What should be your priorities as a finance director?
MTD and Brexit are just two of the changes that will create plenty of challenges that companies will need to overcome in the next few months.
With that in mind, let’s take a look at the strategies that you can adopt in order to embrace both the opportunities and obstacles facing your finance department this year.
Review your contingency plans
Brexit poses threats such as disruptions to the supply chain, the falling value of the pound and the loss of European trade. CFOs should address all these possibilities and ensure that their companies’ contingency plans are in good shape.
In the face of uncertainty, it makes good sense to have a plan B, so make sure your company is prepared for a worst-case scenario.
Reform your reporting
Does your analytics package give you access to real-time, in-depth reporting? If not, now is the time to make the change, as it is more important than ever to be able to rely on concrete statistics on which to base your business decisions in order to ensure the best possible business performance.
Consolidate your accounts
If your company has international branches, you’ll know the value of consolidating your accounts accurately and efficiently. Exchange rates are likely to be particularly turbulent in the months ahead so this is the best time update your accounting package to handle consolidation with ease.
Introduce efficiency measures
Becoming more efficient is an evergreen objective that will always help businesses to streamline their processes, reduce waste and focus on their key goals.
Review your efficiency by conducting a review of the processes within your organisation and introducing automation where possible to free up staff time and improve accuracy.
Enable remote working
The uncertainty of 2019 may have an impact on staffing within your organisation, with many EU nationals likely to move away from the UK. To retain your most talented employees, support them with an infrastructure that enables remote working.
You can do this by eliminating paper-based processes and allowing staff to carry out all the key aspects of their role away from the office.
Integrate your IT systems
Integrating your key IT systems rather than having them working in isolation can make a big difference for your business. Cloud-based accounting software can integrate with electronic banking systems, data entry software and more – just in time for the implementation of Making Tax Digital in April 2019.
AccountsIQ is an award-winning cloud-based accounting system that will make your business more efficient. Request a demo to see it for yourself.