August 19, 2014
Guest Post By: Nick O’Brien, a junior at Clark University and will be studying abroad this year at the London School of Economics. He spent his summer working with Deltek’s product teams as part of an internship.
Okay, we get it… when you think of a Finance and Operations (F&O) team, you probably aren’t thinking of a group of creative individuals simply yearning for a better collaborative environment. After all, most of their work is very cyclical, well-defined, and structured. Collaboration’s role in closing the books and reporting financial information isn’t overwhelmingly obvious, but the benefits can ensure all CFOs that their teams are running efficiently.
One of the most important things an F&O team can do is improve the accuracy and timeliness of gathering and reporting financial information. Collaborative tools can make every process in the accounting cycle more efficient – your team won’t miss a beat when it comes to correcting and preventing accounting errors, making decisions about tax strategy, and managing internal risks that could delay the accounting process.
Better communication means your team can make better use of their time. Don’t waste time worrying about which employee is in which email thread. Communicate in a group-tailored environment that keeps every one up to speed. This ensures that each close is a more transparent, defensible, and easily repeatable process.
A social system encourages proactive management and employee engagement. When an accounting period is coming to a close, tools like Kona can give greater insight to employees’ responsibilities and progress. Given proper mediums, employees can ask the right questions to guarantee a smooth and reliable accounting process.
Upgrading new software or rolling out a new financial reporting system? Don’t fret, Kona is a collaborative solution to help you communicate and manage these changes. New member to your team? No problem. Kona will ensure that he or she is seamlessly integrated into the organization. Worried about security? If you’re a CFO, or any executive, you probably should be. Kona provides a secure cloud-based solution to keep your financial information in safe hands.
In the evolving business world, internal communications are vastly improving. For CFOs, it means one important thing: an opportunity to increase profits. Better communication leads to greater efficiency, lower operating costs, and superior employee engagement – profit-increasing changes that are sure to get any CFO on board.