Remote work is here to stay even after the pandemic is no longer around. The flexibility, scalability, and cost-effectiveness make it an excellent choice for businesses of all sizes and scales. But running a finance company remotely sounds daunting because money and financial information of clients are at stake. Moreover, the usual doubts about productivity and efficiency prevail. However, you can manage it successfully without worrying about the risks and productivity barriers. You only need to devise a strategic process to address both concerns. Let us share a few actionable remote work tips for finance companies.
Ramp Up Your Remote Working Policy
Ramping up your remote work policy is the first step if you plan to run your finance business with the WFH model. It helps you define your recruitment strategy, management processes, and support plan. An effective policy also highlights the basic rules for your team to empower them with autonomy and ensure productivity and efficiency. It should also set expectations regarding working hours, equipment, communication tools, productivity tracking, cybersecurity, and well-being.
Realign Core Finance Processes
After defining a remote work policy, you must realign your core financial processes. Finance companies need to work on aspects such as budgeting, cash management, and loan approval processes. Paper invoices and checks make things complicated, even more, when your team operates out of the office. You can implement a transition from paperwork to electronic documentation and cloud-based software. At the same time, create a centralized digital workflow for it.
Prioritize Employee Engagement
Employee engagement should be on your checklist to ensure a successful remote finance function. Engaged employees also deliver more because they have a sense of belonging and motivation despite being away from the office. Moreover, it enhances bonding and collaboration. Starting with Remote Training is an excellent idea as it makes people more comfortable with the process. They can handle daily IT issues and stay ahead of security concerns with proper training. Conducting regular meetings and team events also helps with employee engagement.
Focus On Strategic Finance Initiatives
Remote teams often get stuck with day-to-day operations, and strategic goals and initiatives take a back seat. But finance companies must focus on them to keep the business on track. Processes such as budget reviews, financial data analytics, and client reporting should be on top of your team’s checklist. Of course, they must also take care of the daily tasks, but long-term initiatives should be the top priority.
Embrace Relevant Collaboration And Productivity Tools
Collaboration and productivity are the pillars of success of remote teams, so you must embrace relevant tools to keep them on track. For a finance team new to remote work, proper communication tools are non-negotiable. They keep people on the same page and facilitate quick discussions on issues such as budgeting, analytics, and reporting. Productivity apps ensure employees stay on top of productivity levels, regardless of the location. Besides implementing the tools, you must test them thoroughly to minimize cyber threats.
Managing a remote team for your finance company can be a breeze, provided you know the ins and outs of the process. You can implement these measures to stay ahead on the productivity, collaboration, and security fronts.