Rather than return to office life, a WEF survey has revealed that 98 percent of employees want to permanently keep the option to work remotely. In response, companies like Twitter and Shopify have announced that their employees can now work from home on a full-time basis.
Within the remote shift, it's crucial that all teams have the necessary tools to complete their tasks efficiently while away from the office. As the backbone for financial operations, accounting teams can use cloud technology to streamline workflows, speed-up processing, and reduce the possibility of human error. Here's how cloud technology can support accountants transitioning to remote work:
Setting up a remote workspace
First things first, accountants need a computer or phone that is able to meet the demands of the job and use the latest operating systems without friction. This means that any hardware should be compatible with specialized programs, be protected from harmful malware, securely set-up for unique user access, and function at a quick speed.
Likewise, accountants have to ensure that their home internet can support an extra device, as well as cloud-based software, video calls, downloads, and other internet-heavy actions. Employees will also require a VPN (virtual private network) to gain access to company networks and databases. A VPN is a core tool for remote working and has been instrumental during the pandemic: usage surged by as much as 124 percent one week in March.
Alongside a VPN, employees should have two-factor authentication in place to prevent unauthorized entry to their computers or accounts. Cloud systems generally offer heightened security compared to traditional systems, however, in the online surge, there has been a rise in cybersecurity attacks, making an additional layer of protection necessary.
Another key component for a workspace is cloud-based accounting software like an accounts receivable (AR) or accounts payable (AP) automation platform. These platforms provide employees with a total overview of AR and AP, making approvals simpler. They also help mitigate risk with stronger controls, as well as reduce the cost of processing - all from the comfort of accountants' homes.
Managing remote workflows
Time management and visibility are particularly important for remote employees, regardless of the industry they're in. Not physically being in an office can pose a number of logistical problems, as team leaders and managers still need a real-time picture of what employees are working on and what their output is.
Fortunately, there are a variety of online applications that ensure face-to-face interactions can continue even with the distance. Tools like Zoom, Google Hangouts, and Skype are some of the most popular teleconferencing services, and are available for free and put colleagues in touch within seconds. Other chat tools like Slack, Workplace, and Yammer are great for internal messaging. These software are vital to facilitate regular check-ins and create a pathway to connect remote accountants to the rest of the company.
For accountants who are more accustomed to working in an office, the remote shift may feel disorienting due to the move from paper-based activities to cloud-based activities. Tasks such as writing checks, securing signatures, and stamping official documents, can be completed at the click of a button, and no longer rely on in-person approval. Instead, cloud technology can empower employees to do their work more easily, because they don't have to wait for confirmation - they can simply send a request to superiors and automate updates, or get an instant response via communication tools.
Another perk is that accountants don't have to sieve through piles of paperwork on their desk. The cloud can store, organize, and categorize documents like invoices and payslips, ensuring that the correct people have access to the correct papers, and that information is never inadvertently lost. Not to mention, transparency is greatly improved as senior staff can track and trace the movement of documents, as well as see who has authorized what steps.
Reinforcing a positive work culture
88 percent of employees believe a strong company culture is key to business success, and in the remote revolution, company culture matters more than ever. Just because teams aren't sitting next to one another, doesn’t mean that shaping a healthy environment to work in shouldn’t still be a priority. For accountants - who are prone to suffering from stress or burn out - cloud technology can help them stay connected, learn new skills, work from any location, and have more flexibility around their schedule.
Cloud technology removes a lot of repetitive tasks from accountants’ workload, meaning they can focus on more demanding issues, as well as be more creative. It's also very scalable, so as accountant teams grow or shrink, the technology can be adjusted accordingly (e.g. subscription plans are upgraded). This flexibility is also more eco-friendly as employees only use the resources they need, they don't have a wasted surplus or have to wait months for new equipment.
Cloud technology can equally be an opportunity for staff to measure their performance and identify areas for personal development. With processes being more efficient due to the help of the cloud, remote workers may have more time to innovate and experiment with new ways of working. The benefits are twofold - employees feel more confident having the right tools, and companies have an autonomous and motivated workforce.
Remote work a 'permanent fixture'
In some shape and form, remote work is now a permanent fixture in the business world. While conversations predominantly revolve around the transition from office to home for IT and sales teams, accountants must also be remembered in the move. Cloud technology can not only support remote accountant workforces, but also accelerate them and their roles.
That said, companies have to invest time and budget to set-up employees' remote workspaces, manage remote workflows, and reinforce a positive remote culture. Software can assist with these tasks, whilst creating happy, constructive remote accountants on a long-term basis.
Karim Ben-Jaafar is a growth consultant for tech startups and President & COO at Beanworks, a cloud-based automation solution company dedicated to designing and deploying software as a service solutions that solve organizations’ financial workflow problems.