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AFP Survey Results: How Treasurers are Responding to COVID-19

 

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:

  • The actions treasury departments are taking in response to the global pandemic.

  • Whether organizations had a business continuity plan in place prior to the global pandemic and if so, whether these plans serve their purpose effectively.

  • Whether treasury teams at organizations have a seat at the table, such as COVID-19-related task forces and meetings.

Among the key takeaways:

  • 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.

  • Sixty-five percent of organizations are shifting from paper payments to electronic formats in an effort to increase efficiencies in payment processes.

  • A majority of organizations delayed or planned to delay hiring new employees (69%) or instituted a hiring freeze (61%).

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