How well documented are your finance processes?
In many companies, the answer is not particularly well and there is far too much reliance on knowledge in the heads of key members of the team. This leads to all sorts of problems when it comes to improving the process or bringing in new team members.
Kevin Appleby chats to Alexis Kingsbury, co-founder of AirManual. Alexis founded AirManual to solve exactly this sort of problem and it forms a simple cloud-based solution that can be implemented quickly and simply.
Documenting your finance processes is important for several reasons:
- Streamlining Operations: By documenting your finance processes, you can identify inefficiencies and areas for improvement. This allows you to streamline your operations, improve productivity, and reduce the amount of time and resources spent on finance-related tasks.
- Compliance: Well-documented financial processes can help you stay compliant with applicable laws, regulations, and financial reporting requirements. This can help you avoid penalties, fines, and legal issues down the line.
- Better Decision Making: With clear documentation of your finance processes, you can make informed decisions based on accurate and up-to-date financial information. This improves your ability to forecast future revenue, manage expenses, and make strategic business decisions.
- Training and Knowledge Transfer: Documenting your finance processes ensures that your team members are appropriately trained and knowledgeable about how your financial system operates. This reduces the risk of errors, omissions, and misunderstandings, and helps ensure consistency and accuracy in financial reporting.
Overall, documenting your finance processes is essential for ensuring the financial health and long-term success of your business.
- Alexis Kingsbury on LinkedIn
- Kevin Appleby on LinkedIn
- GrowCFO 2023 Predictions
- Find out more about Airmanual
00:11 Introducing Alexis Kingsbury.
02:35 The importance of learning from your mistakes.
08:24 Firing yourself from tasks is a healthy attitude.
14:08 What would you do if you were working with a client to improve a process?
18:21 How do you make it possible to zoom out and see at a high level?
23:18 How to use checklists in your business to automate your processes.
28:58 The three big process systems issues in finance right now.
34:20 The cost of errors and how it affects cash flow.
38:29 What are the rules around creating realistic expectations?
42:48 The power of a well-documented process.
47:42 Why you need a purpose-built system.