7 IT Best Practices Every Financial Manager Should Follow to Boost Productivity and Efficiency

In today's digital era, information technology (IT) plays a crucial role in the financial industry. Financial managers need to leverage the power of technology to drive productivity, enhance efficiency, and make data-driven decisions. By adopting the following IT best practices, financial managers can ensure they stay ahead and make the most out of the technological advancements available.

1. Secure Data Management

Data security should be a top priority for financial managers. Implement robust security measures, including firewalls, encryption, and regular data backups. Regularly educate your team on the importance of strong passwords, multi-factor authentication, and cybersecurity best practices. Protecting sensitive financial information is crucial in today's world.

IT Best Practices for Financial Managers

by Janice M. Roehl-Anderson (1st Edition, Kindle Edition)

4 out of 5

Language	:	English
File size	:	2468 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	353 pages
Lending	:	Enabled

FREE

2. Cloud Computing and Storage

Utilize cloud computing and storage solutions to securely store and access financial data from anywhere. Cloud services offer flexibility, scalability, and cost-efficiency. With data stored in the cloud, financial managers can collaborate seamlessly with team members, access files remotely, and ensure data availability at all times.

3. Automation of Repetitive Tasks

Embrace automation to reduce manual efforts and human errors. Automating repetitive tasks such as data entry, report generation, and invoice processing saves time and reduces the risk of errors. Implement financial management software that automates routine tasks, allowing financial managers to focus on critical decision-making and analysis.

4. Implement Robust Financial Software

Invest in advanced financial management software to streamline operations and gain real-time insights into your organization's financial health. Look for software that integrates with other systems, such as CRM and payroll software, to ensure seamless data flow. Using an integrated software solution reduces data duplication, enhances accuracy, and provides a holistic view of financial data.

5. Regular Training and Skill Development

Stay updated with the latest technologies and trends in the financial industry. Encourage your team to participate in training programs, webinars, and workshops to enhance their IT skills. Fostering a culture of continuous learning ensures that financial managers and their teams stay up-to-date with advancements that can drive efficiency and improvement in financial processes.

6. Effective Communication and Collaboration Tools

Utilize communication and collaboration tools to enhance teamwork and streamline decision-making processes. Instant messaging platforms, video conferencing tools, and project management software help financial managers and their teams stay connected, share information, and collaborate effectively, regardless of their physical locations.

7. Regular System Updates and Maintenance

Keep your IT infrastructure up to date by regularly installing software updates and security patches. Outdated systems are more vulnerable to cyber threats and may hinder productivity. Schedule regular maintenance checks to identify and fix any potential issues before they cause disruptions.

By following these IT best practices, financial managers can harness the power of technology to their advantage. Embracing secure data management, automation, cloud computing, and advanced financial software enables financial managers to streamline operations, make data-driven decisions, and stay ahead in the competitive financial industry. Stay updated with the latest trends and continuously enhance your IT skills, while maintaining robust communication and collaboration tools. Remember to keep your systems updated to ensure their reliability and security.

Implementing these IT best practices is crucial for financial managers to thrive in the digital age.

IT Best Practices for Financial Managers

by Janice M. Roehl-Anderson (1st Edition, Kindle Edition)

4 out of 5

Language	:	English
File size	:	2468 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	353 pages
Lending	:	Enabled

FREE

Praise for IT Best Practices

"The work of the financial manager revolves around a company's financial systems. Ms. Roehl-Anderson's latest offering addresses the two key aspects of these systems—how to buy and install them. The book covers every conceivable aspect of these systems, including ERP, software as a service, shared services, and supporting controls. As a bonus, the book contains substantial coverage of information technology considerations in an acquisition. This is a definitive desk reference." —Steve Bragg, CFO, XeDAR Corporation, and author of Accounting Best Practices

"Sage advice from one of the most adept project managers in the industry! Jan and team have delivered a practical, yet comprehensive guidebook for software selection, implementation, rollout, and ongoing updates. This guidebook will become a valuable reference for every financial manager and IT project manager undertaking ERP implementation."—Valerie Borthwick, former senior vice president, Oracle Consulting

"Written by one of the best in the IT business, this book is a must-read for all CFOs and controllers. In one volume, it addresses everything a financial executive needs to know about IT and its impact on the financial function, while also featuring practical guidelines, current hot topics, and IT best practices. This book covers it all."—Jo Marie Dancik, Regional Managing Partner (Retired), Ernst & Young