The current economic climate is anything but certain, and things are constantly changing for modern businesses.
That’s why it’s more critical than ever to have a strong finance team in place to drive strategic decisions, ensure financial stability, and to encourage sustainable growth.
We’ve explored the many benefits that come with hiring the best talent for your finance team.
Accurate financial reporting
Having a skilled accountancy team ensures your financial records are highly accurate, something that is essential for making informed business decisions.
Accurate reporting can help with the following:
• Compliance: Meeting regulatory requirements and avoiding any penalties
• Decision making: Providing reliable data for future planning
• Stakeholder trust: Building trust with any investors, creditors and stakeholders
Financial planning
A strong finance team can play a crucial part in future financial planning and is the key to conducting good analysis.
They can help with the following:
• Budgeting: Creating realistic budgets that align with relevant business goals
• Forecasting: Analysing future financial conditions and trends then preparing accordingly
• Cost management: Identifying areas to cut costs without compromising on the quality of performance
Risk management
There are always risks when it comes to running your business and it’s handy to have a team in place to identify them and develop strategies to mitigate them.
They can help with the following:
• Internal controls: Implementing systems to prevent fraud and errors
• Insurance: Advising on appropriate insurance policies to protect the company
Improved cash flow management
Having effective cash flow management is vital to keeping your business sustainable and for achieving your business goals.
Here’s how a strong finance team can help:
• Liquidity management: Ensuring the company has enough liquidity to meet any short term goals or obligations
• Accounts receivable and payable: Optimising the management of receivables and payables to maintain a healthy cash flow
Efficient operations
You may think it’s just the operations team that drive efficiency in the business, but your finance team plays a huge role in this too.
Here’s how they can help:
• Process improvement: Streamlining financial processes and reducing the risks of redundancies
• Technology advancements: Experienced staff can implement and manage financial tools to improve accuracy and efficiency
• Performance metrics: Developing KPSs to measure and improve business performance
Improved employee retention
A strong finance team can have a domino effect on strong employee retention. In being able to effectively report, increase efficiency and plan for the future, you’re able to invest in your staff and keep right on promises for development.
• Competitive salaries: You have a better understanding of the salaries and benefits you can offer
• Training and development: You will be clear on the budget you have for training and development
Accountancy and finance employees are the underdogs of the business world. They are the team that create a foundation for strategic growth, stability and long-term success.
Accurate financial reporting, risk management and optimisation of processes can all lead to improved business growth, business success and employee retention.
Need to chat about your finance team? Get in touch with our specialist senior recruiter, Olivia Hunt, today.