How to Manage Multiple Accounts While Working Remotely?

COVID-19 has surely made it challenging for leaders to manage, organize, and train employees remotely. It has affected operations of every industry ranging from marketing, sales, healthcare, and most importantly, finance.

Accountants, CPAs, and finance professionals are on the warpath trying to maintain the balance between working remotely and handling multiple accounts.

Practical Tips For smooth financial statement preparation and management:

1. Recognize the Critical Role of Technology

Your ability to embrace technology is directly proportional to leading effectively during this time.

Robust communication technology, especially video conferencing, is what’s keeping the remote working alive. Increased automation, which many organizations are investing in to streamline operation, allows team members to focus on higher-priority tasks.

So embrace sophisticated technologies to streamline your operations and handle multiple accounts effectively.

2. Work on Collaboration

 Collaboration is the key to handling multiple accounts.

Preparing financial statements is no walk in the park. It requires meticulous work and accurate documentation, which is done by several members of the team. For instance, one financial expert may handle the income and expense account, while the other one may be in charge of preparing the balance sheet. And in a scenario where in-person working is not possible, collaboration is the only way forward.

So make sure that your company is leveraging the smartest applications to ensure smooth collaboration.

3. Make Sure Data Exchange is Secure and Encrypted

Working remotely means more frequent exchange of information and financial data; even one breach or misstep can lead to catastrophic consequences. So make sure your organization follows stringent security guidelines that are regularly being assessed by your IT team.

Install a data security software that is certified and audited by your IT team and consider using a VPN to establish a secure connection.

4. Choose the Right Remote-Working Tools

There’s a reason why regulators and tax authorities recommend specific tools and solutions for annual financial statement preparation. While you may find the practical application a little complex, the different levels of functionality, agility, and accuracy of a solution can be crucial.

So when deciding on an accounting or XBRL solution, remember that it needs to boast of quality, technical support, agility, accuracy, and most importantly, it should suit a remote working culture.

Your Reports, Your Way

Whether you choose collaborative software, a secure one, or both, the ground reality is that the solution should be able to offer you the flexibility you need to work remotely and effectively.

If you are looking for a robust XBRL solution, DataTracks’ highly flexible, agile, and accurate software can be the ideal choice. Boasting 16+ years of experience, DataTracks has successfully delivered over 1,95,000 reports for clients across the globe. Leverage the XBRL solutions offered by DataTracks and make your way to collaborative, accurate and error-free compliance reports.

To know more about the XBRL solutions offered by DataTracks, speak to an expert @ +65 315-83-654 or email at enquiry@datatracks.com.sg.