4 Tips That Will Help Your Accounting And Finance Team Deal With Technological Change

Article Written by : RAC Maghreb

Businesses are often under pressure to change to face new commercial opportunities, government regulations, and standards. To ensure that your accounting and finance team are ready for technological change, here are some simple tips that will help them stay on track.

Understand the skills of your team – Look at investing time on understanding what your finance team’s strengths and weaknesses are using face to face interviews and questionnaires.

Invest in new skills – Target your training and development around improving your finance team’s technical skills and by providing them with software and hardware that will help them do their jobs better.

Embrace mentoring – Mentoring is a cost-effective way to improve the capabilities of your finance and accounting staff. Most younger employees will be well-versed in new technologies and can help senior staff understand new systems and processes.

Take note of the ‘skills-application’ gap – Give your finance team sufficient time to grasp new technologies and learn new ways of doing things. While your team is learning, provide them with the necessary support to make their transition smoother.

Business heads should remember that new evolutions are exciting but can cause pressure within teams. Therefore, look at embracing new technologies while providing the necessary skills and time that is needed when making large transitions. Instead of asking the question of when a new technology will be implemented, ask your team what they need to make their transition easier.

 

How to avoid lengthy construction claims

A nightmare for any business is a lengthy process that involves a dispute with a contractor over a construction claim. You could go through the process, hire a construction claims expert, and go through and check the merits of the claim. However, there is an easier way. The old-adage has it right when it says that prevention is better than cure. Here are some tips on how to avoid construction claims and the arduous process that follows:

Relationships – Build a good relationship with all of your contractors, sub-contractors, and vendors. The bottom line wins, but solid relationships can smooth out any problems before they escalate. Even if you do hire an expert like Lyle Charles and pursue a claims process, you will end up with a better outcome.

Contracts – All it takes is one simple mistake, and it can cost your company dearly. First thing, make sure your contracts are watertight. The right law firm can ensure that the right clauses are part of the final document and cover the entire scope of the project.

Insurance – Look at the possibility of covering your project with the necessary insurance coverage. Property damage insurance alone can save you a lot of time and money in the event of an issue. Also, with a good track record, you can get away with a small premium.

Communication – Most disputes are the result of some form of miscommunication. Keep an open line of communication and always raise issues directly and immediately to avoid any confusion.