Companies have spent a lot of money over the years to automate their treasury operations. But a new benchmarking survey by the Association for Financial Professionals suggests that a bigger factor in improving treasury efficiency is having well-educated, regularly trained and seasoned employees in treasury departments.

AFP's third annual benchmark survey found that the educational level of treasury staff was a leading indicator of efficiency, says Tom Hunt, AFP's treasury services director. For example, when treasury functions such as bank account reconciliation or forecasting were done by employees with M.B.A.s, it took half as many people to handle the job as when M.B.A.s weren't involved. When certified employees did the same work, it took one-third fewer staff, the study found.

Similarly, the study found that for most treasury operations, those departments where staff spent an average of four to six days a year in training to stay current on industry, technology and regulatory changes significantly outperformed departments whose staff only received two days a year of such training. However, training beyond six days provided a declining benefit.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.