Transforming Treasury: Unlocking Growth for Mid-Sized Corporations 

As mid-sized corporations expand, enhancing their Treasury function becomes essential. International growth, exposure to multiple currencies, evolving regulatory requirements, and increased working capital demands are key indicators of the need for a well-structured Treasury function. These factors heighten the risk of challenges such as limited cash visibility, foreign exchange fluctuations, and a greater need for centralization and diverse financing sources—making a solid policy framework essential. A Treasury function built around a clear Target Operating Model (TOM) is critical for managing this complexity and enabling sustainable growth. 

Zanders has deep experience in helping companies of all sizes define and optimize their Treasury TOM—from small businesses to global multinationals. Across industries from pharmaceuticals to manufacturing, we support organizations at every stage of treasury maturity. A well-designed TOM gives you a roadmap to transform Treasury into a strategic, scalable capability. 

Benchmarking your Treasury Performance: Know Where You Stand 

A treasury benchmark study provides a clear and objective view of how your treasury function compares to peers and industry best practices. It helps to identify strengths, spot inefficiencies, and uncover opportunities to enhance performance and resilience. 

This kind of assessment is especially valuable during periods of rapid growth, when your treasury must adapt to increasing complexity. It also proves to be critical during major events such as mergers, acquisitions, or shifts in the market, where quick adaptation is key. 

Benchmarking is more than a comparison exercise. It delivers clarity on your current state and defines what’s needed to evolve. That insight becomes the foundation for targeted improvements, stronger risk management, and the development of a TOM that aligns with your organization’s goals. 

In the sections below, we outline two key areas to consider and how benchmarking provides the insights needed to build your optimal treasury roadmap. 

Strategic Alignment in Action: Optimizing Organizational Structures for Sustainable Growth 

As organizations grow, it becomes increasingly important to clearly define treasury responsibilities separately from those of the broader finance function. At the same time, integrating Treasury into the interconnected structure of the Office of the CFO helps build a stronger and more resilient finance organization. A common challenge in change management arises when legacy definitions of roles and responsibilities remain unaddressed. For example, certain processes—such as reconciliation—may continue to be performed within the ERP system simply because “that’s how it’s always been done,” even if it’s no longer the most efficient approach. In some cases, the accounting team may lack the capacity to take ownership of such tasks, resulting in inefficiencies and blurred accountability. 

A TOM review creates the opportunity to redefine treasury roles, policies, and processes. This should be revisited regularly to keep it aligned with the organization's structure and goals. 

Key Opportunities for Policy and Procedure Optimization: 

• Consolidation and Standardization: Implementing unified policies and procedures can enhance efficiency and consistency across the organization. This involves consolidating knowledge, standardizing processes, and ensuring that all departments operate in alignment with organizational goals. 

• Enhancing Segregation of Duties: Reviewing and refining the organizational structure can better support the segregation of duties, reducing risks and improving operational integrity. This involves defining clear roles and responsibilities to ensure effective internal controls. 

• Streamlining Operations: Centralizing certain activities currently performed locally can lead to streamlined operations, improved efficiency, and reduced costs. Centralization allows for standardized procedures, clearer decision-making processes, and improved resource utilization. 

• Strategic Resource Realignment: Redirecting treasury resources from routine operational tasks to strategic initiatives can significantly enhance the treasury's value proposition. By automating non-core activities, the treasury can focus on high-impact projects and internal consulting roles, driving business growth and strategic alignment 

Alongside a review and assessment of the organizational structure, a deep dive into the treasury technology landscape of an organization is another key aspect to consider when transforming a treasury. 

Technology as a tool 

While large organizations typically have an ERP or TMS in place, many small to mid-sized companies have not yet reached that level of maturity. In these organizations, treasury functions often rely heavily on spreadsheets, which can be cumbersome and prone to error. Additionally, treasurers must log into multiple bank portals to gather essential data for reconciliation and forecasting. As the company grows, the time spent on these manual processes increases, along with the risk of mistakes and inefficiencies. 

Recognizing the need for modernization, treasurers are increasingly focusing on upgrading treasury technology. As mid-sized corporations scale and face greater financial complexity, the reliance on outdated, custom-developed solutions and manual processes becomes more problematic. This makes the need for an enhanced treasury management system even more critical to efficiently manage financial operations and reduce operational risks. 

Key opportunities for a Treasury Technology Upgrade: 

• Enhanced Flexibility and Scalability: Upgrading to cloud-based treasury management systems (TMS) can provide greater flexibility, scalability, and cost efficiency compared to traditional onsite systems. This allows for easier access and management of treasury operations across different locations and teams. 

• Advanced Reporting Capabilities: Real-Time Financial Insights: Implementing a more advanced TMS can address reporting challenges by providing accurate, real-time financial insights. This capability enables treasurers to make timely and informed decisions, enhancing overall financial management and strategic planning. 

• Streamlined Operations: Upgrading to a system with seamless integration capabilities can automate processes, reduce operational delays, and minimize errors. This integration ensures that all systems communicate effectively, fostering a more efficient and cohesive treasury environment. 

• Efficient Cost Management and Regulatory Compliance: A modern TMS can help achieve significant cost savings and improve compliance by supporting segregation of duties and multi-level approval processes. This ensures adherence to regulatory requirements while optimizing operational expenses. 

• Improved Cash Management: Access to real-time data, such as global cash positions, is crucial for effective decision-making and cash management. Upgrading to a system that provides these insights can enhance treasury operations by allowing for proactive management of liquidity and financial risks. 

Organizations should carefully evaluate when and how to upgrade their TMS, recognizing signs of inadequacy, understanding the benefits, and identifying essential features. A suitable TMS will not only optimize treasury operations but also provide the necessary tools for effective financial management, maintaining a competitive edge in an evolving landscape.  

Build a Strategic Roadmap 

With the insights gained from benchmarking, organizations can define their long-term target state and build a tailored solution design. This becomes the foundation for a strategic roadmap that outlines the initiatives needed to elevate your treasury function. Whether the focus is on technology upgrades, process improvements, or resource realignment, each initiative should shape a treasury function that is agile, efficient, and growth ready. A fit-for-purpose treasury is not just a support function; it is a strategic asset that underpins long-term performance and resilience. 

If you wish to learn more about how we can support the growth of your organization through the treasury function, please contact Ernest Huizing or Vincent Casterman.