Thread by @BoucherNicolas

How can you optimize the Finance Processes?

Here is what you should do!

1. Define the Process:

- Break tasks into smaller, manageable steps with clear objectives (this is the easiest way to kill issues: start small!)
- Document every step of the process for clarity and reference

2. Identify Bottlenecks:

- Conduct surveys or interviews with team members to gather insights on obstacles
- Regularly review workflow diagrams to identify areas of delay
- Use analytical tools to track task completion times and identify delays

3. Streamline Procedures:

- Implement batch processing to minimize manual data entry
- Establish standard operating procedures to ensure consistency
- Remove duplicates and unnecessary steps

4. Apply Best Practices:

- Regularly update checklists to reflect changes in processes
- Use templates to ensure uniformity
- Encourage knowledge sharing among team members to disseminate best practices

5. Embrace Technology:

- Invest in the tools available (Excel automation with PowerQuery, PowerBI, ERP optimization)
- Utilize data analytics tools to gain insights and identify trends (we used PowerBI)

- Ensure that your team is trained on your tool set (we used lunch and learn to share knowledge)

6. Set Clear Timelines:

- Use Kanban to track progress and deadlines
- Implement a weekly follow-up with the teams but also individual reviews
- Clearly communicate deadlines and expectations to all involved parties

7. Set Priorities:

- Identify critical tasks that impact your finance output and prioritize them
- Delegate tasks based on team members' expertise and workload (this is one of the key component for success)

- Review priorities regularly and adjust as necessary to reflect changes in business needs (this is why you need to keep everybody updated)

8. Assign Responsibilities:

- Clearly define roles and responsibilities to avoid overlaps and confusion
- Use RACI charts (Responsible, Accountable, Consulted, Informed) to clarify task ownership
- Regularly review task allocations to ensure balanced workloads

9. Provide Training:

- Offer regular training sessions on new technologies, tools, and procedures (invest in your people)
- Encourage self-learning through online courses and resources.

10. Monitor and Improve:

- Regularly solicit feedback from team members on process improvements
- Use KPIs to measure the effectiveness of the process (days of closing, length of process...)
- Review every 3 months your plan and adjust