Optimising working capital by putting a squeeze on smaller suppliers was deployed by many large corporates before the global financial crisis hit. However, more recently companies and their treasury departments have come to recognise the pitfalls of such an approach and instead are seeking means to fund the smaller operators that they depend on.
Accounts payable (AP) practices focused on the manual processing of paper invoices creates a reactive department with roles defined by data entry, fixing invoice errors, and answering vendor phone calls about payment status. By creating new ways to collaborate with suppliers, business networks are helping to reshape the AP function.
Financial planning and analysis (FP&A) transformation or creation delivers significant value for companies, created through a comprehensive end-to-end understanding and redesign of a company’s work processes, organisation and tools.
For treasurers looking to manage their cash, keeping on top of risk and compliance is important. The landscape of threats and regulation is always changing. Banks such as Nordea are tasked with helping them navigate these changes so they can manage their impact on the business.