A New Year's Resolution Worth Keeping: 5 Areas of your Treasury Operation that Might Benefit from Improvement

01/01/2014

For many of us, New Year's resolutions are all too soon forgotten. However, when it comes to treasury operations, resolving to achieve greater operational efficiency is a goal well worth keeping. Here are five ways to get your resolution started.

• Assess how collections at the operational level impact your working capital
• Review your "current state" - quantify how long it takes to collect your receivables, turn inventory and deposit cash and disperse payables appropriately
• Evaluate staffing needs - realign personnel to improve treasury operations
• Determine what roadblocks stand between you and your treasury goals - recruit and engage executive support to ensure success
• Upgrade your cash conversion cycle - pinpoint what technologies can be deployed to enable you to process, collect and post receivables faster