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How to Uplevel Your Finance Department | ModVenturesLLC

How to Uplevel Your Finance Department

March 6, 2024

Efficiency and accuracy are two of the most important traits of a good finance department. Both are developed over time through careful planning, system set-up, and ensuring you have the right team members in the right places. Even if you’ve established a great finance department from the ground up, you should still audit your processes and performances to ensure that it’s functioning at the level you need. 

If your department is slower than expected, their accuracy is suffering, or there is a disconnect between team members, it may be time to look into new ways to uplevel your finance department.

How to Audit Your Financial Department and Systems

Auditing your financial department should include speaking with your team members, looking at and analyzing your reports, and reviewing your actual vs. expected financial statements. Additionally, you should ask your department to inspect the systems your team is utilizing to complete their work and house your financial data.

This will allow you to pinpoint areas for improvement, whether by providing your team with additional training/support, outsourcing to a virtual firm, or investing in a new program or technology to manage your department’s data.

Although it’s not required by law in all states, you should conduct an audit of your finances and finance department annually.

3 Ways to Uplevel Your Finance Department and Improve Your Efficiency Without Affecting Your Accuracy

You’ve identified where and potentially why your department needs improvement, and now you need to take the steps necessary to improve your finance department. With over 20 years of experience, we’ve managed to identify the key areas to focus on to improve your efficiency without affecting your accuracy:

#1. Update Your Finance Department’s Digital Toolkit

If you’ve been in business for a while and haven’t updated your finance department’s digital systems, it’s likely time to do so. Each year, new tools and programs are available to help you streamline your finance department and improve your efficiency. 

Some potential programs to consider looking for include cloud-based accounting software, secure digital storage for keeping documents organized and easily accessible, and even team management software to streamline communication.

#2. Enact Clear Lines of Communication

Go beyond setting up communication channels; try implementing a guide to who to communicate with and when. For example, your team should know who to contact for a specific report or who to contact for specific financial information. 

If you have a job-based/project-based business, ensure that all your team members know who is responsible for what so that they are always able to communicate when needed rather than requesting the information from a third party.

#3. Outsource and Find Support

While you outsource your entire financial department, you can also find support from a virtual bookkeeper or accountant to integrate into your pre-existing team. You can also look for support in setting up and implementing new accounting systems.

The benefit of outsourcing to a virtual firm or accountant/bookkeeper is that you can find support as needed. For example, you can look for support during your busier times and during periods of rapid growth.

If you’re ready to establish a more efficient and accurate finance department in your business or organization, reach out for a free consultation with ModVentures today.

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