How to Do More With Less During the Coronavirus
For most of us, these are unprecedented times—our world has been rocked by uncertainty. As the landscape shifts, both personally and professionally, finding new ways to work together is the only way to navigate through the chaos.
Our new norm is Working From Home. We’re educating kids in the comfort of our living rooms, our pets are new hires, and a remote environment is where we’re expected to conduct “business as usual.”
We’re adapting to a new way of working and discovering how to save time and scale with limited resources.
Our lives might not stop during a crisis, but they will change—and ensuring we have the right tools in place is paramount for future success.
Financial Best Practices for a Remote Workforce
Now, companies across the world are managing finance in a new, remote environment. They must pivot smartly, and wherever they can.
As a financial leader, this is the time to find ways that ensure Work From Home productivity while addressing operational risks.
Deliver More with Less
During this time, it’s essential to eliminate a significant amount of your manual workload. Managing accounts payable with smart automation is the first step to re-focus your financial resources on what matters. Evaluate solutions that streamline your global operations—technology that maximizes global payables in a single, scalable, secure platform.
This is also an optimal time to invest in value and outcome-based solutions. Right now, you might find that you need to get up and running quickly with minimal upfront costs. While considering solutions, make sure they’re cloud-based, end-to-end, comprehensive, and adaptable.
Work Smarter Across the Board
Now is the time to cut unnecessary costs—streamline your financial operations by:
- Shifting to digital payment methods to reduce wire and check costs
- Reduce payment errors and bank fees
- Automate processes to avoid hiring additional headcount
- Implement real-time visibility into all expenses to stay on top of cash flow
- Avoid non-compliance penalties
Make sure to implement processes and solutions that ease the operational load in the short term while setting your organization up for long term success.
Optimize for Your Environment
Enabling productivity requires an on-demand mentality—your operations should be accessible 24/7. Update your processes for a 100% remote environment by implementing cloud-based automation.
Focus first on accounts payable:
- Institute digital invoice and payment approval workflows
- Move from manual check processes to electronic payments and virtual checks
- Add built-in controls and audit-trails to ensure strong governance in a mobile workforce environment
- Manage operations across all geographies and entities worldwide
Reduce Operational Risks
In times of uncertainty, it’s crucial to ensure security and peace of mind. Augment financial controls with multi-factor authentication and IP restrictions, encrypted data protection, role-based security and audit trails, guaranteed operational security, and complete segregation of duties with redundancy, disaster recovery, and data backups.
A New Way of Working
At Tipalti, we are driven to build a product and provide resources that help finance teams work smarter. By automating the entire payables process, our mission is to modernize the most archaic practice within the business world.
But right now, it’s about more than just technology.
We’re people—people behind the platform—and we’re dedicated to helping our employees, our customers, and you navigate through this unprecedented time.
Life is difficult right now, but together, we can handle it.