In this tumultuous period caused by the coronavirus pandemic, more and more firms are shifting to remote models for all sorts of company functions. Whether it is the management of business finances or day to day operational tasks, remote services are definitely in vogue. Those responsible for financial management are no exception - and from accounting software to online banking, there are lots of ways to help your firm make a shift toward efficient, distributed financial management.
Accounting software
The best way to ensure you can manage finances remotely is to consider using a sophisticated accounting package. Due to the ‘Making Tax Digital' regime, most firms already have some form of accounting software in place. But not all firms have software packages which can do complex jobs such as financial modelling. In an environment of uncertainty, it pays to be as knowledgeable as possible about your firm's finances - and remote-access financial software can help you do this from anywhere.
Having accounting software does not necessarily mean you need or ought to get rid of your actual accountant. In fact, accountants often prefer clients to have some form of software in place as it helps them to ensure accuracy when filing tax returns and more. It is best, therefore, to view the use of software as a companion to using real-world professionals and functionaries such as accountants and bookkeepers - and a way for all of you, including your senior management team, to manage money effectively even during the pandemic.
Online banking
In an era where almost every person is set up to conduct banking at least over the phone and in practice over the web as well, it can be surprising to learn that some firms still rely on face to face banking for so many of their money management tasks. But as the coronavirus pandemic has shown, heading down to a physical bank branch is far from a good idea. This is primarily from a virus prevention perspective, and as a responsible employer, you should not risk your finance team's health.
But during a time in which human resources may be thin on the ground due to furlough or redundancies, tasking employees with visiting the bank can also be inefficient. As a consequence, prioritising a shift to online business banking is a smart move - and one that will pay off in the future, as the benefits of saved time will persist long after the pandemic.
Culture and processes
But as anyone who runs a business knows, moves towards cutting-edge technology such as online banking and similar, are not enough in themselves to ensure that effective remote management of finances occurs. It's also essential to ensure that the company culture is set up in such a way that employees are happy and able to use new tools efficiently.
As an employer, though, it's possible to achieve this in various ways. First off, you can invest in training for staff who need to use the new services: while this may incur some upfront costs, it is likely to save your firm time in the future. And by being clear and open with your staff about the need to use the new service, you can ensure that they buy into it and don't feel like they are making changes for no reason.
Don't forget security
Moving online has its benefits, but it's not a stretch to say that it opens up a whole other world of risks. With scammers now operating in ever more complex ways, it's vital to make sure that you're ahead of the curve. That is especially true if you've decided to defend yourself against future economic dips by making the cash in your company account go further, perhaps through trading or investment. By making sure you learn more about trading and educate yourself about the many sophisticated phishing scams out there, you can significantly reduce the chances of falling victim to fraud.
Financial management of business resources has changed so much in recent years and the arrival of online banking and other similar tools has bedded it in. By investing in top tools for bookkeeping, modelling and banking, as well as ensuring you look out for your firm's security, you'll be able to take steps to safely manage your business finances from wherever you are in the world.
