How to win big with a Distributed Finance Team: Part 1

 

The COVID-19 outbreak has driven work from home culture across industries and regions. We are left with no choice but to sit on our couch and build our focus. Specifically, when it comes to Finance Teams, it becomes more challenging as a lot of collaboration and communication are required to finish the tasks. In this case, what to do? Neither you can go to the office, nor you can travel to your colleague’s house. Here comes a big question mark. How to approve invoices, how to manage employee reimbursements? In such cases, you need an appropriate approach to manage your tasks.. We provide you with 6 steps which will definitely help you to win big with a Distributed Finance Team. 

 

Have a good read!

 

#1 Leverage Cloud-Based Systems:

 

Let’s take an instance of a recent pandemic outbreak that paused the entire world. We can’t go anywhere, we just have to sit at home and work. And if, in this case you don’t have appropriate collaboration technology, it is definitely going to be a problem for your business.

 

Cloud technology can enable employees to work from any location, giving them access via a virtual environment to the same information that they’d have access to from the office. Real-time collaboration and communication tools ensure that customers’ employees can use the latest techniques and complete work at the same level as they would be able to form their office desktop. Along with real-time collaboration, live tracking of all the tasks being performed is also crucial.  

 

Employees can access documents and data that they need by using specific credentials to maintain security at the same time as giving them the flexibility to work from home or any other location. This can be useful when customers have multiple office locations. Cloud technology provides a greater level of flexibility and shared access to information centrally accessible via a single server. If you’re concerned about security issues, then you can use encrypted tools and passwords. You can use tools like Passbolt to share your important passwords. It is completely reliable and trustworthy. 

 

 

#2 Delegation on-time:

 

Delegation of your work is really important when it comes to remote working, as your absence must not affect the other operations. Proper delegation tools are required to ensure that your work is being completed on time. Tools must ensure right control of processes, automated approvals with notifications, automated status and feedback and audit trails.

 

Mindtools says, ask these questions to yourself, to make sure that how and why delegation is necessary.

 

  • Is there someone else who has (or can be given) the necessary information or expertise to complete the task? Essentially is this a task that someone else can do, or is it critical that you do it yourself?
  • Does the task provide an opportunity to grow and develop another person’s skills?
  • Is this a task that will recur, in a similar form, in the future?
  • Do you have enough time to delegate the job effectively? Time must be available for adequate training, for questions and answers, for opportunities to check progress, and for rework, if that is necessary.
  • Is this a task that I should delegate? Tasks critical for long-term success (for example, recruiting the right people for your team) genuinely do need your attention.

 

If you can answer “yes” to at least some of the above questions, then it could well be worth delegating this job. Choose your tools accordingly. Your tool must be able to delegate tasks automatically. It should be able to take control and transfer ownership of any approval or payment process, being transparent and people independent. 

 

 

 

#3 Celebrate Milestones:

 

Take an example, where your boss never gives you the required credit and always keeps bombarding you with failures. 

 

The consequences of this situation will be, you’ll no longer be motivated towards your work.

 

So, to motivate your employees, always make a room for your employees where you celebrate your success and failures together. 

 

The first point you must keep in mind while motivating is, you should have visibility over the status of payments budget utilization, etc. It will give you a clear idea of what is going right and what has been wrong. 

 

Then, start praising employees according to their performance. You can say “Wow Reimbursements are processed early!” or “Payments are Done!”. In the time of failure, you can constructively say, “Already utilized 80% of the budget, stay alert and try to control the expenses.”

 

 

According to impraise, It’s important to put equal weight on celebrating wins big and small, in many cases even the biggest projects and accomplishments are filled with smaller victories and moments to be proud of. And, both are equally valuable and impactful to share.

 



Stay Tuned for our next blog to know more ways to win big with a Distributed Finance Team!

 

 

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