Anticipate, be proactive and maximise your time management skills – these are three pieces of advice to treasury newcomers from Terry Nelson. And if you can become a subject matter expert in your field and combine your discipline with a knowledge of technology, then you will be well prepared for the challenges posed by this ever-changing industry.
How did you come into treasury and what attracted you to the profession? And how has your career progressed through to the role that you hold today?
I started working for small to mid-sized companies and treasury was an important by-product of my traditional accounting functions. Handling cash collections and disbursements were the main tasks back then. It then evolved into a dedicated team and crucial interdepartmental role in an industry highly regulated by complex banking requirements directed by key stakeholders.
What better way to navigate the world of treasury than by working in one of the most regulated industries – healthcare – with convoluted banking design? Because of the complexity in banking layouts, I find these challenges an opportunity to simplify, automate and improve upon old manual practices. A dedicated treasury department is born out of necessity; the old accounting/finance function has been outgrown and treasury now maintains transactional integrity, mitigates financial risks, optimises cash investments, and appropriately segregates duties with transparency.
I am a firm believer in continued learning, even as adults, whether that is continued education through a formal institution, training courses or reading published articles by subject matter experts. This not only keeps your industry knowledge sharp, but also enables you to be a key driver in the recommending of solutions or adapting/changing processes and in keeping the company relevant in today’s highly competitive market.