How to set your finance team up for success in a remote working environment
The ‘new normal’ is a phrase we’re all getting used to hearing, but what does it mean in terms of your finance team? Since lockdown restrictions were revised, your way of working could be changing again and potentially getting more complicated. Perhaps some staff are returning to the office while others continue to work from home, or even remain furloughed, and you need to know how to manage the mix of approaches. Or maybe the current crisis has led to more requests for flexible working and you need to consider how best to manage this.
Two months into lockdown, you and your team have probably become used to some remote working practices. But if you initially planned for the short haul, some of your policies and procedures might not be suitable for the longer-term or even for a mixed approach to working.
Here are four ways to set your finance team up for success in this blended working environment.
1. Seize the opportunity to streamline systems
Even the most traditional companies are in unchartered territory where they have to find new ways to work, but that could be a positive impact of the pandemic.
This is an unprecedented opportunity to consider your current systems and processes and evaluate if they’re really working as well as they should. Are your team still inputting paper invoices, paying in cheques or rifling through box files to find critical paperwork for example? It’s arguable that Covid-19 aside, these are all outdated book-keeping practices and your finance team would be more productive, going forward, if they were totally paper-free.
2. Capitalise on cloud-based accounting technology
This is a time when cloud-based systems are really coming into their own. Their ease of
use and the fact that all financial data is available in the same place, with everyone in your organisation using the same software whatever their physical location gives businesses the agility to cope and thrive in a world of uncertainty. Cloud-based accounting systems, such as Xero, are less daunting than you may think and have transformed the financial services industry, especially as compliance and financial regulation has become stricter.
You don’t need to be a computer genius to be harnessing them – so if you’re not using the cloud already, the current pandemic could be a good time to start.
Other paper-free initiatives to consider include:
A digital purchase ledger system.
A robust self-service system for expenses and receipts.
Electronic invoicing, especially as your clients are also likely to be operating remotely.
All of the above are services we offer at Finling to help our clients smooth the transition to paper-free finance processing.
3. Find ways to work flexibly
Flexibility is going to be part of our working vocabulary for a while especially as no widespread return for schools looks likely any time soon. Staff could be juggling childcare for the foreseeable future, and there is always the possibility of a second wave of Covid-19 infections which could force your entire workforce back home.
An intuitive, on-line system will make flexible working much simpler to manage because your team can log-in at any time of day and be confident that they are all viewing the most recent and accurate financial data.
If you’ve been considering outsourcing some of your finance function but have been wondering how to integrate it into your established framework, this could be the time to try. From outsourcing specific functions such as quarter or year-end procedures to one-off consultancy on regulatory issues, it could enhance the skills and expertise you have in-house. Finling can provide a vast range of outsourcing services from bookkeeping to technology consultancy and training and even business funding support which might be especially helpful if Covid-19 has impacted your cashflow.
If you saw remote working as a short-term scenario, you might be feeling daunted by the prospect of facing financial events or filing periods without a large-scale return to the office so outsourcing may be a beneficial stopgap.
4. How to successfully shift your way of working
Of course, switching systems and changing long-standing processes will always present challenges, especially with a dispersed workforce. If you are switching to a cloud-based system, or new invoicing software you should investigate the options available to pick a good fit that provides solutions to your current problems.
Any computing system is only as good as the data that’s fed into it, so you need to set aside a reasonable amount of time to import existing information and remember to include a couple of years of comparative transactions.
Staff buy-in is the cornerstone of a successful system switch, people get used to doing things a certain way and have to be persuaded about the benefits of change. For every person that has embraced the new-found flexibility of remote working, there will be another who thrives on the structure and stability of an office routine and they might need extra support to adapt to a new, long-term way of working.
What are the key benefits of switching to a streamlined way of working?
As the current crisis evolves and adds more complications to running a business, there are some clear benefits to switching to a paperless finance function:
Everyone is looking at the latest financial data, whatever their physical location.
Documents can be viewed online - no rifling through box files or transporting paper.
Any time access so staff can adapt their working hours to be more flexible.
Lower training costs as most cloud-based software is highly intuitive
Increased security to meet financial compliance requirements even when staff are working from home.
Navigating the current crisis is challenging for every business, but the strongest companies will be those who seize the opportunity to ditch outdated processes and raise staff morale by embracing flexibility. From advising on the best-fit cloud-based system for your firm, to consulting on tax or financial planning, at Finling we can make the transition to your ‘new normal’ smoother and less stressful.