According to various studies, investment in ongoing training is considered to produce a 7.5% increase in company productivity.
Knowing the keys to boosting the development of your financial team can make the difference between business stagnation and progress.
Your company's finances are a strategic part of your business and training your financial team is essential to maintaining competitiveness in a dynamic business environment.
Continuous development ensures that cayman islands email list accounting professionals are aware of the latest industry trends and regulations and apply technology to avoid mistakes and be more productive. In addition, proper learning fosters a culture of constant improvement, which is essential for adaptability and resilience.
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Benefits of investing in training
Investing in training can transform the way your finance team works and deliver benefits such as:
Investing in training your finance team will help you predict risks and automate repetitive tasks so that each person can add value.
Strategies for developing an effective training program
Developing a successful training program requires planning and dedication. Here are the steps you can take:
Identify your team’s specific needs. Conduct surveys to assess what they need to learn, whether they prefer an in-person or online course, how long they prefer it, and more.
Conduct skills assessments to determine areas that need improvement. Payment of dividends
Shareholder remuneration also represents a cash outflow, which is not reflected in the income statement.
Internal or external theft
Theft of cash or stock, whether by company employees or by people outside the organization, is something that can happen, affecting the company's liquidity.
Buying excessive stock for company turnover
Sometimes companies buy excessive stock , seeking to improve their discounts for volume purchases or because of excessive sales forecasts that do not materialize. However, if payments for this excess stock are made before its sale, the company's liquidity can suffer greatly.
In short, it is crucial for companies to not only focus on increasing their profits, but also on maintaining efficient management of their liquidity. Alignment between revenues and cash flow, careful planning of payments and collections, and constant monitoring of financial resources are essential to prevent a profitable company from ending up facing serious liquidity problems.
