Top Finance Resolutions for 2020
There is a lot to look forward to in 2020—the Tokyo summer Olympics, a total eclipse, the new Mars mission, My Chemical Romance’s reunion tour, and the complete relief of streamlined financial operations.
Whether you operate a small business or a large-scale corporation, your success hinges on how well you manage your finances. To actively prepare for 2020, implement the following five resolutions to your finance department:
5 New Year’s Resolutions for Your Finance Team
Improve Overall Operations
Streamline the finance function with documented processes, efficient team-wide communication, established deadlines, proper accounting systems, and designated process metrics.
It’s imperative to prioritize goals—improving finance is not a set-it-and-forget-it function. Pay close attention to your companies cash flow to make continuous improvements to both your operations and the bottom line.
Dedicate More Time to Strategic Analysis
Create value in the organization by analyzing financial statements to assess the effective management of critical success factors and business risks—evaluating current performance and sustainability against the business’s strategic focus and competitive conditions.
Attract and Retain Top Talent
The modern finance team experiences fast, ever-changing roles. It’s vital to ensure relevance in a highly competitive market through your company’s culture, perks, available tools, and ongoing training. Some of the ways you can ensure employee retention are by offering:
- Flexibility. Implement a policy that includes flexible schedules or remote work.
- Career advancement opportunities. Offer training programs that allow employees to have upward mobility.
- Benefits. Don’t just offer basic perks like an espresso bar or in-office massages—make sure your team has the resources and tools they need to succeed.
- Recognition. Employees that go above and beyond should be recognized company-wide. It’s essential that everyone knows the contributions your team is making.
Increase Compliance With Better Controls
Mitigate risk with proper compliance programs and controls that protect your business from legal and ethical violations. By utilizing thorough approval processes, you can protect your operations and customers from inherent threats. To achieve this, make sure you:
- Establish protocols and controls
- Conduct thorough risk assessments
- Implement policies and procedures that are conducive to your goals
- Hold employees accountable
- Implement a reliable communication system
- Monitor the controls you’ve established
Automate Time-Consuming Processes
Investing in an automated solution that alleviates the pain of back-office processes will save time and money, improve operational efficiency, and keep your finance team productive and content in their role.
Trim the Fat
Take a look at what you’re paying your vendors and proactively scout for goods or services that are more affordable—just make sure the quality of the product or service doesn’t suffer.
Additionally, if you overstaff, it can be costly to your business. Hire capable employees that can manage the work efficiently, and rely on technology to cover the rest.
It’s a new decade—follow these five New Year’s resolutions and optimize your business for success in 2020 and beyond.