The shift to remote and hybrid work has altered corporate business, from core functions like finance, marketing and accounting to interactions among staff. It seems what started out of necessity during the pandemic has become a trend that will last and possibly make some transformative changes in how we work and manage our daily business activities.
For many companies, remote work brought a welcome reduction in overhead. With fewer people in the office, companies were saving on real estate, utilities and even office supplies. Those savings aren’t just padding the bottom line; they’re being redirected to areas that can spur future growth, like upgrading technology or boosting employee benefits.
Finance teams, more than anybody else, need to revisit their budgeting policies. However, investment in cloud-based accounting software and cybersecurity is becoming a priority. An earlier ‘good-to-have’ has now been redefined as something that is absolutely necessary to continue seamless and safe operations from anywhere. More staff will require working from home, and the long-term financial plans that need to be revisited include office space or compensation based on their location.
Remote work has also flipped the switch on marketing. More people are online than ever, and for that reason, digital is the name of the game. This means online ads, social media and content creation all see high investment from businesses as ways to stay visible and relevant in the crowded digital marketplace.
Managing a marketing team remotely has become more challenging too. The creative buzz of the office, which tends to fire up a chain reaction of ideas and collaboration among its members, is harder to pull off via a screen. As a result, virtual brainstorming sessions and team-building activities have been considered and implemented by marketing leaders in continuing the flow of creativity. They’ve also invested in tools that keep teams connected for sharing ideas effectively.
In turn, accounting departments have had to rapidly respond to the new paradigm of remote work and adopt the cloud as the means to deliver their financial work. Equally important, cloud accounting software has become crucial in helping them manage everything from payroll processing to tracking expenses timely, effectively and securely from anywhere.
Automation also plays a greater role in accounting. For instance, invoicing and data entry are increasingly performed by software programs, freeing accountants to perform more strategic activities like financial analysis and planning. Since financial data can be accessed remotely today, adequate cybersecurity measures should be implemented to protect sensitive information.
The revolution of remote work is much more than a passing trend; it has really shaped the future of how we will work. Companies that have adopted flexibility in working models continue seeing benefits, such as lower costs and happier employees. But this shift also demands ongoing investment in technology and focus on team culture and collaboration. For the youngest and newest members of the team, gaining the required knowledge and having effective mentors can be a particular challenge in the virtual world that companies need to address.
As businesses learn to live with the new normal, there will be a need to balance the benefits of working from home with the hindrances it causes. Only then will the ones that learn and evolve to meet the new reality rise to the top. For finance and accounting teams, this is a new age in leveraging technology to make sure processes are efficient and compliant while handling the various details associated with remote employment.
It’s an era that requires a different kind of flexibility and digital-first approaches. It’s those companies that learn to adapt and make the changes work for them that will be leading the charge into a successful future.
