Every CFO understands the value of a high-performing finance team. But how can you empower your team and maximize their potential as a CFO? There are practical steps that can help you take control of your team’s performance and effectiveness.
Identify and Address Productivity Killers
The first step towards achieving team efficiency is to pinpoint and eliminate productivity obstacles. Common bottlenecks that might be holding your team back include:
- Manual data entry errors
- Slow processes
- Fraud
- Miscommunication
- Mismanagement of information
- Inefficient approval processes
- Unclear role divisions
- Lack of visibility
- Missing documents
By identifying and removing these issues, your operations can run smoothly, much like servicing an engine to prevent clogs.
Train Your Finance Team
Investing in your team’s education is crucial. Enhance their skills by providing access to financial management software training, webinars or useful accounting literature. Continuous education helps them stay current with both internal procedures and the latest accounting practices, optimizing their input.
Automate Manual Processes
Automation is a very significant for finance departments. By automating manual processes, you can:
- Free up your team’s time for more human-centric tasks
- Reduce errors
- Speed up overall performance
From accounts payable and receivable to expense management and invoicing, many accounting and financial tasks can be streamlined through automation, allowing your team to process documents in batches and save significant time and effort.
Communicate Clearly
Effective communication is essential for teamwork. Lack of communication can lead to process failures and project breakdowns. Make sure to:
- Clearly convey your expectations, policies and procedures from the outset
- Be open to receiving feedback and advice
- Provide robust communication channels for the free flow of information among team members
- This fosters a harmonious working environment and ensures everyone is on the same page.
- Integrate with Other Departments
Finance teams often rely on data from other departments. Whether through ERP software or standalone accounting solutions, seamless integration allows for quick and easy data sharing, sparing your team from tedious data requests and accelerating workflows.
Remove Redundant Processes
Eliminate unnecessary tasks that do not impact the final output. Redundancies, whether in processes or team movements, are major time-wasters that can hinder productivity. Streamline workflows to ensure projects are completed efficiently and within budget.
Equip Your Finance Team with the Right Tools
Even the most skilled professionals need reliable financial management software to perform their duties efficiently, accurately, and effectively. Providing the right tools empowers your team to achieve optimal performance.