Virtually every company has been facing disruption since the coronavirus pandemic of 2020. Not knowing what to expect or how to navigate the business has been an ongoing concern. For many companies, this adversely impacted their revenue streams, cash flow, and debt load. Fortunately, leaders now have more information that can better protect their financial interests.
Implement these tips to help your company face disruption without lowering your bottom line.
Embracing cloud technology lets your company evolve along with the changes in your client needs, industry, and business goals. Having all of your client and company data stored in real-time on a central database provides your employees access to information when they need it. This lets your staff better support your clients and business and make more data-based decisions. Your employees are able to provide data-led insight and create proactive approaches to problems and areas of concern before they come up.
Focus on Advisory Services
Your accounting team should serve as trusted advisors for your company leaders. This includes helping leadership form strategies for growth while working through their short-term challenges. Shifting from being compliance-driven to providing a broader range of business advice lets your company be more competitive. Your accountants can combine the raw financial data and reporting with their business knowledge to provide insight into the numbers and input for current and future investments. This lets your staff efficiently allocate capital so that savings in one area of the business can flow to another.
Fill the Gaps When Employees Leave
You should be documenting procedures and cross-training your accounting team to fill the gaps when an employee leaves. When they give notice, the employee should begin transferring their knowledge to their teammates. Be sure the departing employee documents and confirms their passwords and access to outside systems. Then, begin to develop a hiring plan. This may include hiring a temp to cover the employee’s duties and working with a recruiter to find a permanent replacement.
Bring Aboard Skilled Accountants
Knowing how to source top accounting talent on demand is important. This is especially true when a staff member unexpectedly leaves your company. You need a skilled professional to take their place and get up to speed in a short amount of time.
In Western Canada, many employers turn to Mercer Bradley for help. The following is one testimonial from a happy client:
“We encountered a major disruption in our accounting department. A couple of emails and a couple of calls later, Angela had placed an exceptional individual in our operation on an interim basis. I cannot thank Angela, and Mercer Bradley, enough for how they helped us with what really could have been a catastrophic situation. No hesitation to refer or recommend your services going forward.”
General Manager, Hospitality Company
Are You in Need of Accounting Talent?
When you are in the market for accounting and finance professionals in Manitoba, turn to Mercer Bradley. Find out more today!