3 Steps to an Empowered Finance Team

We must now also focus on how we can help empower the modern finance function of the future. If you’re a finance leader, determined to reaffirm your team’s credibility and empower them to make lasting changes, the following three steps will help get you started.

Step 1: Automate the everyday

Finance departments who still rely on paper-based processes find they are unable to access their files when working remotely, so using invoice automation software is the natural step.

Staff can log in wherever they are based and save time, which is useful if resources are stretched due to colleagues being furloughed. It also means invoices can be sent quickly to speed up payment and maintain positive cash flow.

Those who’ve seen the efficiency gains of automation in finance certainly won’t want to go back to manual processes now—and they may be asking, what else could be automated? How would the modern finance management function react if we were to step back into old habits? The impact of the COVID-19 pandemic and the changes made in response to it are here for the long term, and so are future accounting professionals.

New automation tools for the finance industry are being developed all the time, so no matter what size the organisation, there’s something to address the challenges your team members are facing.

Automation makes compliance easier too, since the chance of human error is drastically reduced. Good cloud-based financial management software is regularly updated to reflect changes in tax legislation and GDPR, which gives you confidence in your processes.

Contact our finance experts to learn how our invoice automation software can support your finance team.

Step 2: Invest in your team

Younger finance professionals, in particular, have high expectations of the type of work they do and the technology they use. They won’t be impressed if they’re confronted with disparate finance and accounting software, nor the monotonous tasks once accepted as a rite of passage.

Thankfully, the days of finance teams being required to work into the evenings to complete the month-end closing process are gone. With every innovation in automated solutions, accounting professionals will be able to reduce the amount of time spent collating this information and gain a healthier work-life balance.

As we’ve seen, a lot of transactional work can now be automated, which means a different skill set is needed to run a successful finance department today. In fact, by investing in automated technology, you’re investing in the upskilling of your team - giving them the tools to become strategic in business advisory who can make an informed decision, rather than simply a ‘number cruncher’.

Digital transformation is reshaping organisations and changing age-old practices, so continuous upskilling is essential. The modern finance function will demand the opportunities to develop their role. Working in an increasingly data-rich environment, they’ll need to hone their analytical thinking and be able to interrogate and interpret the valuable information they hold. Automated accounting technologies will empower them to do so.

The good news is a good tech partner gives you access to more than just ledgers and basic automation. With the right tools, you can quickly make sense of the data in context and understand variations. Real-time financial data, enriched with data from other areas of the business such as HR, helps you understand the other factors that might be impacting finance.

Teams should be open, flexible and unafraid to question things. Providing opportunities for ongoing learning and professional development can be one of the ways to get there, including training sessions, workshops, conferences, or certifications to enhance skills and knowledge relevant to finance and accounting.

Step 3: Add value in your business

Equipping your team with the necessary resources, tools, and technologies to perform their jobs effectively can help them to add the right level of value. This may include financial software systems with automation and data-driven insights, data analytics tools, and other resources to streamline workflows and improve decision-making, allowing employees to deliver value far beyond its traditional remit.

An empowered team is able to quickly understand the challenges and opportunities facing the organisation with reliable evidence. When finance plays a part in the organisation’s wider goals, expertise becomes more highly prized and work, more satisfying. Finance teams are able to make a meaningful contribution and measure successes regularly.

To find out how Access Financials can benefit your business, get in touch with one of our software specialists.