When it comes to quick wins, employees like to see ways in which their employer is investing in them. These can be cosmetic changes, or even social experiences – but they are not the most vital or sustainable changes your employer should be offering. The real value lies in financial process upgrades that will streamline productivity and efficiency top down. Find out how you can invest in your business’ financial processes.
Outsourced companies
Is your workplace under resourced? Most are. Workplaces are under performing because they’re not setup with the the number of people needed to effectively run their department. It might be systems, staff or the nature of your business design – there is just never enough hours in the day. Many businesses can no longer make concessions for this fact, and have been turning to the capable hands of outsourced payroll services so they can get back to business. Sourcing payroll has untold benefits. It gives you back crucial lost hours, eliminates the chance of human error, and allows your team to take leave whenever they wish throughout the calendar year – no stress needed.
Cover off the basics
Let’s step back for a moment. Can you honestly say that your team has all the tools they need to set themselves up for success? Take an audit of your finance team, and decide on what needs to be bought or upgraded to see your team kicking goals now and in the future. Start with the basics. Set up each colleague with two screens so that they can avoid the time of printing and collecting printing, and give them more access to instant reports and knowledge. Also look to upgrade other day to day hardware that will save time, and make them enjoy coming to work as they know they are set up with the tools to do their job well.
Training and upskilling
What promotes retention within a team? Engagement. You can ensure an engaged team by investing in their training and skills by providing them with formal and informal opportunities. Your staff will be less likely to look around for a new job if they feel a company is investing in their future. Map out a training and upskill plan for each employee, flagging courses and mentorships that will best fit that individual and their role requirements. An engaged team is a hard-working one, not to mention you’ll be giving them the opportunity to use the skills within the working environment and reaping the rewards of their newly gained insights. There are only upsides to having a skilled workforce, so discuss with your team their blind spots and future plans so you can work towards developing them.
Modern technology
There are softwares out there that can handle some of the most mundane tasks. Things like invoice creation, making payments and accessing reports can all be managed with the simple stroke of a key. It can even be utilized for establishing real time revenue actuals and projecting future revenue. This can be particularly helpful for organisations as if affords you agility to stop or pivot your activity if processes or activities are not yielding you the income you had anticipated. Bring a higher level of professionalism to your business, and invest in your business’s financial processes to get ahead.
The new year is full of potential and growth, and why not focus that on your business? Investing in the processes and function of your finance division will only bring benefits, which will have a positive flow on effect to other departments overall.
