AFP Survey Results: How Treasurers are Responding to COVID-19
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The AFP survey “Impact of the COVID-19 Pandemic” gathered insights from corporate treasurers to examine how they’re responding to coronavirus-related challenges. More than 400 treasurers participated to offer their perspectives on the following:
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The actions treasury departments are taking in response to the global pandemic.
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Whether organizations had a business continuity plan in place prior to the global pandemic and if so, whether these plans serve their purpose effectively.
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Whether treasury teams at organizations have a seat at the table, such as COVID-19-related task forces and meetings.
Among the key takeaways:
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Treasurers are focused on cash forecasting and expanding the time horizon for cash forecasts. Seventy-one percent of respondents reported their organizations had already increased their focus on cash forecasting and expanded the forecasting horizon, while another 17% said their companies are planning for the same.
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Sixty-five percent of organizations are shifting from paper payments to electronic formats in an effort to increase efficiencies in payment processes.
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A majority of organizations delayed or planned to delay hiring new employees (69%) or instituted a hiring freeze (61%).
