From the October 2007 issue of Treasury & Risk magazine

Reaching the limit on staff cuts

After years of trimming staff and automating processes, treasurers are beginning to see that the lowest headcount does not always translate into the most efficient shop.

Art Lorenz could have survived with only two people in his treasury at Hunter Douglas, but just barely.

Acquisitions had tripled the sales volume over the past several years, but the $1.3 billion North American operations of the maker of window coverings had automated certain processes, so it was difficult, although not impossible, for its treasurer and the one other treasury professional on his team to cover whatever treasury needed to do. But that was all they could do. "We had 50 divisions, each with its own controller and its own bank accounts. We were struggling just to keep up with the essential daily activities," he recalls.

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