New Year’s Resolutions for Your Finance Department

The start of the year is the perfect time to reflect on what is working for your company and what isn’t. January first signifies a new beginning and time for improvement. This time of year also marks the end of one financial year and the start of another for many businesses. Use these tips when thinking about how you can successfully implement New Year’s resolutions for your finance department this year!

  1. Efficiency in all areas of your finance department should be a continued priority for 2017. It is vital to keep up with all analytics and reporting within the finance department to achieve a stress-free year. Get all of your books in order, update balance sheets, and document what improvements need to made in the new year. Focus on timing and stay on top of your finances because the earlier you get things started, the faster errors can be found and corrected – leading you all the way to a smooth and successful Year-End Close.
  2. Accuracy. Following the importance of efficiency is accuracy – if you are doing things in a timely fashion but unable to keep things accurate, you will end up with more work in the end. To help ensure the accuracy of reporting it is important to increase the use of financial automation, which will help improve the accessibility to financial data.
  3. Automation. It is easy to lose track of  the  many documents a finance department is expected to keep track of in a year, and it can be time consuming to locate these documents when needed. A manual process can also make year-end close an even more stressful time for companies. So, get rid of the paper and digitally archive all documents that come through your finance department. This will help you recall anything you need in the future with ease, and keep your data accurate.
  4. Systems. Review your accounting software to ensure that you are getting the most out of its functionalities, including maximizing its process efficiencies and reporting capabilities. In addition, also review any needed upgrades which may be an added company value. Revisit accounting policies and procedures to ensure that they are still relevant with current best practices. Establish process metrics to measure the accounting department or the organization’s productivity and benchmark against other similar organizations.

 

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Post by Kaitlin Alfvin

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