The treasury evolution: Transforming from cash monitors to strategic business partners

Treasury is on the edge of a new era. No longer just the gatekeepers of liquidity, treasury teams are stepping into a more strategic role. Now, they’re helping shape company direction, not just protect it. 

This shift is partly driven by external factors like economic volatility, globalisation, rising interest rates, and increasingly complex risk environments. But it’s also about recognising treasury’s unique vantage point: “[Treasury] sees every inflow and outflow, connects with every department, and understands the macro risks businesses face,” says Jérémie Bouguéon, Product Marketing Lead at Pleo.

With the right mindset, tools, and capabilities, treasury evolves into a powerful business partner. One that guides growth, makes proactive decisions, and helps navigate the future. 

Looking back: The traditional role of treasury 

“Traditionally, treasury was a reactive, operational function,” explains Jeremie. That meant the focus was on core tasks like managing cash, ensuring liquidity, maintaining bank relationships, and processing payments. “The goal was to support smooth day-to-day business operations and safeguard financial stability.” 

But this gatekeeper-style role created a barrier with the rest of the company and left treasury out of the loop during strategic business decisions. 

That might’ve worked in the past, but not anymore. The world has shifted, and with it, the expectations of what treasury should deliver. 

Changing tides: The evolution of the treasury function 

“It’s no longer enough to simply manage transactions; treasury is now expected to contribute to value creation,” explains Bouguéon. 

That means modern treasury teams now spend less time on manual processes and more time on big-picture thinking, including: 

• Supporting strategic decision-making through real-time cash forecasting and visibility.
• Managing financial risk across currencies, interest rates, and counterparty risk.
• Driving efficiencies like optimising working capital and reducing banking fees.
• Enhancing profitability by shaping funding strategies and capital allocation. 

What’s behind these shifting responsibilities? According to Bouguéon, it’s down to a mixture of external forces and rising internal expectations, including: 

• Economic volatility and rate shifts: Gone are the days of financial predictability. Treasury can no longer assume a stable interest rate or foreign exchange (FX) environment. Instead, treasury has to navigate constant rate shifts, inflation pressures, and FX swings—demanding proactive hedging and real-time scenario planning. 
• Technology & Real-Time Data: The rise of APIs, open banking, and cloud-native tools brings powerful, real-time visibility, but also creates complexity. Treasury now needs to integrate and analyse fragmented data across ERPs, banks, and fintech platforms. 
• Globalisation & Regulatory Pressure: As businesses expand internationally, treasury teams need to navigate multi-jurisdictional compliance, safeguarding rules, capital controls, and counterparty risk, while still maintaining smooth operations.
• CFO expectations: Today’s CFOs are asking more of treasury. From funding strategies to M&A readiness and supporting strategic bets, treasury is now seen as a co-pilot, not just a gatekeeper.
• Cash as a strategic asset: In a high-rate or capital-constrained environment, idle cash is a wasted opportunity. Treasury is under pressure to unlock yield while still preserving liquidity.

As the demands on treasury expand, so does its influence. In this evolved role, Bouguéon explains that treasury has become a critical business partner, helping organisations respond to volatility, seize growth opportunities, and protect margins. 

But to achieve all this, modern treasury teams can’t rely on the old way of doing things. It’s time to develop new capabilities and adopt more advanced tools. 

From reactive to proactive: The new treasury toolkit

Treasury can’t shift from a passive, reactive role to a more strategic, proactive one without a bit of help. That’s where the right capabilities and tech come in. 

Thinking big: Treasury’s shift in direction  

Modern treasury teams are expected to do so much more than monitor cash. They’re under pressure to develop new capabilities, including:

• Strategic forecasting: It’s not enough to look 30 days out. Treasury is now planning 12-24 months out, with built-in sensitivity to macro assumptions.

• Scenario planning: Markets move fast. Treasury has to plan for the best and worst-case scenarios across FX, interest rates, and revenue curves. 
• Risk modelling: Risk doesn’t wait until. Daily insights into exposure—currencies, banks, and counterparties are the new norm. 
• Liquidity governance: Controls and compliance aren’t just box-ticking. Treasury needs to ensure internal controls, segregation, and compliance are always ready for scrutiny. 
• Capital allocation advice: Treasury needs to know where to deploy surplus cash, from deposits, MMFs, and intercompany lending, all while aligning with corporate strategy.  
• Bank relationship optimisation: Managing counterparties now involves rationalising account structures, negotiating fees, and reviewing banking relationships.  
• Tech ownership: No more waiting for IT. Treasury teams are implementing new systems, integrating banking APIs and driving automation. 

The tech that makes it possible  

When used the right way, technology can transform the way treasury operates. But despite all the tools in the world, real-time visibility remains a major challenge. 

Pleo’s Buried Treasury: Uncovering the Secret to Financial Stability Report found that 43% of financial leaders lack the information they need to make informed decisions. 

“This issue is largely due to data fragmentation across an ever-expanding set of financial tools,” says Bouguéon. “Many treasury teams report needing a single tool that consolidates cash positions across multiple bank accounts and financial services.

Boosting visibility is crucial, but so is automation. The same Pleo report found that on average, finance teams lose 26 hours per week to manual tasks. 

“These repetitive tasks take time away from strategic priorities such as optimising cash flow and supporting business decisions,” says Bouguéon. Transforming treasury from cash monitors to strategic business partners can feel like a challenge. But part of the solution is using a cash management platform, like Pleo.

There’s also plenty to learn from how treasury is evolving at other companies. 

Charting a new course: How Pleo evolved its treasury team

Here at Pleo, we’re also managing our own treasury team’s evolution. Senior Treasurer Emilie Guyot puts it simply: “At Pleo, the treasury function is on a journey from being primarily operational to playing a more strategic role.”

She adds that while the treasury team continues to manage core activities like liquidity monitoring and banking operations, they’re also gradually shifting the focus towards more forward-looking areas, including cash forecasting, counterparty risk, and investment strategy.

This evolution is supported by efforts to improve data visibility, automate manual tasks, and align more closely with the company’s broader financial strategy. “The goal is to become a more proactive business partner, one that not only safeguards the company’s financial position but also helps unlock opportunities for growth and efficiency,” adds Guyot.

Expert tips for shifting to a strategic mindset 

With first-hand experience of what it takes to transition treasury towards a more strategic mindset, Guyot shared her approach. 

Own the numbers

If you can’t explain your cashflow forecast in a sentence or defend your exposure, you’ll be sidelined from strategy discussions. 

Automate ruthlessly 

Time spent recording balances means less time for strategic conversations and shaping company strategy. 

Speak the business language

Getting a seat at the top table means understanding sales cycles, seasonality, and margins. Position these insights as enablers of growth, not just risk mitigants. 

Challenge the status quo

Ask “why” often. Why are we holding this cash buffer? Why this banking setup? Why not earn more?

Get close to the CFO

The closer treasury aligns itself with your CFO’s goals, the more indispensable you become. 

Rewriting the treasury map

Treasury teams are at a crossroads. 

No longer seen as gatekeepers of cash, they’re charting a new course through uncertainty and opportunities, with more potential than ever before. 

But making that leap doesn’t happen by chance. It takes the right capabilities, tools, and mindset to create a clear map of the road ahead. 

Ready to find out more about how treasury teams are navigating the future? Download our latest report: Buried Treasury: Uncovering the Secret to Financial Stability.