Your Finance team is a key player to driving business growth. However, challenges like supply chain disruption, labor shortages, and inflation have greatly impacted businesses in the past year, and employees have been equally impacted – specifically Finance and Accounting teams. The stress of the unknown, navigating a pandemic, and the lack of resources while trying to keep the business momentum going is causing burnout across Finance departments in many industries. In fact, 77% of employees surveyed say they’ve experienced burnout at their current job. If you want to limit turnover and help your team succeed, then you need to be taking a close look at your F&A processes.
Here are 4 things your Finance team needs to ensure they’re driving business growth.
Are your operations as efficient and profitable as possible? Read our blog: Streamline Your Business Processes for Ultimate Productivity and Profitability.
Direct Access to Analytics and Insight
Without access to data, teams are forced to react rather than plan. Your Finance team needs to be prepared with the tools and data they need to make smart decisions. For example, many CFOs and finance experts expect inflation to continue rising. To navigate this, teams need to be able to look back and present historical data so they can forecast and plan ahead. Has the next month typically been slower for your business in the past? What products are least popular and how can you shift your product offering to offset the rising prices of goods and supplies? Not only can your team plan for the future, they’ll have a clearer picture of how your business is performing and what steps need taken to prepare for growth.
Accurate and Timely Data
Can your leadership trust that your financial data is accurate? Is the data timely so your leadership can adjust their strategy based on the information? If you’re closing your books 10 or more days out, you’re missing important opportunities forcing your team to react. It’s hard to propel your business forward when you’re looking at outdated data. Optimize your close processes with automation to help your team close faster. An inefficient close process is a primary challenge for many teams and companies and can significantly hinder your ability to scale.
Updated Technology to Power Your Workforce
Many teams have gone remote, increasing the need for updated technology. At the bare minimum, teams need access to your financial systems. Remote work has brought data security to the top of many companies’ priorities, and recent data breaches have set leaders in motion to increase data security. Whether your team is remote or in the office, updated technology is a must-have. Aside from basic software that allows your Finance and Accounting department to function, leaders need to be looking at upgrades like automation and AI to power their workforce, connect and engage employees, and secure customer data.
Eliminate Manual, Low-Level Tasks
Employees who know and understand the overall goals of the company and how their role contributes to reaching those goals are generally happier and more productive. Your employees want to be connected to their purpose utilizing their skillset and expertise for strategy and higher priority items. Is your team’s skillset being leveraged or are they spending large amounts of time on manual, low-level tasks? Take a look at your Finance and Accounting processes and determine what areas can be streamlined or automated, so your team can focus on what matters most.
Preparing Your Finance Team for the Future
Business leaders have learned in recent years that being proactive vs. reactive positions companies for the best chance at success. The next few years will present their own unique set of challenges. There’s no way to see into the future, however, giving your Finance team the tools and resources they need will not only prepare them for what’s ahead, it guarantees their ability to drive business growth.