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How to Improve the Efficiency of Your Finance Team

The finance team of any company is really what keeps the whole process moving along. They have so many important roles, and there are so many details that flow in and out of the finance department that there’s plenty of room for errors and inefficiency, however.

If you want a highly competitive business, you need to have a lean, streamlined and efficient financial department. The following are some tips that can help you meet those objectives.

Give Them the Best Tools

If there’s one thing you should do to give your finance department a boost right now, it’s to choose an excellent software platform that’s going to make their jobs easier and make things go more smoothly and move along faster.

Finance teams benefit from expense management software immensely, and with that, the whole company benefits across departments.

An expense management platform can help enforce corporate policies, speed up expense reimbursement, reduce fraud and ensure better regulatory compliance.

What’s also great about expense management software is that it can present analytics and data that can fuel strong decision-making.

When you’re choosing software for your finance department, the goal should be automating everything possible. There is so much repetition in finance departments for companies across the world, even with the widespread availability of technology, and it’s impeding their productivity. It’s also preventing them from creating real value for the company.

Show Them What Good Looks Like

There’s a tendency among finance team members to start to perform a bit like robots. They might feel like there’s not a lot of room for creativity or doing things outside of the box, and they can get into a mode where they do things the same way every day, without thinking of innovation or improving upon current methods.

To encourage them to look at things a different way and perhaps find better solutions in the process, show your finance team what good or even great would like. Set metrics for them to meet as a way to spur them into action.

You should also think about asking your finance team what’s important to them, and where they see problems or issues. You might come up with some great input in terms of eliminating unnecessary steps in the financial processing chain of events.

Cross-Training

Cross-training is something you should think about doing across all departments. When you cross-train your financial team, they can get a better idea of how things work across the company, which can actually help them be stronger problem solvers and more proactive in their own role.

It’s also good to train people outside of the finance department into what they do so that you never lack in well-trained talent. If you are sidelined due to a missing employee from your finance team, it can cause company-wide damage.

Finally, as part of the concept of cross-training, you should focus on making sure that your finance team is collaborating with other departments. You don’t want them to feel isolated, and you want teams and departments to work together for maximum efficiency throughout the business.

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