• North America
    • United Kingdom
    • Europe
  • Solutions
    • Accounts Payable AutomationEnd-to-end, global payables solution designed for growing companies
      • Supplier Management IconSupplier Management
      • Invoice IconInvoice Management
      • PO Matching IconPurchase Order Matching
      • Global Payouts IconPayment Remittance
      • Payment Reconciliation IconPayment Reconciliation
    • ProcurementComplete control and visibility over corporate spend
    • Global Partner PaymentsScalable mass payout solutions for the gig, ad tech, sharing, and marketplace economies
      • Supplier Management IconPartner Management
      • Global Payouts IconGlobal Payments
      • Fraud Detection IconFraud Detection
      • Self Billing IconSelf-Billing Module
      • Tax Compliant IconTax and VAT Compliance
    • ExpensesMobile ready integrated expenses and global reimbursements
  • Technology
    • Overview
      • The Tipalti PlatformGlobal, scalable, and fully automated
    • Features
      • Multi Entity IconMulti-Entity Architecture
      • Financial Controls IconFinancial Controls
      • Payment API IconPayment API
      • Secure Cloud IconSecure Cloud
      • MSB IconMoney Services Business
      • AI IconPi Payables Intelligence
    • Integrations
      • ERP & Accounting
      • Oracle NetSuite
      • Sage Intacct
      • QuickBooks
      • Microsoft Dynamics
      • Sage Accounting
      • Xero Accounting
      • Performance Marketing
      • Custom Integrations
  • Why Tipalti
    • Overview
      • Why TipaltiA modern, holistic, powerful payables solution that scales with your changing business needs
      • Customer StoriesSee how we transform finance operations
    • Benefits
      • Accolades
      • Invoice-Based Workflow
      • Performance-Based Workflow
      • Benefits by Role
    • Additional Services
      • Currency Management
      • FX Hedging
      • Implementation Services
      • Supplier Enablement Program
    • Industries
      • Advertising Technology
      • Affiliate and Influencer Networks
      • Business Services
      • Ecommerce and Retail
      • Education
      • Financial Services
      • Healthcare
      • Manufacturing and Wholesale
      • Marketplaces and Gig Economy
      • Online Services
      • Software and Technology
      • Video and Digital Media
      • Video Gaming
  • Resources
    • Blog
      • The FinTalk BlogStrategy and trends in payments
    • Tools
      • Cost Per Invoice Calculator
      • Payment Error Calculator
    • Guides
      • What is AP Automation?
      • Compare Payment Methods
      • Future of Finance
      • Destination IPO
      • Payments Across Borders
      • The Total Guide to ERP Integration
  • Company
    • About Us
      • About Tipalti
      • Careers
      • Partnerships
      • Contact Us
    • Help
      • Support
      • FAQs
    • News & Events
      • Events
      • Newsroom
  • Login
  • Get Started
Get Started
Home / The FinTalk Blog / 6 Resolutions for Your Finance Team
Published on Mar 17, 2020

6 Resolutions for Your Finance Team

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 the future, implement the following five resolutions to your finance department:

Top Finance Resolutions

1. 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 company’s cash flow to make continuous improvements to both your operations and the bottom line.

2. 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.

3. 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.

4. 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

5. 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.

6. Cut Costs

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.

Follow these resolutions and optimize your business for success.

The Top 8 Industry Trends in Finance

SEE THE LIST

About the Author

Kate Wilson

Kate has worked in FinTech for 6+ years and has reported on a variety of industry topics, including financial trends and best practices. Kate is passionately focused on providing quality resources for finance professionals to help them grow their businesses and flourish in their careers.


Read Now

Footer

Solutions

  • Accounts Payable Automation
  • Global Partner Payments
  • Procurement
  • Expenses

Capabilities

  • Overview
  • Supplier Management
  • Invoice Management
  • PO Matching
  • Self-Billing Module
  • Payment Reconciliation
  • Global Payments
  • Fraud Detection
  • Tax and VAT Compliance

Why Tipalti

  • Why Tipalti
  • Customer Stories
  • Invoice-Based Workflow
  • Performance-Based Workflow
  • Benefits by Role
  • Benefits by Industry
  • Bill.com Alternative

Technology

  • The Tipalti Platform
  • Multi-Entity Architecture
  • Financial Controls
  • Payment API
  • Secure Cloud
  • Money Services Business
  • Pi Payables Intelligence

Resources

  • The FinTalk Blog
  • What is AP Automation?
  • Compare Payment Methods
  • Future of Finance
  • Destination IPO
  • Payments Across Borders
  • The Total Guide to ERP Integration
  • Cost Per Invoice Calculator
  • Payment Error Calculator

Company

  • About Tipalti
  • Careers
  • Partnerships
  • Events
  • Press
  • In The News
  • Media Kit
  • Support
  • FAQs
  • North America
    • United Kingdom
    • Europe
Contact Us
LinkedIn Instagram Facebook Twitter YouTube
We Handled It.
Legal Agreements
|
Cookies Declaration
|
Privacy Policy
|
Payer / Sender Rights
|
Customer Assistance Policy
© 2010–2023 Tipalti Inc.