Autumn is on its way and the kids are going back to school, stationery-ready to tackle a new year. With that in mind, there really is no time like the present to get your finance department in order too.
Every business, large or small, needs a finance function. And whether that’s a single person processing and managing invoices, or a whole accounting team, it’s crucial that it’s prioritised.
With ever-changing legal requirements, tax regulations and compliance standards, it can feel like you’re playing catch up trying to maintain your organisation and keep your financial data accurate. Not to mention having to deal with a mix of electronic processes and more traditional paper methods.
The end goal is always the same, despite the purpose of your company. So, make sure your finances are correct, easy to refer to, and quick to process. Let’s make that happen!
It takes four simple steps: Plan > Organise > Control > Monitor
A wise man once said ‘Failing to plan, is planning to fail.’ By planning your financial strategy and outlining clear goals, your finance functions will work harder and smarter. Gaps will be identified, you’ll be able to leverage early discounts and take advantage of payment terms.
If your finances are organised poorly, it’s likely that your processing and handling of data will be a mess too. But it needn’t be that way. By moving all your finance functions to a digital platform, (it is the twenty-first century after all) you’ll quickly eliminate any headaches by introducing automation. No longer lose precious time spent on data entry and filing, that will be taken care of behind the scenes, all whilst being easy to access and navigate.
Once you’re feeling organised, you can regain control and reign happy in the knowledge that your finances are in shape. You’ll be able to efficiently adapt to changes in legal or internal requirements, accelerate order processing and improve dispute resolution without a second thought.
Lastly, you’ve taken time to ensure your financial data is planned, organised and controlled, so now crunch the numbers. This important step will inform your planning and strategy as your business grows and develops. Making use of integrated reporting will allow you to monitor the numbers in a sophisticated and up-to-date fashion, meaning you’ll make more of opportunities and reduce risks
So there you have it. By giving your finance department a little TLC, you’ll soon see the benefits to a more effective and efficient finance function … and who doesn’t want that?