How can I make my finance team more effective?

When you're responsible for managing a finance team, quality output, productivity and consistent performance across your staff become ever-pressing concerns. So which areas should you focus on to make your finance team more effective in their work? The answer lies in getting some cultural elements right as a foundation for excellent performance and then implementing specific tools and resources that will help your people in their daily work. Let's look at this in practice.

Provide genuine leadership

Great leadership is behind every successful team, and the good news is that the traits of good leadership are learned and developed, rather than necessarily being innate. Review your own strengths or weaknesses or ask the HR team if there is an opportunity to do a 360 feedback exercise to get insights from people around you.

As a good leader, you must be able to communicate effectively; to listen to people actively and with purpose; to clarify the company and team vision and set appropriate goals, and to motivate and inspire your team to perform at their best. If you feel you aren't quite there, then request training, look for a mentor and work with your own line manager to identify opportunities to evolve your leadership skill sets.

Communicate

As a core activity of good leadership, this is also a daily priority activity. Hold a daily huddle or briefing, send a regular note to the team and hold regular get-togethers with a social angle. Use the time to do more than discuss admin and to-do lists - celebrate success, have some fun together, talk about bigger corporate goals and pictures that put your collective work into a broader context. Ask your team to input and take responsibility for different update sections, encourage cross-fertilisation of ideas and really listen to what your team are telling you.

Fight for your team!

Whether your team needs more training, better tools to do their job or support from internal customers, be prepared to champion and support them at all times. You will gain their respect and loyalty and become visible in the organisation as a leader that takes the welfare of his or her people seriously.

Put in place the necessary tools to do the job

Whether it's processes that clarify company spending policies, better financial management and accounting software or advanced training that allows your specialists to hone their skill sets, it's essential to give people the right tools to do the job. Here are four examples of how Soldo's targeted solutions can help you to do just that.

Expense management software

All companies struggle with the amount of time traditionally taken for employees to enter expenses and for the finance team to then verify them. At the same time, policies change, authorisation levels and timings can be, and there are invariably issues between expense creation and resulting payment that take time and energy to solve.

We provide simple app solutions with automated employee reports and dashboard views for rapid click data exports. Time is slashed, accuracy is heightened, and progress can be instantly checked at any time. Additionally, the app allows employees to photograph their receipts immediately - so that problems with lost receipts at month end don't occur - and the finance team can automatically run a digital report, rather than needing to rifle through paper.

Spending control

When companies overspend, their ability to operate profitability is compromised. Paper processes and occasional reminders become forgotten, and a lack of control leads to severe issues when unchecked over time. Again, our software solutions automatically apply set rules and limits which are predefined by the corporate decision-makers and which ensure employees can only spend within set limits according to their role and seniority. These limits can be adjusted instantly and at the click of a button.

Data snapshots

Our dashboard views are integrated into our financial management, expense management and accounting software solutions for real-time data viewing and analysis. Isolate data according to your set criteria to see the insights necessary by expense type, employee or department. This provides valuable intelligence for better management and decision-making and improves the business' risk profile.

Ready to find out more?

Save time and money, reduce the risk of errors and strengthen your risk management culture with our financial and accounting software solutions. Our suite of business-ready packages are cloud-deployed for speed, security and ease of updating, rapid to implement and highly cost-effective. We also provide the ongoing support and expertise of our in-house team to ensure that you can always maximise the utility of your packages and that all relevant staff are trained on their use for the best possible results.

Contact Soldo to find out more or visit us here.

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