Updated: Oct 27, 2022
There are a few key things you'll need to do to set up a global finance team. First, you'll need access to talent, then you need to choose a structure for your team. There are a few different options for this, and the best option will depend on your company's size and needs. Once you've decided on a structure, you'll need to choose the right software and systems for your team. This will ensure that your team can communicate and collaborate effectively, no matter where they're located. Finally, you'll need to put together a training and development plan for your team. This will help them to grow and develop their skills so that they can be the best finance professionals possible.
Have the Right Network
With a little planning and effort, you can set up a global finance team that will be a valuable asset to your company. The first part of building a successful global finance team is to have the right network of skilled professionals in the field. With an experienced firm providing the training and development of the team, you will be able to rely on them to prepare financial statements, stay in compliance, and provide key insights to the business. With a global finance team in place, you'll be able to take your company to the next level.
Get the Right Systems
When looking for the right systems to use, the best solution is to utilize cloud-based systems. With cloud-based systems, there will be minimal effort required and will not require an IT professional. Unlike the use of FTP, shared hard drives and the use of VPN, cloud-based accounting systems such as QuickBooks, Xero or NetSuite will allow your finance team to access anywhere in the world. File sharing tools such as Microsoft 365, Dropbox, or simply BOX will replace the older shared drives on a virtual private network (VPN). Communication tools such as Slack or Zoom can provide secure communication for the finance team without expensive long-distance telephone calls.
Provide the Right Training
When thinking about how to best train your global finance team, it is important to consider Zoom webinars or e-learning platforms. Online training can be done through webinars, and e-learning platforms such as Lynda.com, Udemy, and Udacity to bridge the skills gap. E-learning platforms offer a variety of finance courses that can be taken at the team’s convenience. Classroom training is not feasible when the team is located in different parts of the world. The benefit of using an e-learning platform is that the content can be accessed at any time, from anywhere in the world.
Global companies often have finance teams in a separate part of the country or the other side of the world giving them the competitive advantage of access to talent which would otherwise have been inaccessible. Small and Mid-sized companies can now do the same and challenge the big leagues at their own game. Having a global finance team will give you a significant advantage in today’s business world.
If you are interested in building a global finance team, we have the network and capabilities to execute on your behalf. Feel free to submit a request and contact us to receive a free consultation.