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Following the Money: Treasury Functions and Accountancy Functions in Large Companies

The finance sector may seem like some great monolithic edifice, but of course, like any industry, it is full of sub-divisions and specializations. Some of these functions are disconnected from one another. Others are in constant collaboration. Take for example the relationship between the accounts department and the treasury department. Some people think these functions are indistinguishable but in reality they are very different.

Accountancy and Finance

Any large company will have a treasury function and an accountancy function. The focus of these two departments is often categorized in terms of future and past actions. Accounting is closer to book-keeping in the sense that you manage and prepare financial statements and records. Accounting involves analysis and creation of financial documents whereas finance may involve the control and management of assets. Accountancy is more about compiling, tracking, assessing and presenting information. Ensuring paper trails, in a sense. Financial management involves making actual decisions about the future of an enterprise; establishing how best to invest money and secure liquidity etc.

Treasury management departments are usually overseen by a Chief Financial Officer (CF0). The role of the CFO encompasses aspects of strategic planning, capital management, investor relations, financial reporting etc. The more complex the organization, the greater likelihood that these responsibilities will be delegated. Across areas such as processing and cash control there will often be an overlap between the accounts department and treasury.

Differences and Overlaps

Treasury management is closer to overall financial management, with one or two omissions such as inventory. Treasury is highly dynamic. It requires good people-skills and fast decision making. The concerns of treasury are immanent whereas the concerns of accounting are often retrospective. Treasury involves the management of risk, the management of liabilities and assets, the management of cash, and the management of important relationships (suppliers, investors etc.). It involves ongoing collaboration with other managements.

The accounts department usually prepares information for the rest of the organization, for instance, entries necessary to process payments etc. Documents prepared in the accounts department will circulate throughout other departments. They will be utilized by managers, executives, taxation authorities and investors.

Accountancy and Treasury Management Jobs

Accountancy and treasury management positions are some of the most popular jobs in Canada at the moment. They are competitive and well paying sectors with good opportunities for career advancement and diversification. They also have comparatively low unemployment rates, less than half the Canadian average.

How to Get Hired for Better Petroleum Engineering Jobs

You want to know how to get hired for better petroleum engineering jobs. You may have already been working in the industry and that’s great. Everything that you have done up until this point should be on your resume – and if it’s not, it’s time to go back to the computer and update your resume. All of your education in all of your experience will help you to get better jobs – but it may not be enough.

Petroleum engineering jobs require a significant amount of skill. You cannot go directly from school into the better jobs. Companies want to see that you have experience and that you know all about the industry.

How do you show competency on the job?

Experience will show that you are competent within the different petroleum engineering jobs. If you don’t have experience, you will need to get it. This means starting at some lower-level engineering job and working your way up. Getting an internship or externship at different companies can help you dramatically as well.

Not sure where to set up an internship or externship?

If you work with a recruiter to help you obtain better petroleum engineering jobs, they are likely going to direct you to the better internships and externships to better your resume. They know that when you improve your resume, you will come back to them and that will help them fill open positions. So while they may have to do a little work to get you to where you need to be, it will pay off for them in the end as well.

Recruiters make money from the companies that they fill positions for. They are going to work with you as much is possible in order to get you into one of the companies so that they can fill a position and get paid. In a perfect world, you have a great resume and you are ready to get hired on by the better companies immediately. If this is the case, a recruiter will be thrilled with you and you can probably have an interview by the end of the week.

If your resume is not looking the greatest and you already know this, a recruiter is going to help you figure out what you need to do. If you want to get hired for one of the better petroleum engineering jobs, you have to ensure:

  • a solid education
  • a significant amount of experience
  • continuing education credits in engineering
  • you’re a team player
  • you are willing to relocate

The ability to relocate is not a necessity when it comes to finding petroleum engineering jobs, but it can certainly help. These kinds of jobs are not located all over the country and so you may be limited as to where you can work. If there are no open positions near you, it may be necessary for you to relocate if you want to work within your career field.

Improving Career Success: Simple Ways for Executives to Get Ahead of the Competition

Typically, the most successful executives are often perceived as being highly focused on their own careers and have a clear career progression pathway towards achieving success at the very highest level. Very often, this is not the case where successful progression is as much to do with a bit of luck as much as determination, leadership skills, exceptional personal qualities, outstanding achievements, specialist expertise, professional development and leveraging industry contacts.

In reality, executives often do not get sufficient opportunity to consider the bigger picture and help drive forward the agenda regarding their careers because they are too busy, have too many distractions or have a family to manage. However, there are several ‘quick wins’ that can help get executives started and motivated towards achieving greater success. The main thing is to dedicate some time to begin putting those thoughts, career aspirations and ultimate ambitions into a structure by defining simple steps for building momentum into a wider process.

Quick Wins for Executive Success!
Speaking to executives and business leaders one recurring theme is that career aspirations are often put on the ‘back-burner’ or they have little time or motivation to get started. The reality is that much of the work is done, contacts networks have been built and they have often gained a long track record of success, so it is more about fast-tracking those ideas, writing them down and executing the plan.

Commitment to Making Things Happen
The most important thing is to commit to developing a plan of action and periodically reviewing progress and making adjustments where necessary. Plans will evolve over time and will inevitably become delayed if there is not enough willing or motivation for action. Executives must be committed towards making a change otherwise it may not happen!

Dedicating Time
Take one morning away from everything and do some soul-searching about what you want to do next (and why), define ultimate career aspirations or whether there are any particular employers out there that you want to work for. The idea is to quickly critically evaluate options and research next steps to narrow down possibilities (strategic alternatives) for creating an outline plan based on what executives want to do next. This gives some important clarity in direction, help executives become forward-thinking about their careers and define a clearer vision of where they want to be. Knowing what executives want to do next is half the battle!

Setting SMART Objectives
Next, it is important to translate identified options into specific objectives. Setting SMART objectives helps underpin career plans and motivates executives towards taking action. Ensure objectives are SPECIFIC, MEASURABLE, ACHIEVABLE, RELEVANT and TIME-FOCUSED. From this, a plan of action can emerge with distinct targets, strategy and stages for achieving goals.

Identifying Unique Selling Points (USPs)
Identifying unique selling points, key strengths and knowing own limitations are important. This is what employers are attracted to and need to see clear benefits of employing someone over other candidates. Conduct a personal SWOT analysis or skills evaluation. It may be a combination of skills, qualities and expertise that combine to create USPs rather than just one single element. Executives must stand out from the competition, especially when operating at the very highest levels within organisations. Clearly document these and if necessary get someone to critically evaluate them.

Executive CV / Resume
Recruiters acknowledge the CV / Resume is still arguably the single most important element for creating an initial impression and deciding on whether to shortlist candidates. Great attention must be given to the CV / Resume – it should be treated as a marketing document with clear selling points, not just an outline career summary. This includes translating unique selling points within the context of writing a marketable CV with a clear message and benefits of employing someone.

Establishing an Online Presence (LinkedIn)
Having an online presence is essential, especially with the way LinkedIn and other social media or networking platforms have grown in popularity. It is an expectation for executives to have an online presence with a network of industry contacts. This means executives must clearly articulate key credentials (i.e. industry expertise, leadership skills, main achievements, personal qualities and what they can bring to a future employer). From this, it is necessary to build contacts networks as recruiters and headhunters will inevitably look at LinkedIn profiles but also who candidates are linking with.

Develop a Personal Brand
Executives need to define clearly what they are all about and what they can bring to organisations. Being nicely assured in approach, being confident when dealing with people and having an aura of confidence can be a key differentiator between candidates, especially when there is a split decision on who to hire. It goes without saying that being consistent in approach, refining behaviours, impeccable presentation, confident communication, being warm / friendly, staying positive and remaining highly professional at all times will make a favourable impression with employers. Effective people interaction and communication skills are essential boardroom requirements.

Building Executive Headhunter Relationships
Once everything else has been put in place, executives are ready to execute plans. Invariably, this involves building relationships with executive headhunting firms. Therefore, having going through these previous processes means executives are in a far better position to quickly respond to opportunities. For this to happen, executives must be credible to headhunters and be able to sell a vision of how they will fit into organisations. Equally, headhunters must also be able to ‘buy-into’ the same vision / personal brand as they need to understand how best to place candidates within their extended recruitment networks.

Improving Career Success for Executives: Conclusion
Overall, there are simple ways executives can improve chances of career success for achieving ultimate career aspirations. This is not re-inventing the wheel or going through hours of executive coaching / mentoring, it is often a matter of taking time out to focus and turning ideas into clear actions. Most of the components are there, so it is a matter of bringing everything together into an outline plan with some clearly defined objectives. The most ironic thing is that executives apply strategic approaches in everyday boardroom scenarios, though they often forget to apply a similar approach to themselves when thinking about the ‘bigger picture’ and executing career plans.

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