Of course, one inevitably leads to the other and when questioned further, many of our respondents said furloughed colleagues, staff redundancies, increased sickness levels and remote working were just some of the reasons behind the increased pressure.
All businesses are powered by their people, so ensuring teams feel supported, efficient and in control is key to achieving ongoing success. Part of that is about making sure they have the tools at their disposal to heighten productivity, with a realisation that the right technology can have a big impact on workload management.
The good news is that our survey shows that more firms are realising this and are willing to make investments to benefit their people. When asked if they expected their business would adopt further technology in 2021 to support finance and accounting practices, 64% of our finance professionals said yes.
With that in mind, we’ve taken a look at the technology our respondents told us they are likely to invest in over the next 12 months and how it can be used to ease some of that workload pressure.
Cloud accounting software
Almost a quarter (24.4%) of the people we spoke to said cloud accounting software was the technology their business was most likely to invest in. It was the most popular choice and that will largely be driven by the fact that many of us will be reading this blog from the comfort of our own homes.
Nearly every firm introduced some element of home working last year because of the pandemic and it is a practice that is set to be around for some time yet. A global survey from Enterprise Technology Research found the percentage of workers around the world working permanently from home is set to double in 2021[1].
We have already seen first-hand the upsurge in firms switching to cloud-based accounting solutions that use SaaS technology and that is only set to increase as more businesses see how it enables them to continue to manage things like wages, expenses, budgeting and financial reporting without the need to use a specific tool for one accounting transaction and another for the rest.
When it comes to workload, there are three main reasons why cloud-based accounting software is proving so popular. Firstly, it allows for greater collaboration. If you take project-based businesses as an example, a lack of collaborative working can easily lead to overspend as managers lose track of who is doing what. The right cloud finance system can integrate project management software so budgets can be easily tracked and managers can examine the financial activity of current projects side by side. It saves a lot of time and the need for your team to provide separate financial reports and updates.
Secondly, cloud technology facilitates quality control. In a busy finance department, simple errors can quickly multiply and develop into a more serious issue, particularly when the team is not all in one place. By working on shared documents through the cloud, data can be immediately reviewed as everyone can see the same updates. It standardises formats for submitting data, which reduces errors and allows for a robust approvals process and audit trail. At a time when many people are stretched, doing something twice and correcting errors will only add to the pressure.
Finally, the access to real time data that cloud-based accounting software allows is invaluable. We’ve all been there when managers ask for the latest reports and you have to spend hours pulling data from lots of different places and checking with different departments if their figures are actually up-to-date. The beauty of a cloud based solution is that it is all in one place and real time, so accurate reports can be produced in minutes.
Automation
Nearly 16% (15.7%) of those who took part in our Pain Points survey believed their business would adopt some form of automation in 2021. And, with the ability to help companies work more effectively and faster, it is easy to see why.
Many of the problems our research highlighted are symptomatic of finance departments that are beholden to inefficient and time consuming manual processes. However, those who automate tend to be able to move faster. Regular tasks being automated by many finance teams include preparing financial statements, account reconciliation and data entry. For example, automating regular payments is one of the easiest ways to improve cash flow and free up your team to work on other tasks.
And, that concept of freeing up your team is an important one. With fewer staff involved in manual, routine tasks, talent can be used more creatively and redeployed to help reduce the burden on others. An important part of introducing automation into a business is to educate employees on the value of it. Many workers have a hesitant attitude towards automation but tend to welcome it once they realise that it isn’t about replacing them, but more about freeing up more time to do more important and interesting tasks.
Digital learning & compliance
We have already seen that staff and skills shortages are major concerns for finance professionals in 2021. With many introducing new technology this year, as well as a raft of new legislative changes and likely alterations to working policies, it is important that managers look at how their finance teams can be better supported in terms of their learning and compliance. Of course, the ongoing challenge is how to deliver this remotely, when more traditional in-person training is not an option.
Increasing the knowledge and skills of staff via an e-learning platform can have a significant impact on both engagement and heightened efficiency. And, of course, ensuring staff are fully compliant in their day-to-day work speaks for itself when it comes to avoiding lengthy procedures relating to instances of non-compliance.
Using an e-learning platform can also reduce some of the strain on the HR team too as the right solution will offer all relevant courses in one place, easily manage documentation required under the FCA’s Senior Managers Regime and Certification Regime and record learning activity against the appropriate CPD scheme.
Managers need to view e-learning not as a luxury or additional time drain, but more as a way of futureproofing the team and providing more flexibility, operational resilience and efficiency in day-to-day working. Taking the time to learn now, will ultimately save a lot more time in the future.
Time for a critical view
The wellbeing of people in a business has never been more important and whereas increased workloads may be a sign that business is picking up again, we have to consider the impact this has on individuals. Now is the time to take a critical view of your processes to identify inefficiencies and opportunities. Your system should work with you and your team, not against you, helping you to save time on budgeting, forecasting, processing and reporting – an important step in alleviating heavy workloads and making the most of your most valuable resources.
For more, read our full report here
[1] https://www.reuters.com/article/us-health-coronavirus-technology/permanently-remote-workers-seen-doubling-in-2021-due-to-pandemic-productivity-survey-idUSKBN2772P0