The advancement of technology has equipped finance leaders to better help their organizations be more agile. Here are 5 steps your team could take to help make sure it can operate as effectively as possible, even if the team is 100% remote.
1. Setup electronic workflows
Go electronic, reduce the need for inter-office mail and physically signed approvals and have departmental managers and other leaders approve invoices electronically.
2. Setup a lockbox for all deposits and mail sent to finance
You may have a lot of mail coming to the office, checks that need to be deposited or other mail finance has to look through. Most major banks have programs that allow you to direct your mail to lockboxes and they will automatically deposit checks into your bank account and scan all mail for you to review online. This reduces the need to receive physical mail, allow you to access everything online, and ensure funds are deposited into your bank account, regardless of your location
3. Setup a general finance email and stop accepting invoices by mail
You may still be receiving many of your invoices through regular mail. Why not ask your vendors to email you the invoices? Better yet have them email a general mailbox and integrate that mailbox into your ERP to kick-off your electronic workflow to make sure all mail items are triaged appropriately and responded to.
4. Pay vendors electronically instead of by check
Most vendors would gladly accept payment by ACH/EFT/Wire, why not move the majority of them to being paid this way? It will reduce your need to send and print checks and improve your ability to streamline payments.
5. Migrate your ERP to the cloud
In today’s day and age there is no reason you shouldn’t be able to access your ERP remotely. If you have to go into the office to access it, see if your vendor offers cloud options.
If you’d like to talk to one of our consultants or a CFO that has made one or all of these decisions, please contact us and we’d be more than happy to help.