Dan Carmody, TreaSolution's Executive Director, was recently featured in a treasurytoday article titled, "The return to treasury outsourcing?" This article discussed why and how certain treasurer's should consider outsourcing select treasury functions in order to focus on more strategic tasks. Here are some of Dan Carmody's quotes from the treasurytoday article:
- "Many treasurers realize that in order to enable their staff to make strategic decisions, they need to focus their staff on strategic activities. By outsourcing tactical treasury functions, a treasurer can better utilize their personnel by focusing them on more added-value activities and projects"
- TreaSolution’s Carmody, likewise, notes that in general, “tactical treasury functions that are repetitive are best suited for outsourcing.” He adds, “In many instances, if the treasury function can be flow-charted, all or some of the function can be outsourced.” However, he also notes that organizations should not fully outsource functions which include critical control security measures, and/or that require strategic decision making.
- Carmody suggests the following as a starting point:
- How long has your company been in business?
- What is the response time if there’s a problem with these services?
- Who is the single point of contact in case there are questions/issues?
- How long are you able to provide treasury outsourcing services? - Carmody warns companies not to outsource too much too soon, for example. “It’s tempting to outsource all tactical functions upon contract signing,” he says. “I would suggest that treasurers consider outsourcing treasury functions in phases to ensure that all functions are being implemented and completed in an appropriate and secure manner.”
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