Looking to become more competitive within your industry? To begin to tackle industry giants and create the success you know your business is destined to have, first you must have the resources surrounding you to enable that success. Creating a circle of top talent that knows how to deliver within your vertical is essential, and remote work enables you to widen your talent pool drastically.
If you are on the edge of thinking “How could remote work even be possible for every part of my team?” look no further. While some parts of the team may be easy to transition to remote work, others are more complex. Sure, it’s easy for sales to make follow up phone calls and emails from their home office, but can the same be said for your accounting team? In short, yes.
The Accounts Payable team is an important part of every business, making sure your cash flow is well managed and keeping the supply chain running smoothly. Show your support for their hard work to the business while at the same time create more efficiencies internally and reduce costs. Looking into moving your accounting team to remote is a great way to capitalize on those gains. Below are some great benefits of remote work for your business and team members:
1. Increased productivity
Remote work has been shown to increase productivity for many employees. This is because remote workers are often able to create a work environment that suits their individual needs and preferences, leading to fewer distractions and greater focus.
Additionally, working from home eliminates time wasted on commuting, which can add up to hours of extra work time each week.
2. Reduced overhead costs
By allowing employees to work from home, managers can reduce overhead costs associated with maintaining a physical office space. This includes expenses such as rent, utilities, office supplies, and furniture. These savings can be reinvested in the business or passed on to employees as additional benefits.
3. Access to a wider talent pool
By offering remote work options, managers can recruit talent from anywhere in the world. This can be particularly advantageous for businesses in niche industries that require specialized skills that may not be available in the local area.
Additionally, remote work arrangements can help to reduce turnover rates, as employees are more likely to stay with a company that offers the flexibility and work-life balance they desire.
4. Improved work-life balance
Remote work offers employees the flexibility to manage their work and personal lives more effectively. This can lead to increased job satisfaction, better mental health, and reduced stress levels.
By providing work-from-home options, managers can demonstrate that they value their employees' well-being and prioritize their work-life balance.
5. Enhanced technology infrastructure
By implementing remote work arrangements, managers can create a more agile and adaptable technology infrastructure. This can include investing in cloud-based software and other digital tools that allow employees to collaborate and communicate effectively from any location. A robust technology infrastructure can also improve cybersecurity and protect sensitive company data.
AP Automation is one of the examples of the technology that can be used to increase remote work as the Accounts Payable team will no longer be required to be in charge of physical checks and signatures. It removes the need for manual, slow processes that are outdated and replaces them with digital processing of invoices.
Instead of using checks that rely on inefficiencies such as the post office and written signatures, the digital era adds improved communication, real-time data visibility, and enhanced security that check payments could never dream of. Virtual payments can handle 100% of supplier payments depending on what the supplier prefers such as virtual card, ACH, or e-checks.
Taking your AP online creates a secure, one-time use payment for the supplier to receive immediately after it is sent with a click of a button. This means increased cash flow and communication between suppliers and buyers.
Concerns Involving Remote Work
While remote work has numerous benefits, it also presents some challenges to managers as they transition to this new way of working. Here are some of the key challenges managers may face when implementing remote work arrangements:
1. Communication
Remote work requires managers to communicate effectively with their employees without the benefit of face-to-face interaction. This can be particularly challenging for managers who are used to in-person communication and collaboration.
2. Managing productivity
While remote work can increase productivity, it can also make it difficult for managers to track employee performance and ensure that deadlines are met. Managers must set clear expectations and goals, provide regular feedback, and implement performance management systems to monitor employee progress.
3. Maintaining company culture
Remote work can create a sense of isolation and detachment among employees, which can lead to a lack of engagement and a weaker sense of company culture. Managers must make an effort to foster a strong team dynamic, encourage social interaction, and provide opportunities for professional development and team building.
4. Ensuring cybersecurity
Remote work arrangements can increase the risk of cyber attacks and data breaches, as employees may be using personal devices and networks to access company data.
Fortunately, the use of a secure and robust platform that Singe Payables offers for digital payments creates multiple security walls to ensure payment privacy. Other ways of ensuring cybersecurity is requiring employee use of a company VPN while working and restricting use of public wifi on company resources.
5. Addressing work-life balance
While remote work can enhance work-life balance, it can also blur the boundaries between work and personal life. Managers must ensure that employees have a clear understanding of their work hours and expectations, and provide resources and support to help employees manage their workload and avoid burnout.
Communication, productivity, company culture, cybersecurity, and work-life balance are just some of the areas where managers must navigate new and unfamiliar terrain. By addressing these challenges head-on and implementing best practices, managers can help their employees thrive in a remote work environment while achieving their business goals.
What To Do From Here?
While we can’t make this decision for you, we can provide you with the information to assess what would be best for your business and employees. Listen to their concerns and remember that satisfied employees are more likely to stay with their company over extended periods of time and during that time, work harder for the company that values their work.
If you are looking to go remote, look at how signing up for Singe Payables’ free digital payments platform could be the right move for your business. To check out more benefits of virtual payments check out these 6 advantages of virtual payments or look at our website singepayables.com.
We are happy to answer any questions you may have about how virtual payments could enhance your business and team.
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