Finance
Q&A: how can finance leaders steer companies through uncertainty?
A combination of global elections, geo-political tensions and economic uncertainty has created a challenging landscape for finance leaders, who are often looked upon to navigate through tumultuous times.
James Simcox, chief product officer and managing director international at Equals Money, discusses overcoming challenges to international expansion and the importance of hedging risk.
Q
What impact are elections across the globe having on businesses and their international growth plans?
A
The number one challenge for any business in this environment is uncertainty. I think the election in the UK will bring an element of much-needed stability, which will really benefit the UK economy and businesses. If Labour is elected, they have shown themselves to be pro-business and it will be really important for business leaders to have that reassurance that the current status quo will be maintained.
However, we are facing much more uncertainty on an international level, particularly with how things will play out in the US as well as France. Donald Trump has already signalled that he will seek to devalue the dollar should he come into power, which would certainly be an interesting development as currency has already proved something of a rollercoaster over the last couple of years.
As a result, we’re seeing an increasing number of finance leaders take steps to mitigate risk where they can, particularly around currency movements. When transactions involve different currencies, businesses are exposed to the risk of exchange rates moving against their favour, which can impact the value of international dealings. To deal with this, businesses need to hedge their currency risk by securing exchange rates for future transactions
One of the best tools available to help finance leaders balance their risk is booking forward contracts
Q
With potential changes to policy, how can leaders act with authority and make confident decisions for the future?
A
In business, you will always need to take a bet in some shape or form as that’s the nature of growing a business and making money. I don’t believe businesses should put off making investment decisions, but instead think about ways to manage risk around those decisions and return profits in a fixed way.
One of the best tools available to help finance leaders balance their risk is booking forward contracts. From a budgeting perspective, having a set price for a number of contracts provides a level of stability for the company and reduces currency risk. Similarly, locking in tax rebates at a fixed price can be hugely important in helping businesses plan for the future.
Leaders can also take steps to manage costs such as spending in local currency. We see many businesses use their corporate credit card in local offices when they’re expanding but this is not an effective way of managing costs. It’s much better to manage operations in the local currency at a better rate using a currency card.
Q
What are the barriers that businesses seeking to expand internationally face and how can they overcome those?
A
Businesses need to think carefully about the nuances and rules of the jurisdictions they are looking to expand into, including employment laws, the local tax structure and even ways of working. A mistake that businesses often make is believing that they can run an overseas business from the UK but it simply does not work like that. One of the most important things that businesses can do is employ people on the ground who have an understanding of the region.
Finance leaders should also not underestimate the importance of product market fit. As you expand, you need to be aware that a product that works in one market may need to be tailored to suit the needs and wants of customers in another region and this is where market research can prove invaluable.
Not surprisingly, currency can be a huge challenge when expanding internationally. A lot of international businesses still prefer to transact in US dollars rather than their local currency so finance leaders need to think about how they can collect payment in various different currencies.
This is where a multi-currency product, such as the one we offer at Equals Money, can be of fantastic use, providing customers with a single account to receive payments in up to 38 different currencies. Customers also benefit from support and the ability to speak to someone on the phone, which can be much harder to access through traditional banking overseas.
Q
How important is it that finance leaders are seen as an anchor and inspire confidence in others?
A
It’s great that we are seeing finance evolve from a service function to a business partner and it’s key that finance leaders are involved in conversations about international expansion from the get-go. They need to take the lead on risk mitigation and that means understanding how to transact in different currencies, how to report back to the core business and how to plan across multiple markets and multiple currencies.
There’s a lot of research that needs to be done and this should happen upfront, so finance leaders are well prepared to overcome the different challenges from FX rates to transfer pricing. All too often, we see finance teams involved far too late and this can create panic and uncertainty around certain decisions.
Finance leaders should also pay attention to the political landscape in their local markets by keeping their ear to the ground and understanding what changes could potentially impact the business, such as interest rate movements or changes to local tax policy. There’s a huge value to employing advisers or specialist business consultants in local markets. Similarly, having someone from that region to work within the finance function who understands local accounting rules is key.
Q
How can finance leaders ensure they are effectively using technology and payment platforms to drive better decision-making?
A
Data is key but it can be a challenge gathering the right information if you’re using multiple different providers across various different jurisdictions. Where you can, you should try and use a uniform technology payment stack across the entire business.
Of course, it’s not always possible to access that kind of service and in those instances, finance leaders need to think carefully about how they’ll integrate their accounting data into the business. Is there a standardised standard you can use to pull information from different systems and partners? Cross-border services can be really helpful, with lots of providers now offering the ability to transact from one place across lots of different markets.
It is also worth considering how cards can be used as a payment method. As long as the card provider supports payment in the currency you want, cards can be used to carry out domestic payments where banking may not support those. Interestingly, we are all quite happy to adopt new payment methods in our personal lives, but there’s much more reticence among businesses.
For businesses to thrive in international markets, I think we will need to see finance leaders embrace new ways of thinking and new methods of payment.
Find out more about how Equals Money can help simplify your finance processes and support international growth here
The seven-week military conflict in the Middle East will redefine Hong Kong’s role as a global financial centre, positioning the city as a safe harbour for capital and investments.
Anecdotal evidence suggested that more banks had turned to Hong Kong to protect their businesses and committed themselves to expanding their presence in the city. At the same time, inquiries about adding allocations of mainland Chinese assets among global investors had recently increased, potentially enlarging the customer base for the city’s asset-management industry and family offices and driving demand for offshore yuan-linked financial products.
For years, Hong Kong’s status as a financial centre in the Asia-Pacific region has been challenged by Dubai, which has risen to prominence as a gateway linking Asia and Europe in capital flows, transport and logistics. With the war destabilising the Middle East – at one point forcing the closure of the Dubai International Airport and sending stocks in the Gulf region plunging – Hong Kong has re-emerged due to its geographical location, a pegged exchange rate, free capital flows and support from China’s economic strength.
“In that context, China and Hong Kong are attracting renewed attention,” said Gary Dugan, CEO of The Global CIO Office in Dubai, which advises family offices and ultra-high-net-worth individuals globally. “There is growing interest among some clients in increasing exposure to China and Hong Kong. It is less a simple flight to safety and more a reassessment of where investors see relative value, policy consistency and long-term strategic opportunity.”
Dubai now relies on trade, tourism and finance as the pillars of its economy, reflecting the success of its four-decade diversification away from oil for sustained growth. The United Arab Emirates city is home to Jebel Ali Free Zone, the biggest free-trade zone in the Middle East, and the second-largest stock market in the region, with combined market values of US$1.01 trillion. The city, also a global hub for gold trading, has a population of 4 million, about 80 per cent of which are foreign expatriates. Dubai’s economy grew by 4.7 per cent in the January-to-September period last year.
Before seeking a new referendum MPS needs to rebuild trust in the community through completing state audits, putting in place controls to prevent overspending and routine reports to the public.
For MPS Superintendent Brenda Cassellius, who just wrapped up her first year leading Milwaukee’s public school system, her tenure has been punctuated by some very big numbers.
The first is $252 million. That is the amount of new spending voters narrowly approved in an April 2024 referendum to support operations in Wisconsin’s largest school district. Just months later, MPS was rocked by revelations the district was months behind in filing key financial reports to the state, which led to former Superintendent Keith Posley’s resignation.
The second is $1 billion. MPS faces a deferred maintenance backlog exceeding $1 billion. The district’s enrollment has declined 30% over the last 30 years, leaving many schools at less than 50% full. That, in part, is driving a plan to close some schools and to improve others to help lower costs.
The final is $46 million, the deficit MPS was running for the 2024-25 school year, an unexpected shortfall which has led to hundreds of staff layoffs.
Getting the district’s accounting, budgeting and financial reporting back on track has dominated Cassellius’s first year at MPS. In an April 15 interview with the Journal Sentinel’s editorial board, she talked in detail about the challenges putting that into order and progress she sees in restoring transparency into its operations.
State funding and aging buildings create budget nightmares
Cassellius says state needs to keep up its share of school funding
In an interview with the Journal Sentinel editorial board, MPS leader Brenda Cassellius says budgets and buildings are her two top worries.
Cassellius said the on-going budget crisis is her top concern. She said the state’s failure to live up to its share of funding is exacerbating MPS’ budget woes. A group of school districts, teachers and parents filed suit against the state Legislature and its Joint Finance Committee claiming the current state funding system is unconstitutional and prevents schools from meeting students’ educational needs.
Funding for special education is especially critical. About 20% of MPS students have disabilities, almost twice the share of the city’s charter schools, and the average of 14% across Wisconsin.
“What’s keeping me up now, you know, is really just the budget crisis we’re in, with not only this year but multiple years going out without additional state aid, we’ve been not getting funding for what our needs are for our students, and particularly our students with special needs,” she said.
Although the state budget increased special education funding to a 42% reimbursement rate, the actual rate has been about 35%. Another component to the budget headache is the age of MPS buildings. The average age is 85 years-old compared to 45 across the nation.
“We have just kicked this can down the curb or kicked it down the street or whatever you call it for too long. And it’s time that we really take on a serious conversation about the conditions of the learning environments in which we send our children,” she said. “Particularly in Milwaukee Public Schools, we serve the most vulnerable children. Children who have language barriers, children who have disabilities, children in high-concentrated poverty.”
What needs to happen before MPS seeks another referendum
Voters need to be comfortable MPS has made tough budget decisions
In an interview with Journal Sentinel editorial board, Brenda Cassellius said voters will need to see budget improvements before seeking more spending
Cassellius said MPS will definitely need to go back to voters for a new referendum in the future. In addition to the 2024 measure, voters approved an $87 million plan in 2020.
Before doing that, she said the district first needs to rebuild trust in the community through completing required state audits, putting into place controls to prevent overspending and routine reports to the school board and public about finances.
“I don’t think that the voters are going to want us to bring something forward until they feel comfortable that we have done the cleanup that is necessary,” she said. “And we’ve built the trust that we have the sufficient controls in place.”
In the interim, she’s hoping the state will meet its constitutional responsibility to adequately fund public schools.
“What the public expects is you know where the money is, you’re spending it as close as you can to children, you’re getting good on the promise around art, music, and PE, and the things the public said they wanted to fund,” Cassellius said. “And they want their kids to have so that they have a quality education and an excellent education in Milwaukee Public Schools, and that they had the right amount of staff that they actually need. In the school to be safe and to run a good operation.”
Rebuilding finance staff in wake of $46 million in overspending
MPS is rebuilding school finance staff in wake of reporting lapses
In an interview with the Journal Sentinel editorial board April 15, MPS superintendent discusses accountability for district’s financial problems.
The $46 million budget shortfall from the 2024-25 school year started coming into view last fall and was confirmed in mid-January. Cassellius noted that in addition to hiring a new superintendent, MPS also parted ways with its comptroller and CFO.
“We are really rebuilding the personnel and staff of the finance department. That is what’s critical, is having the right people in the right seats doing the work,” she said. “Also critical is making sure that you have the right controls in place. The audit findings found that we did not have proper controls in place and now we have those proper controls in place and when we find things we put new SOPs in place and that is what any business does.”
Identifying that shortfall, though painful, was the result of better accounting.
“Being three years behind in auditing means that you don’t have full sight on your actual revenues and expenditures. And so we have now full sight of our revenues and our expenditures and that’s why we were able to see this new deficit of $46 million,” she said. “And we still continue to work with DPI on those processes to make sure that every month we’re doing monthly to actuals and doing those accounting, reporting that to the board. In a way that is consumable to the public that they can understand.”
Jim Fitzhenry is the Ideas Lab Editor/Director of Community Engagement for the Milwaukee Journal Sentinel. Reach him at jfitzhen@gannett.com or 920-993-7154.
Property markets move in cycles, and with interest rates rising and other pressures like high fuel costs, some markets are clearly slowing down. Many first-home buyers who have only ever seen markets going up are conditioned to think that when purchasing, competition is always intense and decisions need to be made quickly.
In those times, buyers often feel they need to act fast, stretch their budget and secure a property at almost any cost. But things have definitely changed.
In a softer market, the dynamic shifts. Properties take longer to sell, competition thins, and it’s the vendors who begin to feel pressure.
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For buyers who understand how to navigate that change, the balance of power quickly moves in their favour. The opportunity is not simply to buy at a lower price. It is to negotiate from a position of strength.
If that’s you right now, these are the key skills first-home buyers need to take advantage of in softer market conditions.
The most important shift in a soft market is psychological. In a rising market, buyers often feel like they are competing for limited opportunities. In a softer market, the opposite is true. There are more properties available, fewer active buyers and less urgency overall. This gives buyers options.
When buyers understand that they are not competing with multiple parties on every property, their decision-making improves. They are more willing to walk away, compare opportunities and avoid overpaying. Negotiation strength comes from not needing to transact immediately. When that pressure is removed, buyers are able to engage more strategically.
One of the most common mistakes first-home buyers make is continuing to apply strategies that only work in rising markets. Auction urgency is a clear example. In strong markets, auctions often attract multiple bidders and create competitive tension. In softer conditions, properties are more likely to pass in, shifting the process away from a public bidding environment into a private negotiation.
This is where leverage increases.
Private negotiations allow buyers to introduce conditions that protect their position. These may include finance clauses, longer settlement periods or price adjustments based on due diligence. Opportunities that are rarely available in competitive markets become standard in softer ones.
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