects. By introducing automation to enhance visibility, such as expense and invoice management systems, treasury has driven efficiency and improved decision-making across the organization—well beyond its traditional scope. Treasurers don’t just add value; they create it by driving resilience, growth, and innovation.
Treasurers are often seen as technical specialists who focus purely on numbers, systems, and processes. This view assumes that leadership isn’t necessary for their role since they are perceived as operating in the background, removed from decision-making or team management.
Treasurers are not just number crunchers—they are leaders. Whether it’s managing teams, influencing stakeholders, or guiding the organization through financial crises, strong leadership skills are essential to success in treasury.
Treasurers are increasingly recognized as strategic leaders. There is an increasing trend of treasurers being invited to participate in executive committees, advisory boards or even hold board positions, reflecting their influence and ability to navigate complex challenges.
Interestingly, there’s a misconception about what leadership means in treasury (and not only). I’ve encountered situations in interviews, where the focus was solely on how many people I had in my team. Explaining that how leadership in treasury often involves cross-functional efforts and influencing stakeholders across departments –rather than simply managing a large team– was not always easily understood. True leadership in treasury lies in the ability to align diverse functions and drive strategic outcomes, not just in the number of direct reports.
In times of crisis, treasury leadership becomes even more apparent.
During liquidity crunches, treasurers lead efforts to stabilize cash flow, negotiate with banks, suppliers, and customers, and implement innovative solutions like real-time cash flow forecasting tools. By fostering collaboration across teams and maintaining clear communication with stakeholders, treasury ensures financial resilience and continuity. Leadership is about more than giving directions—it’s about inspiring trust, making tough decisions, and ensuring the entire organization feels confident in its financial future. Without strong leadership, treasury’s strategic potential cannot be fully realized.
There’s a belief that treasury is a function reserved for large corporations with complex financial structures and significant cash flows. Smaller businesses or organizations with simple structures—such as single-entity operations—often assume their treasury needs are minimal or non-existent. Statements like, “Our company doesn’t have a group of entities, so our treasury function is simple and easy,” are common misconceptions.
Additionally, some finance directors in businesses exceeding €100 million in revenue believe treasury isn’t necessary because they view their responsibilities as limited to cash collection, payments, and managing loans. What they often fail to recognize is that adding a treasurer not only enhances financial optimization but also frees up their time to focus on more strategic aspects of the business.
Treasury is essential in businesses of all sizes and structures. While the complexity of operations may differ, the principles of managing liquidity, optimizing cash flow, and mitigating financial risks are universal. There’s no revenue threshold or number of entities in a group that dictates the necessity of a treasury function—it’s about ensuring the financial health and efficiency of the organization.
For example, in smaller companies, treasurers may focus on managing liquidity to ensure operational stability, negotiating funding with banks, or implementing tools for cash flow forecasting. Even in a straightforward business model, treasury brings expertise that can uncover efficiencies, improve cost structures, and mitigate risks that might otherwise be overlooked.
From my own experience, I’ve seen treasury play a pivotal role in medium-sized companies, implementing strategies that not only stabilized cash flow but also supported growth and innovation. The misconception that treasury is irrelevant in smaller or simpler organizations often leads to missed opportunities for financial resilience and optimization. Treasury isn’t about the size of the company; it’s about the importance of managing its financial health strategically and efficiently—no matter the scale or complexity.
There’s a common perception that FX hedging is risky, speculative, and akin to gambling. Some believe it’s about taking chances on currency fluctuations rather than strategically managing financial risks.
FX hedging is far from gambling—it’s a calculated risk management strategy. By mitigating exposure to currency fluctuations, treasurers protect the company’s cash flows, profitability, and overall financial health. It’s about predictability and stability, not speculation.
I recall once, when presenting internally the hedging of an foreign currency, an executive telling me, “If you knew where exchange rates would move, you wouldn’t be working for a company—you’d be a freelancer making millions from speculation.” The reality is, treasurers are risk-averse by nature, and hedging is about safeguarding the business, not betting on markets.
For example, hedging an investment/CAPEX with predetermined payment schedules, we protect cash flows by ensuring the company is not exposed to unexpected rate changes.
Treasurers are risk averse but the truth is that we usually we don’t proceed with 100% hedging. Even hedging partially, say 50%, can provide better accuracy in cash flow forecasting while allowing flexibility for market conditions. It depends upon the risk appetite of the company, and the risk policies in place.
Another challenge that I’ve faced, is addressing the perception that hedging is expensive. It’s important to note that hedging is most effective when markets are stable — delaying action until volatility strikes, such as say waiting for the Russian ruble to devalue before considering a hedge, is both costly and in many cases too late. Treasurers must be proactive to avoid compounding risks. The problem though is that only when the problem arises, treasury is heard. FX hedging is not about speculation; it’s about preparation. By implementing thoughtful strategies, treasurers enable the business to navigate global markets confidently and focus on growth without fear of financial surprises.
Treasury is often perceived as being focused solely on day-to-day operational tasks like payments, cash management, or bank reconciliations. This view reduces treasury to a transactional function rather than a strategic one, tied to the company’s long-term goals.
Treasury plays a critical role in shaping a company’s long-term financial stability and strategic direction. While day-to-day operations are part of treasury’s responsibilities, the true value lies in long-term planning, risk management, and supporting the company’s broader strategic objectives.
I’ve seen treasury lead initiatives that go beyond the transactional. Whether it’s designing a multi-year funding strategy to support growth, navigating complex M&A financing structures, or collaborating with other departments to align financial planning with corporate goals, treasury often acts as the backbone of a company’s financial future.
For example, when treasurers are structuring and managing long term bond loans (5-7 years tenors) or setting up project financing that can reach a tenor of 15 years, treasury should ensure sustainable cash flows over the life of the loan or project financing and align with capital repayment schedules to avoid liquidity constraints. Thus it is of high significance for both the treasurer and the business to be an integral participant during the setting up of the organization’s business plans.
Additionally, treasury is integral to M&A transactions and investment plans, working on long-term funding strategies, aligning liquidity needs with the company’s growth ambitions and at the end assisting further in the smooth integration of the newly acquired company. These responsibilities require detailed forecasting, risk mitigation, and alignment with corporate strategies to maintain financial health. Treasury is not just about short-term operations; it’s about creating long-term value and ensuring the organization thrives in an ever-changing financial landscape.
There’s a dangerous assumption that liquidity is something businesses can always access when required, whether through cash reserves, credit lines, or financing options. This belief overlooks the complexities and challenges involved in maintaining liquidity, especially during periods of economic uncertainty or market volatility.
Liquidity is not guaranteed—it requires careful planning, proactive management, and constant vigilance. Treasurers play a critical role in ensuring that liquidity is not only available but also accessible at the right time and in the right place, particularly in large group structures. It’s not uncommon for a group to have sufficient liquidity overall but find it locked in a subsidiary where transferring it isn’t feasible, or where the most effective method, such as a dividend payment, isn’t applicable. Managing these complexities requires foresight and coordination.
Treasurers must also contend with the reality that funding availability can be inconsistent. Financial institutions often seem to act like offering umbrellas on sunny days –providing credit during stable periods- but withdrawing support when the clouds gather. I recall a specific instance during the Greek liquidity crisis when foreign banks began exiting the market and demanded repayment of overdraft facilities within days. Fortunately, we had proactively secured sufficient credit lines with local Greek financial institutions, allowing us to navigate this challenge without disrupting operations.
From my own experience, relying on external funding or credit lines without a robust liquidity management plan can backfire. Proactively building cash buffers, diversifying funding sources, and maintaining strong banking relationships are essential strategies to ensure stability during turbulent times.
Treasurers also prepare for unexpected events by implementing cash flow forecasting models, managing intercompany funding arrangements, and ensuring alignment with business needs. Effective liquidity management isn’t just about having cash—it’s about ensuring it’s accessible when and where it’s needed most. Liquidity isn’t always available—it’s built through foresight, strategic planning, and a comprehensive understanding of business needs and constraints.
There’s a common belief that treasury is simply an extension of finance, and any finance professional—be it an accountant, controller, or finance director—can seamlessly manage treasury functions. This myth diminishes the specialized skills, expertise, and strategic mindset that treasury demands.
Treasury is a distinct and highly specialized discipline. While it intersects with other financial roles, treasury requires a unique combination of technical expertise and soft skills that sets it apart from other finance functions.
Treasurers must possess exceptional communication skills, as they often act as a bridge between internal teams and external stakeholders like banks, investors, and rating agencies. They need problem-solving abilities to untangle complex financial puzzles, and out-of-the-box thinking to devise creative solutions in high-pressure situations. Organizational skills are critical to managing multiple priorities, from liquidity planning to risk management, while maintaining a clear focus on the company’s strategic objectives.
One skill that stands out is the ability to say “no” firmly, but constructively. Treasurers often face requests or ideas that could compromise the company’s financial health, and it’s their responsibility to push back—but always with well-considered alternatives that align with the company’s goals.
From my own experience, I’ve seen cases where finance professionals underestimated the complexity of treasury. They excelled in areas like accounting or controlling but lacked the market knowledge, adaptability, and strategic mindset required for treasury’s dynamic challenges. Treasury is not just a function; it’s a strategic pillar that requires dedicated focus, unique skills, and the ability to thrive in uncertainty. As we step into 2025, let’s acknowledge treasury for the unique, specialized discipline it is and celebrate the professionals who master its complexities and drive business resilience and success.
The role of treasury is ever-evolving, and these myths only scratch the surface of its potential. By challenging these misconceptions, we can elevate treasury’s profile and showcase its importance in building resilient, growth-oriented businesses.
What’s the biggest misconception you’ve encountered about treasury? Share your experiences and let’s continue the conversation. Together, we can reshape how treasury is perceived and ensure its value is recognized.
Treasury Mastermind is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information.
This article is written by our partner, MillTech
Managing FX risk is like maintaining your car’s engine. You can skip the annual service and oil changes if everything seems fine, but eventually, a breakdown is inevitable. By the time the warning lights come on, the damage is already costly.
Just like with an engine, proactively managing FX risk keeps things running smoothly and prevents expensive, last-minute repairs. A well-thought-out FX risk management strategy is like traction control on a slippery surface, helping to maintain control and direction as market conditions shift. Without it, companies risk spinning out of control when currency volatility hits.
In this blog, we will delve into recent risk management trends and key strategies for managing FX risks in 2026. In an era of heightened uncertainty, the ability to steer through volatility isn’t just a nice-to have — it’s a necessity for survival and growth.
FX risk management is a comprehensive strategy employed by businesses to protect their profitability and mitigate potential financial losses caused by adverse currency fluctuations. For corporations dealing with multiple currencies, inadequate FX risk management can significantly affect key financial metrics, such as earnings before interest, tax, depreciation, and amortization (EBITDA), ultimately compromising profitability and financial stability.
Corporate treasurers and CFO’s can manage FX risk effectively by leveraging a range of strategies, including financial hedging tools, to safeguard their financial positions against unfavourable exchange rate movements caused by currency volatility:
FX forwards are over-the-counter (OTC) derivatives, which means they are traded directly between two liquidity partners and can therefore be customised around mutual requirements.
Currency forward contracts allow a business to buy or sell an agreed amount of an asset on a future date, at a price determined today. By locking in an exchange rate for the future, businesses can protect their bottom lines against currency volatility.
FX options are financial derivatives traded over-the-counter (OTC) or, less commonly, on exchanges. They grant the holder the right, but not the obligation, to exchange a specified amount of one currency for another at a predetermined exchange rate (strike price) on or before a specified expiration date, depending on the type of option.
FX option contracts allow businesses to mitigate downside risk while preserving some upside potential. These contracts often carry high premiums due to the option to exit the trade, which is not reimbursed if the trade is not settled.
FX Swaps are Over-The-Counter (OTC) derivatives used by two counterparties to manage their currency exposures. In an FX Swap, the parties agree to swap a specified notional principal amount in one currency for an equivalent in another currency at the current spot rate. This setup enables the counterparties to hedge against currency risk by securing exchange rates for future transactions.
An FX Swap normally involves two transactions: an immediate exchange of currencies via a spot transaction followed by a reverse exchange using an forward transaction a later predetermined date.
Natural hedging is a strategy businesses use to minimise financial risk by offsetting potential losses with corresponding gains. This approach involves aligning cash flows, assets, or liabilities in the same foreign currency to reduce exposure to exchange rate fluctuations.
Unlike financial hedging, which relies on external instruments like forward contracts or options, natural hedging is an internal risk management technique that does not involve additional costs or reliance on financial markets. By carefully managing operations, such as sourcing materials locally or matching foreign currency loans with international revenues, businesses can effectively reduce their exposure to exchange rate risks while maintaining operational efficiency.
Netting simplifies foreign exchange management by consolidating multiple currency transactions into fewer, streamlined transactions. This approach reduces complexity, helps to minimise costs, and is often used within businesses or between subsidiaries to manage and align FX exposures more effectively.
Offsetting takes a different approach to managing FX risk. It involves creating a counter-position to an existing currency exposure, typically by entering into a transaction that offsets potential losses from adverse currency fluctuations, ensuring financial stability amidst market changes.
In FX risk management, maintaining counterparty diversity is key to reducing credit risk and enhancing resilience. By working with a range of financial institutions, corporates can mitigate exposure to single-party failures, like the collapse of Credit Suisse, and better hedge against market volatility.
Counterparty diversity also promotes competitive pricing, enhanced access to market data, and informed decision-making. Corporates should perform thorough due diligence on counterparties, regularly reviewing their stability and performance to adapt to evolving market conditions.
Corporate governance is integral to the effectiveness of FX risk management. Robust governance structures ensure that FX risk management practices are aligned with the corporation’s overall strategic objectives and comply with regulatory requirements. This alignment not only safeguards the business against currency volatility but also enhances stakeholder trust and confidence in its financial management practices.
Developing a comprehensive FX risk management policy enables corporations to address FX risks systematically. Such a policy should clearly define the organisation’s risk appetite and incorporate a structured framework for ongoing risk assessment and management reviews. This framework should include regular stress testing and scenario analysis to assess the potential impact of market fluctuations on currency exposure.
To support these efforts, integrating advanced financial management software can facilitate real-time monitoring of exchange rates, automate reporting, and enhance decision-making capabilities, saving a business valuable time.
Our recent FX reports indicate that 76% of UK and 82% of North American corporates are employing hedging strategies to manage currency risk, despite facing higher costs and stricter lending criteria over the past year.
Geopolitical tensions have notably influenced FX risk management in both the UK and North America. In the UK, 53% of businesses aim to lengthen their hedge duration due to global uncertainties. North America was responding even more strongly coming up to the US election, with 66% of firms planning to extend their hedge durations and 29% looking to increase their hedge ratios.
Manual and outdated FX processes can significantly hinder business efficiency. As a result, firms are increasingly shifting away from traditional providers and legacy infrastructure, replacing them with tech-enabled solutions.
Our research found that all UK and US corporate finance leaders polled (100%) are exploring artificial intelligence (AI) in some form. The main area for potential AI application is FX risk management, with 46% of North American and 43% of UK corporations concentrating on this field.
The genie is well and truly out of the bottle with generative AI and any organisation not thinking about how this technology can enhance their offering risks being left behind. It’s clear from the findings that CFOs realise that in today’s fast-paced digital landscape, embracing AI-driven innovation is no longer optional but essential for staying competitive.
Sam Hunt, CTO at MillTech.
FX is one of the largest and most liquid markets in the world, but also one of the most complex. Setting up and onboarding new FX counterparties, centralising price discovery and navigating the post-execution phase often have their own complications and can be a huge administrative burden for some corporates, eating up much-needed time and resources. In fact, 29% of UK respondents said they use outsourcing as it provides greater scalability and flexibility in operations.
Following episodes like the , many market principles and regulations were introduced, such as the FX Global Code of Conduct and MiFID II, to avoid crises like this again. Whilst beneficial to the ecosystem, these rules and regulations require a lot of work in order to be met. This is why 29% of UK respondents say that they use outsourcing for risk management and compliance purposes.
Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click the button below.
By Alex Cannon
50 senior treasury ads from one EMEA search in October 2026, coded for every skill and system they name. Not a market survey.
I spend most of my time on the vendor side of treasury tech, reading what software companies say a treasury team needs. I wanted to swap the lens and see what people doing the hiring actually are writing down.
So I read 50 senior treasury job ads within Europe to see if anything interesting popped up.
Three things came out of it:
Before we get to the tech, here are jobs to be done stated in the ads:
| Skill | Ads |
|---|---|
| Cash flow forecasting | 35 |
| FX and hedging | 35 |
| Bank relationship management | 32 |
| Daily cash positioning | 23 |
| Interest rate risk | 23 |
| KYC and bank account administration | 22 |
| Board and investor reporting | 22 |
| Intercompany funding | 20 |
| Debt facilities and covenants | 19 |
| M&A treasury integration | 19 |
| Cash pooling | 18 |
| Working capital | 16 |
| Trade finance and guarantees | 10 |
| ALM and regulatory liquidity | 7 |
| Debt capital markets | 5 |
Forecasting at the top is the least surprising row in the table. It is also the part of treasury with a dozen vendors chasing it, so the supply side and the demand side agree on at least one thing.
That is the work that needs to be done. Now lets move onto the tech that is supposed to assist.
AI appears in 9 of the 50 ads.
Of the nine, eight ask for it and two hand it over as a tool on arrival.
What the eight ask for varies so widely that the variation is the finding.
The two that hand it over are more specific about the equipment than about the skill.
One lists it as a benefit — “Everyone has a Claude subscription on us and access to other premium tools”
The other wants judgment as the requirement: “We want people who experiment without waiting for permission, push AI beyond the obvious, know when to trust it, and when to question it.”
For me the one thing that stood out is that when a task is named at all, it is the assembly layer (analysis, reporting, process) improvement. Nothing in these ads points AI at the actual jobs to be done in the ad like bank relationship work, KYC or account administration.
The expectation is on the treasurer to uncover best use cases, which honestly makes sense as they are the experts in their field.
AI is asked for in nine ads. A programming language is asked for in two.
| Tech skill | Ads |
|---|---|
| Implementation or roll-out experience | 29 |
| Automation and process improvement | 23 |
| TMS named or referenced | 22 |
| Excel | 20 |
| ERP | 16 |
| AI | 9 |
| Bank connectivity | 9 |
| Dashboards | 6 |
| System selection or RFP | 4 |
| Python, SQL or BI | 2 |
Four readings of that table.
1. The spreadsheet and the system are asked for together.
Excel appears in 20 ads, a TMS in 22 and both in 11 of them. One ad asks for strong Excel in its requirements list, then puts “Replacing manual spreadsheet processes with something that survives your holiday” in the responsibilities. Both are written down. Both are presumably meant.
2. The ERP is the only thing named by brand.
SAP is named in 9 ads, more than every treasury system in the sample combined. Eight ads name a treasury system at all, and only one TMS is named more than once. Of the 63 vendors I have profiled, six appear anywhere in 50 senior treasury ads. TMS experience is asked for as a generic, transferable skill. ERP experience is asked for as a product.
3. The plumbing has no vocabulary here.
Nine ads mention bank connectivity in any form, with SWIFT, SEPA and APIs appearing in four each. No ad in the sample names ISO 20022, camt, MT940, EBICS, host-to-host, a payment factory or a virtual account. The work gets described instead as growth arriving across a lot of bank accounts.
4. You are hired to run the system, not to pick it.
Implementation or roll-out language appears in 29 ads. Selection, evaluation or RFP language appears in 4. The vendor decision sits above the level being recruited, which is worth knowing before taking a job to own the treasury stack.
Job ads don’t say what actually get solved, but they are an interesting benchmark into the expectation of today’s treasurer.
I’m curious how the first 90 days has changed for a new hire senior treasurer with all the tech that is now available.
Do you go in guns blazing trying to completely modernize an old stack, or do you start by getting a lay of the land and slowly chipping away at the time consuming tasks.
I feel it’s the latter.
I think what hiring teams are trying to avoid is the complacent treasurer.
Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click the button below.
This article is written by Kantox
The relationship between Chief Executive Officers and Chief Financial Officers has evolved far beyond traditional financial stewardship. For multinational enterprises managing raw materials across continents, subsidiary operations in diverse markets, and complex multi-currency transactions, this partnership has become the cornerstone of global financial strategy.
Recent data reveals a fundamental shift in C-suite dynamics. According to Deloitte’s Q4 2024 CFO Signals survey, CFO confidence has surged dramatically, with finance chiefs showing marked optimism as they head into 2025. This confidence reflects not just economic sentiment, but the elevated strategic role CFOs now occupy.
The 2024 Global CFO & CIO Survey demonstrates this transformation quantitatively: nearly half of CFOs (49%) believe their improved relationship was the reason for improved business outcomes. For treasury managers overseeing global operations, this data underscores a critical insight: relationship quality directly impacts financial performance.
What drives this correlation between executive relationships and business outcomes? For multinational organisations, the answer lies in complex financial orchestration. When CFOs and CEOs maintain aligned perspectives on currency risk, subsidiary performance, and international cash flow optimisation, companies achieve superior results across multiple performance metrics.
Consider the strategic complexity facing today’s financial leaders:
The traditional model of visionary CEO paired with detail-oriented CFO remains powerful, but requires sophisticated enhancement for global operations. Modern effective partnerships integrate what Deloitte research identifies as complementary character types: guardian, pioneer, driver, and integrator. Significantly, almost 75% of effective partnerships include one driver.
For multinational treasury management, this translates into specific operational advantages:
The Strategic CFO Approach: Rather than simply complementing CEO vision, the modern CFO must anticipate global financial challenges. When raw material costs fluctuate in emerging markets, or when subsidiary performance varies due to currency movements, the CFO’s analytical framework must provide strategic context, not just financial reporting.
Case Study Application: Consider a technology company sourcing components from Southeast Asia while serving European markets. The CFO’s complementary role involves not just reporting currency impacts, but developing hedging strategies that enable the CEO’s market expansion objectives. This requires understanding operational dynamics, not just financial metrics.
Treasury Management Integration: Finance chiefs can enhance their strategic positioning by developing expertise in:
Trust between CEO and CFO transcends personal relationships—it represents operational reliability across complex global financial systems. When CEOs sign annual accounts, they rely on CFO assurance regarding subsidiary consolidation, foreign exchange position accuracy, and international compliance frameworks.
The stakes are particularly high for multinational operations. 42% of CEOs express optimism about the global economy, suggesting increased willingness to pursue international expansion. However, this optimism must be supported by robust financial infrastructure.
Treasury-Specific Trust Indicators:
Building CEO Confidence: CFOs can establish trust through demonstrable competence in:
Risk Management Excellence: When evaluating acquisition opportunities in foreign markets, CEOs depend on CFO analysis of currency risks, regulatory complexities, and integration challenges. This dependency requires CFOs to develop expertise beyond traditional financial analysis.
The most sophisticated CEO-CFO partnerships integrate treasury management perspectives into core strategic planning. Rather than treating international financial management as operational support, leading organisations position treasury insights as strategic intelligence.
Strategic Coordination Framework: Board reporting becomes the ultimate test of CEO-CFO alignment. When presenting international expansion plans, both executives must demonstrate coherent understanding of:
Treasury-Driven Strategic Insights: Modern CFOs contribute strategic value by translating complex international financial dynamics into actionable business intelligence. This includes:
Recent survey data highlights technology’s role in strengthening CEO-CFO partnerships. 42% of finance leaders believe technology partnerships contribute to improved business results. For treasury management, technology represents both opportunity and imperative.
Modern Treasury Technology Stack:
Strategic Technology Integration: Leading finance organisations leverage technology not just for operational efficiency, but for strategic advantage. When CFOs can provide CEOs with real-time visibility into global cash positions, currency exposures, and subsidiary performance, strategic decision-making accelerates dramatically.
Looking ahead, successful CEO-CFO partnerships will be distinguished by their ability to navigate increasing global complexity. 47% of CFOs indicate their organisations intend to change benefits or transfer costs to manage employee expenses in 2025, suggesting continued focus on operational optimisation.
Strategic Imperatives for 2025:
Treasury Management Evolution: The most successful partnerships will position treasury management as a strategic capability, not just an operational function. This requires CFOs to develop expertise in:
For treasury managers and CFOs operating in global markets, the CEO-CFO partnership represents far more than internal collaboration—it embodies the strategic financial leadership essential for international business success. Companies that master this relationship gain competitive advantages in market expansion, risk management, and operational efficiency.
The data demonstrates clear correlation between executive partnership quality and business performance. For multinational organisations managing complex treasury operations, this relationship becomes the foundation for strategic financial management across currencies, jurisdictions, and markets.
Success requires moving beyond traditional complementary roles toward integrated strategic partnership, where treasury management insights inform core business decisions, and where global financial expertise enables international business expansion.
Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments.
