Eficode Strategy Director Shares Tips on Harmonizing Financial Processes
Eficode's Strategy Director Saara Kauppila emphasizes meticulous planning, clear responsibilities, and open communication for modernizing financial processes in expanding companies.
Harmonizing financial processes and systems in an expanding group requires careful planning, clearly defined responsibilities, and open communication. Saara Kauppila, Eficode's Strategy Director with extensive experience as CFO, shares key advice for developing the financial function of internationally expanding businesses.
The importance of planning is paramount when renewing processes and systems. According to Kauppila, it is crucial to clearly define how systems and processes should function and what objectives they are intended to achieve. Thorough initial planning saves significant time and resources as the project progresses. Additionally, identifying the best suppliers and partners with sufficient expertise for system implementation and understanding client needs is vital.
Precise definition and documentation of responsibilities are central to the success of large-scale projects. Kauppila points out that unclear divisions of responsibility can lead to tasks being overlooked. It is necessary to clearly specify which responsibilities lie with the internal organization and which belong to an external supplier or partner to avoid overlaps or deficiencies.
Openness and continuous communication are critical factors for project execution. Extensive projects involve multiple internal and external parties who must maintain open contact. Stakeholders, such as management, should be kept informed about the project's progress, timeline, and budget. Open communication also helps in anticipating and efficiently resolving unexpected challenges before they escalate.
Managing resistance to change requires listening to people and clarifying individual roles within the new operating environment. Kauppila stresses that uncertainty and concerns about one's own competence often underlie negative reactions. Clear communication about the reasons for changes, the objectives, and each employee's role helps alleviate resistance and can even inspire staff to embrace new tasks.