In 2020, faced with necessity, employers shifted to remote work, eliminating the need for daily office commutes. It was not ideal in the eyes of many who would rather see teams working together face-to-face. However, technological advancements made it possible to keep operations moving forward while employees hunkered down at home. And while many employers would like to see a complete reversal of these work-from-home policies, this change is not happening at the same rate across every industry.
While less common than in past years, some are still recruiting accounting and finance professionals for positions with remote work flexibility. This flexibility may make a job offer more appealing and help seal the deal with a top candidate. However, the success of this type of work arrangement will depend on your ability to navigate the challenges that naturally arise from doing this important work remotely.
1. Securing Sensitive Information
Whether your employees are running numbers and making projections for your business or your clients, the financial data they use, including sales, payroll, and banking information is highly sensitive. In the wrong hands, a bad actor could use this information to cause significant harm to your business, your clients, or your employees. Employees using personal devices from their home office could fall victim to malware or phishing attacks. They may not have the necessary security measures installed to prevent unauthorized access to their wifi or devices.
Thus, the secure transmission and handling of sensitive information must remain at the forefront of your business, especially when employees are not working in the office. Begin by asking your remote accounting and finance employees to implement security measures, including using a virtual private network (VPN), regularly installing software and security updates, and setting up multi-factor authentication (MFA). These basic steps provide a first layer of protection.
As an employer, you can help decrease the risk of a data breach by implementing access controls on your system. You can limit access to certain data and even limit access so only those using company-provided devices can log in.
Additionally, providing employees with regular training in industry regulations and data protection standards can help build a company culture that embraces compliance and puts security first.
2. Encouraging Communication
Have you ever tried to complete a task only to find a key piece of information missing? Accounting and finance professionals work in close contact with many individuals in various departments throughout your organization. They compile and analyze data gathered from across the company. Missing data creates an incomplete picture, which is of little use, and filling these gaps can be challenging when employees are working remotely.
Without the face-to-face conversations employees have in an office setting, employees often turn to email and online chats to ask questions. These tools are convenient and allow coworkers to respond throughout the day. However, they are notoriously bad when communicating the intent or feeling behind the words. Failing to choose words wisely can quickly lead to miscommunications.
Furthermore, remote employees working from different locations may be in different time zones and work different hours. These varied schedules can lead to delays in communication and time wasted waiting for responses.
Intentional efforts to increase and improve communication between accounting and finance professionals and other key individuals in the organization can help remove roadblocks and streamline essential work.
3. Building a Team Culture
Successful working relationships are built on more than emails, Slack messages, or the occasional Teams meeting. In the past, employees used time in between meetings, at lunch, or around the water cooler to become better acquainted, discuss a particular problem, or simply talk about the weekend. These simple and mundane interactions helped employees develop a feeling of camaraderie.
Remote work eliminates these interactions. It can leave employees feeling like a group of independent individuals working disjointedly rather than a team collaborating to reach a common goal. Without a sense of belonging, individuals can become less engaged employees. Creating a team atmosphere with remote employees can only be done through deliberate action. These may include:
- Communicating the values and goals of the organization
- Helping employees understand how their work contributes to company goals
- Encouraging team-building activities (virtual or in-person)
- Opening channels of communication on topics not work-related
4. Prioritizing Compliance
The Sarbanes-Oxley Act (SOX), General Data Protection Regulation (GDPR), and Payment Card Industry Data Security Standard (PCI DSS) are just three examples of laws and regulations that institutions must abide by. Adherence to these laws and regulations begins with understanding how they may apply to your organization. Regular employee training regarding accounting and finance compliance can help ensure the avoidance of problems. Discuss how remote work could increase your company’s potential liability. If working remotely creates potential pitfalls, adopt policies to plug these gaps.
5. Promoting Work-life Balance
It’s no secret that rolling out of bed to work at a desk down the hall is preferable to putting on a suit, driving downtown, and working in a cubicle. However, the work-from-home lifestyle comes with its own challenges.
Working in an empty house all day may feel great for a week as you dig into projects without the distractions of phone calls and chatty coworkers. But as time passes, employees may begin to feel lonely without regular connections with friends and acquaintances in the office.
Whether an introvert or an extrovert, everyone needs connection, and the workplace is an excellent place to find it. Do your best to help remote employees create connections and associate with other employees in casual yet meaningful ways.
Additionally, working at home can quickly blur the lines between work and home. Distinguishing between the two and deciding when to call it quits is important. Without a hard stop at the end of the day, work conversations can carry on into the evening hours. Employees may find it difficult to leave work problems ‘at the office’ when the office is at home.
Discipline and boundaries, regarding both time and space, can help employees separate work and home life to achieve the necessary balance for strong mental health.
Success
When it comes to remote work in the accounting and finance industry, there are arguments on both sides of the fence. However, remote working arrangements can be very productive when employers and employees work together to overcome obstacles and bridge gaps. Due to diverse backgrounds, our recruiting professionals are well-acquainted with the unique challenges of hiring qualified professionals for remote roles and can help your business thrive despite these challenges.
Infographic
Although less common than in previous years, some companies still hire accounting and finance professionals for remote positions. This flexibility can attract top candidates, but success depends on managing the challenges of working remotely. Read on for more in this infographic.
