As your business gets bigger, you will need to expand various departments of your business in some way. Your finance department is an important department, as it will be in charge of the incoming and outcoming money within the business. Continue reading to learn what you should think about before expanding.
When looking to expand your finance team, you should set goals for them. Not only should you set goals for your finance team, but you should also set goals and objectives for your business as a whole. This will give you a direction to head towards and help you shape your finance team in general.
These expansion goals could be put in place to showcase to investors why you need some extra funds. If you’ve got the money yourself, you should plan the finances so that you know how much it will cost and ensure you aren’t spending every penny in your reserves.
If you’re unsure of what financial goals you may need to set, consider asking the head of your finance team to set them. You should work with the managers and leaders within your organisation so that you can sync together and strive forward.
You will find that you are able to expand your finance team easier if you improve the software that they use. There will always be a range of different software that finance teams need, from software that helps automate some calculations to software that helps them run the department.
This software usually isn’t as expensive as you would first think, and it will also pay itself off in no time due to the efficiency it brings to the department. Consider what your department needs now and consider what could be upgraded.
Your business will benefit from tracking the expenses that are going out of the company. One way that you could track this spending is by utilising expense management software. Payhawk are experts on this and will be able to explain the benefits of expense management software to you. For example, you will be able to track company spending, trace payments, and set up cost centres for managing accounting data. This will enhance your accounting department and help you expand it into something more efficient.
More often than not, you will need to hire new staff when expanding any department. Your accountancy department will be more unique here, as it will need to expand as other departments expand, as all these departments will be spending more money.
This will eventually mean you need more staff to manage the finances of the business. You will have to create job advertisements on certain job posting sites that cater towards financial experts. If you’re unsure who you need to hire, consider asking the head of the financial department to take control of the hiring process, as they may know what attributes and skills they are looking for. Hiring and training staff will be integral within your finance team, so it’s important to get this right.
Following expert advice of the finance team means that you will be able to expand the department with more ease. Give more control to experts in the team to improve efficiency and expand the department alongside your business.