• FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • LOGIN
  • SIGN UP FREE

CFO Daily News

  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • Accounts Payable
  • Credit and Collections
  • Payroll
  • Accounting
  • Benefits
  • Finance Technology
  • More
    • Employment Law
    • Strategy
    • Policy and Culture
    • Fraud
    • Payments and Transactions
    • Budgeting and Forecasting
    • Banking
    • Staff Management
    • Cost Control
    • Supply Chain
    • IT

So long, 2020! 4 big lessons Finance learned

carry these smart sentiments into the new year
Alyssa Pedrick
by Alyssa Pedrick
January 5, 2021
  • Policy and culture
3 minute read
  • SHARE ON

The year 2020 was an extremely challenging one for CFOs and their companies. But you persevered – and learned a lot of important lessons.

From remote work and digital transformation to personnel changes and reallocated budgets, your finance team worked hard to develop its technical skills and adapt to new processes and plans.

What’s more, the hurdles in 2020 helped Finance improve its soft skills, too. Whether it was leading through uncertainty, showing empathy for co-workers, problem solving together or communicating in new ways, you became more thoughtful, well-rounded professionals.

Now, many of these changes are becoming a permanent part of the workplace, shaping a “new normal.” So, as you move forward, it can help to reflect on the lessons learned and what they mean for Finance’s future. Here are several lessons to consider:

Lesson 1: Be prepared for anything

Let’s be honest. No finance pro rang in the 2020 new year thinking a worldwide pandemic was around the corner and the way they work would shift so drastically.

For many, COVID-19 revealed a sharp truth: Companies weren’t really prepared for anything. Many didn’t have a remote work policy. Some lacked strong internal communication. Others realized their processes were too tied to an office space.

The takeaway: CFOs and other finance pros must stay on their toes and look for gaps in continuity. From payments and paychecks to data storage and fraud controls, be sure every measure in place supports a “prepared for anything” mantra.

Lesson 2: Remote is feasible

Before the pandemic, some companies used remote work as a perk for finance staffers. Others felt such an intrinsic, sensitive role – handling company money – should take place in an office. During the pandemic, though, there wasn’t a choice. And people saw remote work can actually work.

That said, many will eventually return to an office environment. So, how can you bridge the two?

First, look at your team’s responsibilities. See what works well from home and what works better in the office. Next, talk to your staff. Ask for their preferences, pain points, ideas, etc. Your own assessment paired with your staff’s input will help you develop a long-term plan.

Lesson 3: Digitize and optimize

Though finance technology has been around for years, some companies have still clung to manual processes. But no more! COVID-19 showed those behind the technological curve that digitization is necessary. In 2020, some companies quickly invested in new software; others had to work with what they had, optimizing every feature that could speed up processes.

Carry that sentiment going forward: Invest and expand technology when you can. And when you can’t, get innovative with IT and look to better use what you already have.

Lesson 4: Do more with less

While 2020 brought some good lessons, that’s not to say it didn’t bring immense difficulties. Many companies struggled or took a big financial hit. So, not only did Finance have to work in new ways, it had to work in smarter ways. And doing more with less will continue to be important as companies recover and figure out their paths.

Encourage your finance team to stay alert for ways you all can work smarter and save money – whether it’s increasing productivity, eliminating redundant process steps, renegotiating with trading partners or reducing internal costs.

Alyssa Pedrick
Alyssa Pedrick
Alyssa, a member of the CFO Daily News staff, has written extensively on business and finance for several years. She has produced content for accounts payable professionals and finance executives and has developed whitepapers and infographics for the finance and accounting industry.

Keep Up To Date with the Latest Finance News

With CFO Daily News arriving in your inbox, you will never miss critical stories on accounting, benefits, payroll & employment law strategies.

Sign up for a free CFO Daily News membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
CFO Daily News Logo
  • ABOUT CFO DAILY NEWS
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Accounting
  • Benefits
  • Payroll
  • Policy and Culture
  • Employment Law
  • Fraud
  • Finance Technology
  • Accounts Payable
  • Credit and Collections
  • Strategy
  • Payments and Transactions
  • Budgeting and Forecasting
  • Banking
  • Staff Management
  • Cost Control
  • Supply Chain
  • IT

CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

preloader