The future of work and what it means for your business and finance teams

Wendy Sayer, Content Manager at  AccountsIQ  looks at the effect of digital transformation and hybrid working will have on finance teams and how SME’s manage their finances. 

According to Deloitte, the future of work is already here. Their call-out to business leaders is to “reimagine why, where and how work gets done.” What does this mean for your business, and in particular, your in-house or outsourced finance team?  

Well, there’s no going back. The great acceleration in remote and hybrid working, enabled by Cloud technology and Cloud Accounting platforms and services, is here to stay. Here’s why that will impact accountancy and finance professionals more than many others.  

Finance is ripe for hybrid working

In their remote work survey, McKinsey* analysed 2000 work-related activities across 800 occupations in 9 countries, to identify those with the greatest potential for remote work. Their conclusion was that remote working potential is concentrated in a few sectors – with finance coming out on top, closely followed by management, business services and IT. Many of these professionals can do their day-to-day work remotely without a loss of productivity.  

*McKinsey & Company, The Next Normal Arrives: Trends that will define 2021 — and beyond. 

Companies are embracing Cloud Accounting platforms to attract and retain talent 

Here’s what finance professionals told recruiters Accountancy Careers* were the most important factors when considering a job move (other than salary):  

• 34% said work-life balance (including flexible working) is the most important factor 
• 61% said home or remote working is the most sought-after flexible working option. 

* ICAEW Insights: How to attract accountants in high demand. August 2021 

This is an area where SMEs can compete 

Many global, household names have committed to hybrid and remote working. But you don’t need their resources to offer the benefits of flexible working. Mid-sized companies can also adopt Cloud Accounting software to facilitate hybrid working and compete for in-demand talent. 

Cloud Accounting platforms keep your business connected 

In a hybrid environment, effective communication and collaboration between your team and any outsourced finance professionals you engage is crucial. No-one wants to be constantly emailing different versions of spreadsheets back and forth or searching for documents. Rapidly growing engineering firm, Thermatic Technical, have already discovered the flexibility of Cloud Accounting with AccountsIQ. 

“Our old system wasn’t cloud-based,” says Thermatic’s Management Accountant, Heather Stockton. “Logging onto a remote desktop when working from home during the pandemic was slow. We’re now operating a hybrid work model and having AccountsIQ’s Cloud-based finance system is making everyone’s life easier.” 

How can APIs help with hybrid working? 

An API (Application Programming Interface) allows two systems to connect securely and exchange information. Examples that affect all finance teams today are Making Tax Digital and Open Banking. Both use APIs that allow your accounting system to communicate VAT and bank transactions with a relevant 3rd party. 

Before the Cloud, disconnected business systems were one of the biggest frustrations when working remotely or across multiple offices. When you chose accounting software with an API, you can seamlessly integrate your finance system with other Cloud-based apps, such as booking software, ecommerce platforms, CRM systems, EPOS, payroll systems, and stock control. This eliminates the need for time consuming data re-entry in separate systems and means you are getting real time data insights across your business. 

Want to know more about how your business can navigate the new world of work? 

A key part of Farnell Clarke’s outsourcing offering is to spend time to understand your business, your aims and objectives, and then work with you to recommend the right software packages that fit your individual requirements. You can learn more about the process of how we review, recommend, implement and train on the right accounting software for your needs. Or just give us a call and we will talk through how you can maximise the benefits that the new cloud accounting platforms and apps can bring to your business.  

If you want to find out more on AccountsIQ, click here to see how they could increase your business potential.