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In 2022 many sectors and industries in Germany were burdened with high inflation and the war in Ukraine, and all the consequences that came with it. Bottlenecks with materials and supply chain difficulties continue to make themselves felt, and more and more countries are returning to protectionist measures. For the coming year, the German Council of Economic Experts expects the German economy to continue to face difficult circumstances.
Contents
In 2023ensuring liquidity still represents the biggest challenge to treasurers in many multina-tional corporations, mid-market companies and family-run firms, and will continue to be ex-tremely relevant in the future. The rise in inflation as well as interest and the energy crisis, which is primarily seen in industries with high energy consumption, have repeatedly made it clear that proactive liquidity management is essential.
Digitalising treasury in order to be able to predict liquidity streams real time and intensifying communication with core banks for investments in networked technologies and automation are just some of the many options that companies should employ when managing their liquidi-ty issues.
The basic condition for ensuring liquidity is not only a fully functioning treasury or cash man-agement function, but also the following measures:
Short-term:
- Adapting the financial structure to the current situation or raising finance (a future-based liquidity check)
- Setting up a valid weekly/monthly liquidity plan, and assessment of current and future liquidity requirements (in Excel if nothing else)
- Preparing a valid calculation of cash flow
- Working capital measures (e.g., setting up a payment factory)
Medium-term:
- Streamlining and automating existing processes by introducing and implementing digital technologies (e.g., treasury management software, 360t)
- Drafting uniform group policies
- Considering changing existing core banks
- Considering adjusting cash pool strategy
- Foreign exchange management and management of interest
Long-term:
- Promoting digitalisation and sustainability that is adapted to suit current and governance market conditions
Practical note
The Treasury Services Team at Grant Thornton Germany will assist you with everything con-cerning liquidity as well as digitalisation and selection processes in cash management and treasury. Feel free to contact us!
Authors
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Thorsten Schneider Thorsten Schneider joined Grant Thornton in 2021 and is Head of Debt Advisory & Treasury Services.View Profile -
Tom Winter Tom Winter is Senior Manager in the Debt Advisory team. Prior to joining Grant Thornton, he spent nine years at Deloitte in the Debt & Capital Advisory practice, advising corporates, banks and financial sponsors on leveraged finance transactions, refinancings, structured financings and asset-based finance solutions.View Profile