Remote work in finance: How to stay connected in 2024
What should finance leaders expect in 2024? Explore the benefits of remote work in finance, common mistakes CFOs must avoid, and best practices for staying connected this year — from cloud-based accounting software to collaborative tools and training opportunities.
In 2019, remote working was often seen as a curiosity that couldn't be implemented within most organisations. The following year, that all changed.
So much so that, within a few weeks, businesses were forced to develop ways of working that allowed people to stay remote.
Many years later, in 2024, remote and hybrid work models are still going strong. In fact, the finance and accounting industry has secured the third place in terms of remote work this year.
Additionally, the most common remote jobs posted in 2022 were for accountant positions.
What makes remote work so popular in finance?
Benefits of work from home finance jobs
One great way to understand the appeal of remote work for finance professionals is to look at the benefits that come with this model. The following section explores 3 main benefits of working remotely as financial expert:
Achieving work-life balance
While rewarding, working in finance demands a great deal of accuracy, attention to detail, and, due to its dynamic nature, often long hours of staining effort. For individuals working in this industry, balancing work responsibilities and personal life has become vital.
A 2022 study shows us that 22% per cent of respondents see flexibility as the biggest benefit to working remotely — undeniably underscoring the necessity to maintain a balance between work and personal activities.
Increasing productivity
Is remote working more productive? The evidence seems mixed and is often tainted by personal bias one way or another. What does seem clear from academic studies is that team productivity is lessened whilst individual productivity is greater!
But there’s a wider point and that is that many employees have seen the value of not spending hours sitting in a traffic jam or packed into a crowded train.
Accessing a global talent pool
Employers have also seen that remote connectivity can bring many more people back into the workforce who would ordinarily be unable to work in a conventional setting.
We have also seen many employees voluntarily move to hybrid working, with home and office mixed to a greater or lesser degree to maximise productivity both at a team and individual level.
Remote work mistakes CFOs need to avoid in their financial department
While remote work comes with many advantages, it has its share of drawbacks and challenges. This is why finance leaders must be proactive and watch out for common remote work mistakes, including:
Using outdated tools and software
Using traditional accounting tools and software, however, slows you down and it exposes your financial department to vulnerabilities.
Conversely, adopting cloud-based accounting software leads to more secure, agile, and scalable financial processes.
Access to data will become much more important in 2024, both in terms of physical access but also in terms of timing. Quicker data means faster decision-making.
We expect that the vast majority of apps developed in 2024 will offer at least some level of cloud storage.
Many innovative ideas can emerge in such a short time. Cloud-powered technology can help your finance team achieve more within the same working hours.
Missing cybersecurity and remote work policies
Cloud-based systems are known to be faster and safer. Forget about manually saving documents and sharing sensitive information via third-party apps.
Cloud applications tend to be much more secure, with the software provider taking care of encryption and access control rather than the company. With cybersecurity becoming a core component in the finance industry, a chief finance officer or finance directors must take action and implement clear remote work policies.
Old accountants will be able to tell many war stories about the old days when accounting software was last in line for IT security patches.
Neglecting employee engagement
The ability to cultivate a good working relationship with other colleagues and other areas of the business is critical to the success of your financial department.
With remote work on the rise, is common for finance teams to be distributed geographically in multiple office locations, with virtual and hybrid working models. This makes it easy for the Finance function to be ‘hidden’ from the rest of the business, which might negatively impact employee engagement.
Luckily, technology can help finance leaders and their teams bridge the gap by maintaining visibility, improving online communication across disparate groups, and fostering great relationships.
3 ways to keep finance team members connected in 2024
How to keep your team connected in 2024? Discover the 3 best ways to nurture a collaborative environment virtually:
Utilise collaborative tools and platforms
A major benefit of cloud-based software is the increase in collaborative apps that allow multiple people to share, discuss, and edit apps from anywhere.
This means that a finance team that lives in various countries and continents can come together to work on projects as if they were in the same office.
Additionally, we have seen systems such as Zoom and Teams gain greater prominence in businesses., and we expect that 2024 will see further development of connectivity systems and productivity apps.
Organise regular virtual check-ins
Today’s CFO and finance team face many challenges in a fast-paced, multi-connected, performance-driven business world.
A highly effective finance team has a vital role in the business, ensuring that they are a strategic partner with the leadership team and can communicate to provide financial insight and support for growth.
Consider having lunchtime virtual sessions where the team can present the current state of the business using storytelling and enable people from other parts of the company to get to know the finance team and what they do.
Provide training and development opportunities
We expect continuous change in finance trends in 2024, meaning that finance professionals should be proactive in acquiring new skills to stay at the forefront of the industry.
Finance leaders need to have a broad understanding of new technology to allow them to contribute positively to employee development, especially in remote and hybrid work models.
If the CFO doesn't understand the technology, the company will likely lose any competitive advantage.
At an operational level, new roles may need to be created, either for pure AI and tech experts or for people with one foot in the finance camp and one in the new realms of finance technology.
