A finance leader should first understand the company's structure and revenue model, as well as the strengths and weaknesses of its people, to develop a strategy aligned with the business objectives and global growth plans. Understanding the cultural and regional context in which the company operates is also crucial, as key decisions are often made by personnel in specific countries.
Once the necessary data is gathered, a finance leader should formulate and implement a plan that drives the organization forward. Success should be monitored, and resources should be adjusted as needed to keep employees motivated and ensure performance targets are met. It is also important to evaluate management dynamics to ensure that the finance leader's actions support the company's objectives while adhering to budget constraints.
Ensuring Accurate and Timely Financial Reporting
To ensure accurate and timely financial reporting, establishing clear processes and setting well-defined goals for employees is pivotal. Also, utilizing robust accounting software and Enterprise Resource Planning (ERP) systems can provide management with valuable reports for decision-making and streamline team output.
While, regular reconciliations should be conducted to avoid last-minute discrepancies. Adding to this, a strong internal audit team is essential to maintain compliance with international financial regulations and standards. In this context, hiring individuals familiar with local financial requirements, regardless of their global location is favorable to ensure accuracy in international financial statements. Additionally, accounting procedures should be regularly updated to reflect current regulations.
Leading and Developing High-Performance Finance Teams
Today, setting clear goals and fostering collaboration have become key to leading and developing high-performance finance teams. Moreover, defining objectives helps team members understand expectations over various time frames, motivating them to perform and excel. Also, encouraging open communication and minimizing hierarchical barriers can lead to innovative ideas and efficient problem-solving. Also, the importance of providing learning and development opportunities to foster growth and accountability within the team can never be underpinned. And adding to this, talent management should emphasize diversity in culture and experience to enhance problem-solving capabilities.
It is also important to drive collaboration with other departments as it is vital for supporting the company's financial goals; cross-departmental participation and joint goal-setting contribute to seamless operations and alignment with organizational objectives. While some companies have adopted this collaborative approach, there are more that needs to be done so as to fully realize its potential.
So to conclude, the finance department is one of the most important bodies of any organization. Hence, the expertise that you finance team brings will play a crucial role in driving seamless operations across the organization.
About the Author
Abhiraj Gupta, based in Delhi, India, has over 20 years of experience in the finance domain. Throughout his career, he has worked across various aspects of finance, including accounts payable (AP), accounts receivable (AR), fixed assets, intercompany transactions, variance analysis, travel claims, factoring, and working capital management. Gupta has also been responsible for cost control and cost reduction as part of financial controllership and has managed balance sheets and profit and loss statements on a pan-India basis. Having held positions in captive units, BPOs, Financial Shared Service Centers (FSSCs), and Indian finance departments for corporations like Colt Technologies, Accenture, KPMG, and Cognizant, Gupta has been responsible for ensuring compliance with all accounting activities and audits.
