Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of finance processes and what companies can do to improve them today. Read on to see why the hack on Colonial’s system should be a wake-up call for CFOs, how COVID is changing the closing process, how to introduce a new process, and the top tools your firm needs to be productive.
It’s Time To Update Your Accounting Software for Superior Finance Processes
Think back to the beginning of May. People were panicking over a shortage of gas. Why? The Colonial pipeline was hit by a ransomware cyber-attack, thus taking the pipeline offline. Many states were impacted by this attack, which begs the question of ‘how did this happen?’. If you’re like most people, you probably have antivirus software installed on your computer or phone. This protects your systems against vicious attacks like what happened to the Colonial pipeline. And if you work in the accounting department, you know that the data you see day-in and day-out is sensitive and could cost people their livelihoods if put into the wrong hands. That’s why it’s vital for CFOs and accounting and finance leaders to look at their own systems and determine whether they’re secure or if they are showing red flags.
Read on to learn why moving away from legacy systems is more than just a solution to a security problem - view the full article on CFODive.com.
Say Goodbye To In-Person Closings and Audits and Hello To Virtual Work
In today’s world, no one blinks an eye at the mention of ‘remote’ work. In fact, thanks to the pandemic, it’s become the norm. One problem that CFOs have encountered during this unprecedented time is virtually closing their company’s books. And it’s not a matter of can we close the books remotely (because let’s face it – remote work is here to stay), it’s a matter of how can we close the books remotely. Gone are the days where we could walk across the office and ask our coworker a question and get an immediate response. Now, we anxiously await the pop-up notification on Slack or Microsoft Teams saying that we received a new message. And although working remotely solves a lot of issues, it also poses new ones – slowing down already implemented processes and an increased security risk.
To learn how going virtual has flipped certain accounting processes, head over to Forbes.com.
How To Introduce New Finance Processes Without Making A Mess
Change is inevitable. It’s a phrase that spans across every industry and circumstance. Some people embrace change, others are reluctant. Take startup companies for instance. Most young businesses never make it past the 5-year mark. Why? A lack of processes and the inability to adapt. Here are four ways that organizations can introduce new processes without blindly jumping in:
Stick to it
Don’t do it too soon
Make it reasonable
To learn more about how to effectively adopt new processes, read the full article on Forbes.com.
The Top Productivity Tools Your Department Needs To Be Effective
If you’re like most managers, you want your team to be efficient at their jobs. But there’s only so much your team can do with the resources at their disposal – and if that’s next to none, your team’s productivity is going to drastically decline. With no end in sight for the pandemic, it’s safe to assume that your long-standing relationship with virtual work will continue for the long-haul. Why not invest in tools that make your job easier and your team’s more effective? Look at these four tools your team can’t work without.
To gain a better understanding of these resources so you can improve your finance processes, view the full article on AccountingToday.com.