3 keys to optimizing a Finance department that’s doing more with less

If you’re like a lot of companies, your most recent audits of productivity and process efficiency may have shown signs that your Finance staffers are under increased pressure to handle more tasks in less time – and with fewer resources – as you set goals for higher company revenues.

Besides automating A/P, A/R, payroll and expense management processes to free employees up to work on strategic tasks that drive growth, here are three additional strategies for strengthening the morale of a fatigued Finance deparment.

1. Tech integrations to reduce duplication of effort

Are there any potentially untapped software connections available within your tech stack that could save your Finance department time? Try brainstorming with IT to find out. For example, what about linking your accounting or enterprise resource planning (ERP) systems with your payroll and A/P software?

Anything that allows data to flow more freely and securely through your financial systems improves efficiency.

2. Finding bottlenecks, other trouble spots

Where does your cash flow process slow down? Invoice or order approvals? Invoice and purchase order matching? New account processing? Is your staff spending too much time on small-dollar collections or invoice exceptions?

One way to find out is to have Finance team members provide estimates of how much time they spend on each of their daily activities. From there, you can establish reasonable benchmarks for each task and talk out some solutions for sticking to them.

3. Better onboarding for new Finance department hires

A well-designed onboarding plan can both ease the transition for new members of the Finance team and reduce stress for their colleagues. Onboarding is also an opportunity to spot potential problems early on and proactively address them.

Some suggestions for what HR can include in the Finance onboarding folder from Bill.com:

• Personalized welcome messages from the company and department supervisors they’ll be working with
• A clear outline of Finance department roles and responsibilities
• A customized plan for their first 30, 60 and 90 days
• Guides geared toward first-timers on how to use your fintech programs
• Cheat sheets to guide them through your finance standard operating procedures, and
• Straightforward steps for collecting and sharing important paperwork.