The New Reality: Remote and Hybrid Work
Finance departments are facing many challenges in this new reality
The New Year brings a New Reality to nonprofit organizations. Working arrangements for staff, physical workspace and daily operations have changed. The changes present the following challenges:
- Staff have a remote or hybrid work schedule with limited ability to work collaboratively onsite;
- Operating procedures have changed and internal controls can be compromised;
- Online access to files and automated systems must be provided;
- The risk of cyberattacks and fraudulent activity should be mitigated.
Building and maintaining a strong finance department infrastructure is critical for meeting these challenges and helping to ensure the sustainability of the organization.
A strong infrastructure includes operating procedures that are clearly defined, reviewed and updated regularly and strictly adhered to and includes automated systems, such as invoice and expense processing, that facilitate workflow, increase transparency and maintain proper internal controls.
Updating Operating Procedures: Documentation, Evaluation and Internal Controls
Remote and hybrid working have resulted in changes to the operating procedures finance staff follow in performing their daily functions. Documenting these new procedures ensures the ongoing operation of the department.
Reviewing Automated Systems: Accessibility, Transparency and Efficiency
Nonprofit organizations are increasingly relying on automated systems to accommodate the new work environment. These systems serve to maximize productivity, increase transparency, facilitate user access, document flow and approvals and improve accuracy and timeliness.
Transitioning a finance department from working exclusively in the office to remote working is an opportunity for nonprofit organizations to take steps to strengthen the infrastructure of their finance departments.
You are invited to schedule a complimentary consultation to discuss how we can help your organization improve the infrastructure of your finance department.
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