The coronavirus pandemic accelerated the momentum toward a digital-first strategy as companies look to stay competitive and relevant in the current environment. But what exactly does that mean?
Cash flow is the lifeblood of every business and helps drive the decision-making processes of most companies. Without the timely receipt of cash, there can be a shortage of liquidity, a slowing growth or even the threat of insolvency. To accelerate the inflow of cash, companies have placed a great deal of emphasis on improving their cash collections’ processes. Inbound customer payments may be handled on a local, regional or even global level depending on a variety of factors including type of industry, geography, or a company’s operational setup.
AFP recently hosted a virtual roundtable to discuss how finance professionals are handling payments fraud. Moderated by AFP Director of Treasury Services Tom Hunt, CTP, participants shared what they’re seeing, how they’re handling it, and how the coronavirus pandemic changed things.
Unpredictability is not an exception to the planning process; it is inherent to the planning process itself. Scenario planning — the ideation and analysis of possible future outcomes — stretches the organizational mindset for the possibility of multiple future outcomes.
On top of the myriad important considerations that non-financial corporates have to take into consideration when negotiating with their banks on loans, management teams are now going through a once in a lifetime transition from primarily the LIBOR-based markets to alternative reference rates. While it can be challenging to understand the implications of agreeing to certain new rates, there are some core considerations that can help simplify the process.
A global symbol of excellence, the Certified Treasury Professional (CTP) designation sets the standard in the treasury profession. AFP recently caught up with Lee-Ann Perkins, CTP, assistant treasurer at Specialized Bicycle Components, to discuss her decision to earn the CTP, and how it has affected her life and career journey.
Unclaimed property is becoming a bigger problem for more companies. State authorities are becoming more active in chasing non-compliance, with the emergence of third-party audit firms that are paid on results. Given compliance is required, what is the best way to achieve it?
As organizations gradually recover from the liquidity crisis due to the coronavirus pandemic, the 2021 AFP Liquidity Survey, underwritten by Invesco, revealed that there is a large focus on preserving their cash and safeguarding against any future uncertainty.
Ken Fick, member of the FP&A Advisory Council and vice president of FP&A at Berkeley Research Group LLC, discusses the unique career path that led him to where he is today.
Lifelong learning and professional development are integral parts of the employee experience, so why aren’t companies looking toward their own employees when recruiting for new positions? Upskilling talent from within an organization sets up a roadmap for underrepresented groups to advance and allows organizations to build a more diverse culture.
In an in-depth four-part series from AFP and Zanders, the big picture of digital transformation and all it entails for the treasury profession is examined. The series, titled “The Digital Transformation of Treasury: A Critical Imperative,” is important — even critical — due to the times in which we live.
The total indicator score for Q2 2021 is 5.7, an increase from 1.8 in the first quarter. Measurements of the Actual Most Recent Quarter (MRQ) moved higher, from 0.9 to 2.2, and so did the Outlook for the next six months, from 1.7 to 4.6. The Outlook scored higher than actual, indicating an accelerating business climate. The Risk outlook worsened, from (0.8) to (1.1).
Typically employees work in teams to maximize their skills and performance. But what makes a successful team?
According to globally recognized innovation strategist Shawn Kanungo, the coronavirus pandemic changed everything. For years he’s been preaching the value of an innovation disruption mindset to organizations and their leadership, a concept that had too often been agreed with, only to be followed by inaction. The technology was at their fingertips, and yet the finance profession, in large part, continued on with what was comfortable, what they’d “always done.” Until they couldn’t.
When recruiting individuals for new positions, organizations often forget the benefits of building from within and upskilling their current employees. Most people develop their careers step by step, and developing talent from within allows organizations to create targeted training to support employees and build a more diverse company.
Last year, AFP announced the formation of its APAC FP&A Advisory Council (FPAAC). The networking and advisory group meets three to four times a year to discuss best practices, common challenges and innovative initiatives in the Asia-Pacific region. We’ll be profiling individual members of the council every month. This month we spoke with Douglas Yeung, senior director of APAC Finance at Genesys.
The world is being profoundly changed by systems leveraging artificial intelligence, which is drastically changing the future of work, including how companies compete, what work is done by humans, and how FP&A professionals can adapt to add value to their organizations. Author and world-renowned future-of-work expert Ben Pring will discuss this topic during his Keynote speech at AFP FinNext Asia, taking place virtually 15-17 June 2021.
How can FP&A make the business view finance as a primary source of insight? Companies have researched these long-term questions for decades, and surveys find that FP&A professionals are buried in basic duties. To help address these questions and provide insight on how to solve the issue, Bain & Company’s Steve Beam joined Anders Liu-Lindberg and AFP’s Bryan Lapidus, FPAC, for a webinar, “Better Business Partnering Leads to Better Strategy.”
As a follow-up to the 2021 AFP Payments Fraud and Control Survey, underwritten by J.P. Morgan, the Association for Financial Professionals (AFP) recently held a companion webinar, “Beyond Business Email Compromise (BEC): Where Fraud is Evolving.” The webinar provided attendees with a review the latest trends in payments fraud, the tools being used to prevent fraud and, more importantly, from a risk management perspective, where companies can employ insurance to further mitigate potential risk.
The AFP 2021 Conference Planning Task Force is made up of experienced practitioners tasked with selecting the most relevant, timely and useful content to treasury and finance professionals. We recently caught up with the task force co-chairs, Kayla Davis, vice president and head of M&A at ABM Industries and member of the FP&A track, and John Nielsen, CTP, chief financial officer at FloraCraft Corporation and member of the Capital Markets and Investments and Risk Management track.
In a special edition of the AFP Conversations Podcast, Jim Kaitz, president and CEO of AFP, speaks with Amy Edmonson on the value of successful teaming in a crisis. Novartis Professor of Leadership and Management at the Harvard Business School and author of The Fearless Organization, Edmonson will appear at AFP 2021 as the Tuesday Keynote speaker. In this interview, she provides a preview of her upcoming session, providing concrete tools that leaders and their teams can use to innovate in the face of disruption.
Last year, AFP announced the formation of its APAC FP&A Advisory Council (FPAAC). The networking and advisory group meets three to four times a year to discuss best practices, common challenges and innovative initiatives in the Asia-Pacific region. We’ll be profiling individual members of the council every month. This month, Bryan Lapidus, FPAC, director of FP&A Practice at AFP, spoke with Hari Ramani, PT controller and reporting/analysis lead at Shell.
When it comes to implementing meaningful diversity, equity and inclusion (DEI) efforts, many organizations come up short. Organizations fall along a spectrum between those who are either afraid to act, or those who fall victim to action bias (blindly choosing action over inaction), which produces DEI efforts that amount to nothing more than lip service.
AFP's Tom Hunt, CTP, director of Treasury Services, met with the Treasury Advisory Group (TAG) in April to discuss legal entity identifiers (LEI) with the Global Legal Entity Identifier Foundation (GLEIF). Participants were most interested in the future of LEIs and streamlining the know your customer (KYC) portion of the process.
A global symbol of excellence, the Certified Treasury Professional (CTP) designation sets the standard in the treasury profession. AFP recently caught up with Alexander Seelmann-Eggebert, CTP, deputy regional treasurer at Nestlé in Singapore, to discuss his decision to earn the CTP, and how it has affected his life and career journey.
While everyone has the potential to become an intentional learner, it is an acquired skill that needs to be developed and practiced. A key driver in building employees who are intentional learners is gaining support from leaders of the organization. So why is it that most company learning programs fail?
AFP hosted a webinar, “LIBOR Transition: Preparing for the End Game,” with three corporate finance experts who spoke on the transition of Libor. The speakers included Peter Phelan, president of Phelan Advisory LLC and former (as of March) deputy assistant secretary for Capital Markets at the U.S. Department of the Treasury; Mack Makode, vice president and treasurer at Under Armor; and Matt Johnson, vice president and treasurer at Genesco.
Due to the state of the world, treasury is in a place it has never been before, and there are various challenges hitting at once. However, with challenges come the opportunity to explore new solutions. At AFP 2021, taking place Nov. 7-10 in Washington, D.C., attendees will have the opportunity to gain innovative solutions and to share ideas that address areas of concern within the industry.
The Association for Financial Professionals (AFP) and HOFT have announced a formal partnership to offer exam preparation courses for finance professionals based in the Middle East, Africa and Asia Pacific regions. The courses will equip financial professionals with the tools they need to earn the Certified Corporate FP&A Professional (FPAC) certification, sponsored by AFP.
An elusive goal for most finance organizations is for the chief financial officer (CFO) and financial planning and analysis (FP&A) practitioner to function as stewards of value creation and strategic business partners. Many organizations have spent years transforming their FP&A capabilities to become more valued business partners, but results have been slow or not met expectations.
The field of FP&A is transforming from the traditional landscape of a reactive position to a forward-looking state. We recently caught up with Hector Rubalcava, FPAC, FP&A manager and business partner at Amtrak and member of the AFP 2021 FP&A Task Force to discuss what the task force has planned for the FP&A track, and what he is personally most looking forward to about attending AFP 2021.
This quarter’s AchieveNext discussion focused on how to get the most from your IT investments. Attendees were separated into small-group breakout sessions, from which the discussion unfolded like a three-act play: strategy roadmap, getting approval for the investment, and not throwing it all away.
In a joint letter to the leadership of the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, the Association for Financial Professionals, joined by the National Association of Corporate Treasurers, and the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness laid out their argument in support of legislation that would provide a benchmark replacement rate for contracts that currently reference the Libor.
AFP and PMsquare have announced a formal partnership to offer exam preparation courses for finance professionals based in Sri Lanka. The courses will equip financial professionals with the tools they need to earn the Certified Corporate FP&A Professional (FPAC) certification, sponsored by AFP.
As the world began to grapple with working remotely in 2020, the 2021 Association for Financial Professionals Payments Fraud and Control Survey, underwritten by J.P. Morgan, revealed that nearly two-thirds of treasury and finance professionals believe the coronavirus pandemic is to blame for some of the uptick in payments fraud at their companies.
Last year, AFP announced the formation of its APAC FP&A Advisory Council (FPAAC). The networking and advisory group meets three to four times a year to discuss best practices, common challenges and innovative initiatives in the Asia-Pacific region. We’ll be profiling individual members of the council every month. This month we spoke with Danny Shiu, FPAC, CTP, MOS.
For treasurers, attaining visibility to, and control of, cash is a critical objective. Although today’s technology makes achieving that objective easier than ever before, it does require companies to know how best to deploy the various solutions and innovations that are available.
The latest buzzword in many companies today is “intentional learning.” Any employee has the ability to be an intentional learner — someone who makes a deliberate effort to refresh and upgrade their skill sets. However, that investment in learning must start with leaders of an organization.
Why are intentional learners at a higher career advantage than most in the professional world? It is because intentional learners are continually in an unconscious, reflexive mindset — one at which they operate at all times to improve their skills. Anyone can unlock intentionality in their lives by simply adjusting two critical mindsets: growth and curiosity.
FP&A professionals are helping organisations better understand economic and business trends, identify opportunities, and anticipate obstacles and potential treats. This has led the finance function to spend less time on basic budgeting and reporting responsibilities and relying on its FP&A teams to focus more on data analysis and recommendations to drive future growth.