Introducing our Treasury Masterminds Board
We are happy to announce our Treasury Masterminds Board members, a panel of leading corporate treasury experts from around the world. This esteemed group will lend their deep domain knowledge and years of practical experience to guide and enrich the content and events we provide, give insights on treasury topics and discussions, and provide answers to questions in our treasury community. The Treasury Masterminds come from diverse backgrounds, geographies, and industries. But they all share a passion for treasury management along with track records of excellence and innovation in the field. We will frequently call upon their expertise through: Treasury Masterminds Board members Benjamin Defays Benjamin landed in Treasury by chance about 12 years ago, and it quickly became his passion. He started my journey with a CAC40 company, then switched to the largest private company in the US, and now he is with the world’s largest alternative asset manager. This gave him the opportunity to take part in 3 TMS implementations plus one for a trade finance platform, being in charge of FX risk, liquidity management, and solutions implementation with various cash pooling structures, trade finance activities, credit and collection management, but also automation activities such as RPA and various workflow tools to help monitor activities and measure performance, with managerial roles at different levels. He has been a board member of the Association of Corporate Treasurers of Luxembourg (ATEL) for several years, in charge of education and the sustainability of the Treasury function. He teaches and co-founded various Treasury Management training programs Sebastian Muller-Bosse Sebastian is a young treasurer with a passion for treasury and technology. With experience in both banking and corporate treasury, he has transitioned into treasury consultancy and interim management, bringing a unique blend of expertise to his work. Dedicated to spreading knowledge and creating awareness about corporate treasury, Sebastian is particularly focused on reaching students, graduates, and young professionals. His tech-savvy approach and commitment to automation make him a valuable resource in today’s rapidly evolving financial landscape. Patrick Kunz Patrick is the founder and treasury consultant at Pecunia Treasury & Finance BV. A boutique treasury consultancy firm based out of the Netherlands. Servicing clients in the Benelux, Germany, Nordics, and wider EMEA. Patrick has seen more than 30 treasuries, from big to small, from profit to non-profit. He has 25 years of experience in his 15-year Treasury career. Patrick is both interim manager and consultant and also has a wealth of tech knowledge, having led several TMS, Payment Hub, and FX Hub implementations. Pecunia’s unique concept of working with 80+ freelancer associate interim consultants means they always have a suitable treasury, data, corporate finance, or cash management expert in their ranks at a competitive price. Jessica Oku Jessica is a Treasury & Finance Executive with over 12 years’ experience in Strategic Treasury, Banking and Finance, working for top banks and multinationals. With a proven track record of developing innovative financial strategies and optimizing portfolios for multi-million-dollar enterprises. Throughout my career, she has developed and executed initiatives that have redefined success and driven remarkable results. From optimizing the capital structure of a beverage multinational that led to savings of over $1 million to strategic negotiations that resulted in a 40% decline in finance costs, structuring diverse funding and debt instruments and derivatives, transforming individuals into product experts, achieving process efficiency across different strategic business units, and negotiating 5-year tax waivers on business pioneer status, her commitment to excellence is unwavering. Jessica has a passion for coaching talent and teams to drive transformational organizational change. She is currently driving impactful change as the Director of Fund Development at Women’s Health Coalition Alberta, Canada. She received an award in 2021 for the Professional Achiever’s Award 2020 (Business Outstanding Performance Award). Alexander Ilkun Alex is passionate about allowing companies to focus on developing their businesses. He achieves this by implementing best-practice Treasury processes, empowered by automation and visualization. Alex has been a regulator speaker at Treasury conferences regarding wider Treasury-related and emotional intelligence topics. Tanya Kuznetsova Tanya is Director of Treasury and Cash Cycle Transformation at Baptist Health Care, based in Florida, where she is responsible for implementing the best practices in cash management, working capital optimization, reducing costs associated with treasury operations and attracting capital. She has 20 years of treasury management experience in a variety of industries around the globe: transportation, retail & wholesale, and healthcare. As a treasurer and an independent consultant, Tanya has integrated technology advancements and improved processes into organizations of varying sizes, including non-profits under $1 billion and a $22 billion retail business with 13,000 stores. In addition, she advises high-tech companies on projects involving the newest technology applications in finance, such as AI, machine learning, and APIs. She holds the professional designation of Certified Treasury Professional. She is an award winner recognized for her achievements in implementing supply chain finance solutions. Tanya served as president and is currently a board member of the North Carolina Treasury Management Association. She contributes to the professional community as an educator and a speaker. She is the author of “Alice and the Treasury Island,” a book about career development and professional growth, as well as a number of online courses on fintech and digital assets. Royston Da Costa Royston is a Certified Treasury Professional (CTP) and an affiliate member of the Association of Corporate Treasurers (AffilACT). He has over 36 years’ experience working in Treasury. 21 of which he has had as an Assistant Treasurer at Ferguson, a NYSE (primary) and FTSE (secondary) listed company. He has extensive knowledge and skills in treasury technology, automation, foreign exchange, cash management, and international payments. Royston is responsible for the UK intercompany loan portfolio and continues to drive forward the group’s strategy on Treasury technology. He worked at Sky, Gillette, PolyGram, Seagram, and Vivendi Universal. Royston is a regular speaker at international conferences, focusing on Treasury technology. He is passionate about implementing Treasury best practices and enhancing financial and operational efficiency. James Kelly James Kelly is an accomplished senior finance executive with deep…
FranklinTreasury and Accounting: What is the Difference?
Treasury and accounting are two closely related sectors within an organization. If they are not well understood, they can easily be confused and misinterpreted. While there are some similarities between these two functions, there are distinct differences as well. In this article, we’ll take a closer look at the differences between Treasury and Accounting and the roles they play within an organization. Defining Treasury and Accounting What is Treasury? Before we delve into the differences between these two functions, we need to define what they are. Treasury is a department within an organization that links the company to the financial markets. It is often part of the finance department. The major difference between treasury and accounting is that treasury focuses more on the business’s financial strategy and long-term plans. In contrast, the Treasury team focuses on the short-term management of financial assets. Its responsibilities include evaluating new ventures and determining their impact on the business. It also analyzes the performance of products and services in the market, forecasting cash payments, and anticipating challenges of low cash flow. Typical Projects carried out in Treasury What is Accounting? On the other hand, accounting handles the process of summarizing financial transactions into useful reports to maintain control over transactions. Accounting is about past performance and how it impacts the organization in the present and future. It involves auditing financial records, maintaining transactions in proper order, compiling annual reports that evaluate financial performance, managing accounting systems and processes, and analyzing tax implications. Typical Projects carried out in Accounting What is the Relationship Between Treasury and Accounting? Even though accounting and treasury are different, they both help manage and decide on financial matters. A treasurer can help a company make decisions that may improve its financial well-being, and an accounting department prepares financial reports to enhance management’s operations. However, treasury and accounting have different objectives and goals relative to an organization’s financial reports. A treasurer’s focus can be ensuring the company’s financial reports are positive and meet the goals of an organization. Employees in the accounting field focus on keeping track of an organization’s performance and auditing financial reports to see if the company has met various targets. Key Differences between Accounting and Treasury Definitions The primary difference lies in their definition. While accounting focuses on summarizing financial transactions in useful reports to maintain control over transactions, treasury management focuses more on the business’s financial strategy and long-term plans. Roles Different roles exist in each career path. A career in treasury may involve roles such as treasury manager, treasury analyst, finance manager, chief financial officer, or finance manager. People in accounting may have other positions such as senior accountant, inventory accountant, junior accountant, cost accountant, or forensic accountant. The exact role you hold may depend on the company you work for. Focus Treasury and accounting have different objectives and goals relative to an organization’s financial reports. A treasurer’s focus can be to ensure a company’s financial reports are positive and meet the goals of the organization. Employees in the accounting field focus on keeping track of an organization’s performance and auditing financial reports to see if the company has met various targets. Positions in Accounting vs Treasury There are different roles in each field, with different responsibilities and average base salaries. A career as a Treasury Assistant is an entry-level treasurer role. As a treasury analyst, you may track a company’s financial actions, such as credit income, liquid assets, and cash flow. A financial controller’s position can help oversee a company’s investment and budget and reduce its financial risk. A director of finance oversees many of the financial operations of a company. On the other hand, an accounts payable clerk is responsible for recording, verifying, and maintaining transactions. An accounting officer can forecast future financial performance, track expenses, examine and prepare financial reports, and assess financial operations. The accountant prepares and maintains financial reports, prepares tax returns, evaluates financial operations, recommends best accounting and financial practices, audits and analyzes financial performance, and compiles and presents financial and budget reports. Also Read Join our Treasury Community Treasury Mastermind is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.