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Resource Management & Productivity
What exactly is resource management and how does it benefit your company’s productivity? First, let’s define resource management as a method of identifying, strategically planning, allocating, and monitoring ALL of your company’s resources. These resources include your people, your equipment, your finances, and even your time spent on activities.
At Critical Connexion, we have found that resource management and productivity go hand-in-hand. That is, when you are identifying resources, strategically planning how they are allocated, and then monitoring their success, you can maximize the productivity of your employees, the effectiveness of your equipment, and the proficiency of your company’s overall performance. That way, you are achieving your company’s overall goals in the most efficient way possible, while also saving time and money by reducing waste.
Although there are many ways to connect resource management to productivity, you can start by reviewing the following:
- Compile what resources will be needed for a project (people, skills, budget, technology, etc.).
- Mobilize your team by communicating with those who have the specific skills you first identified and then determine if you need to bring anyone else in to fill any holes.
- Monitor the use of resources for effectiveness, efficiency, and forward progress.
These steps are the basics of resource management, but let’s delve even deeper into the importance of resource management and some specific techniques you can start implementing into your own company.
The Importance of Resource Management to Your Company
Have you ever felt like your employees are wasting precious time and energy when working and completing projects? Do you feel your employees are overworked, disengaged, or simply exhausted? If the answer is yes and yes, you are not managing your resources effectively.
Resource management is imperative to project management, as it reduces the time spent through proper planning and the overuse (or even abuse) or resources through allocation, utilization, and forecasting.
Your resource management will not help productivity unless you have a close examination and review of a project’s schedule, planning, and timelines. With proper resource management, and the right data that illustrates how your resources are being utilized, you can review the following:
- An assessment of your employee’s skills: Who has the right skills for the project, who may need to be added to the project, and who is not needed or is having their time wasted by working on the project. It is important to remember that overutilized employees will probably become discouraged, frustrated, and exhausted.
- A specific plan and schedule: Without a detailed plan and schedule, you will not know what resources are available, needed, and used appropriately.
- Resource utilization: This is probably the most important step in resource management. Where are your employees committing their time, what resources are being allocated, and are these resources being allocated appropriately. Remember that resources are not just people; resources are also what people are using, from technology and tools to money spent.
- Resource allocation: Now you can identify the initiatives that take priority, whose skills are the best fit for the initiatives, and what resources should be used for the best productivity possible.
Be aware that none of these strategies will work unless you are in constant communication with your team. This includes periodic check-ins, whether daily or weekly depending on the intensity of the project, so that you are continuously monitoring their work and use of resources. If you find that things are going off-task or new information, issues, or problems arise that were not originally known in the planning state, you will need to re-calibrate your plan.
When your employees’ work and resource use are fully visible, you can schedule, plan, and manage the resources needed for specific projects more effectively. This also means you will have more control over the timing of the delivery of assignments and tasks within your company’s structure.
Resource Management Techniques for Improved Productivity
If you are just diving into the resource management pool, it may seem like an intangible goal to achieve within your company. Yet, the benefits certainly outweigh the work needed to properly plan projects, allocate human, technological, and financial resources, and monitor them effectively. Contrary to popular belief, resource management doesn’t need a large financial or time investment. Not only that, but once resource management is properly implemented, you will more than likely start seeing the benefits immediately.
Proper resource management isn’t just about saving time and money. We discussed earlier that overutilizing your employees may make them frustrated and discouraged with their work. This disengagement connects directly to productivity, as employees that feel overwhelmed and disengaged will result in a decrease in productivity (and possibly poor performance). So, let’s dive into some specific techniques to get you started so that you have happy employees along with saving time and money.
- Resource Allocation
We’ve already discussed how efficient resource management comes down to efficient people management, which is why resource allocation is more than just allocating resources to your team and hope they are used appropriately. Resource allocation first contemplates the skills each person brings to the table and then allocates resources appropriately based on those skills.
Once you have an allocation report of your team’s skills, then you can use this data to strategically allocate resources. This guarantees each team member will have the right tools for the right project. Not only that, but effective resource allocation will also reduce waste and costs by preventing the overallocation of resources and the under-utilization of efforts.
- Resource Utilization
Resource allocation is directly connected to resource utilization because you have acquired a transparent view into your team’s capacity to use resources effectively over time.
What resources are being over-utilized? What ones are being under-utilized? Answering these important questions using data from the proper utilization reports will save money and improve efficiency because your team’s workloads are manageable and directly connected to their individual skills.
- Resource forecasting
Effective resource management means planning and forecasting the future. That way, you can create more efficient plans for tasks and projects which, in turn, will result in better control, organization, and efficiency.
Resource forecasting also helps with better decision-making and job control because your managers have the right data and insights available to make informed decisions. This could be about what resources should be allocated in the future, strategic planning of projects, and even what projects should be prioritized over others. This would undoubtedly lead to better control over projects and tasks.
How can you start your resource forecasting journey? First you should analyze your company’s historical data and then compare this data with trends in the market. This will help you make future projections, and identify any potential conflicts, which will help you estimate how much time is needed for future projects and what resources will be required. Remember, resources management means planning ahead to ensure your resources are properly balanced with both current and future projects.
Getting Started with Resource Management
Implementing the steps and techniques we discussed above isn’t difficult and just takes strategic planning and organization. There will be challenges with resource management, from trying to set the appropriate expectations of both your employees and projects, to managing your resource capacity versus the time demands of those involved in current and upcoming projects.
However, with the proper resource data you can understand the roles of your employees, the skills they have, and how they can complete projects in the most efficient way possible.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, processes, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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AI impact on Finance & Accounting and Best Practices for Managing Your Transition to AI
What do you think of when you hear the term “Artificial Intelligence,” or AI? Do you think of robots taking over the world like the “Terminator” films? Hopefully the outlook of AI isn’t that dire, but those in the finance and accounting industries are definitely questioning the changes and challenges AI may bring to our industry.
What does AI mean to finance and accounting careers? Are there security concerns through the implementation of AI? These are valid questions those within our industry have voiced to us.
The capabilities of AI are nearly endless and are restructuring our industry: from streamlining processes and reducing human-made errors, to ensuring regulatory compliance and giving us financial insights in real-time. How? That’s what we want to discuss in our February blog.
AI’s impact on finance and accounting can be an exciting venture, but there are best practices we will discuss here that will help you manage your own transition to AI. That way, you are using AI efficiently and accurately to better manage your financial processes. In addition, you will be better prepared to make the shift to AI and embrace this important change.
Today’s Role of AI in the Finance and Accounting Industries
The implementation of AI has not overlooked the world of finance and accounting. In fact, a recent study found that 7 out of 10 accountants believe AI will enhance their work rather than replace them entirely. Does that surprise you? It shouldn’t – the projected market size for AI use in accounting is in the billions of dollars.
At Critical Connexion, we learned early that we needed to help our clients proactively welcome the changes that come with AI. First, we found that three changes needed to occur so that an organization could successfully implement new technologies and ensure their finance experts had the skills to use them:
- The changes that come with AI needed to be incorporated into an organization’s goals, and those at the top needed to provide executive support of these changes.
- A focus needed to be placed on how to navigate any AI-related risks and ethical issues, including an understanding of the complexities of using AI in finance and accounting, data security issues, and the financial implications.
- The existing workforce needed the proper training and development to learn these new skills to properly embrace the real-time data analyzed by AI.
So, finance and accounting experts must first learn the skills of using AI with support from everyone at the top – the CEO, CFO, and any other executives who are leading your team. Once your finance experts have the support from the top, they can then embrace a strong understanding and awareness of the use of AI technology so that they can properly apply it to enhance all of your financial operations.
How to Apply AI in Finance and Accounting
Although there are many benefits of using AI in finance and accounting, we will be discussing three best practices here: automation, real-time data and forecasting, and the optimization of compliance, security, and fraud detection.
- Automating data entry and routine tasks
One of the main benefits of using AI is the automation of many routine, tedious, and mundane tasks, such as data entry, invoice processing, reconciliations, and the categorization of transactions. This automation comes with four main benefits:
- Automates everyday routine tasks
- Saves time and money
- Reduces human-made errors
- Increases productivity
For example, AI can eliminate the time-consuming tasks of manually inputting financial data and processing invoices so that your employees can focus their time on more crucial and strategic tasks.
Not only does this use of AI save time and effort but also reduce the risks of human error in data input and entry. In fact, using AI can ensure your financial experts can guarantee the accuracy of data down to the very last decimal. And if accuracy isn’t enough, estimates are showing that using AI to complete e-invoicing in particular will save $28 billion in the next 10 years.
- Real-time financial analysis and forecasting
Since AI gives you data in real-time, this will empower your financial team to analyze the current financial performance of your company, spot trends in the industry, and proactively confront any potential challenges and concerns.
How is this done in real-time? AI uses precise algorithms that analyzes your past data and real-time so that you can make accurate forecasts of any upcoming financial and accounting patterns, trends, and opportunities. This instant access to accurate data allows you to be proactive – not reactive – when it comes to making important decisions about your company’s financial future.
- Optimizing compliance, security, and fraud detection
We mentioned the importance of staying proactive in your financial analysis, and this also equates to using AI to streamline your company’s compliance with any and all financial regulations, while also making your data more secure from cyberthieves.
Minimizing fraud is a main concern in today’s technologically connected world, and AI can ensure your data is safeguarded against thieves through robust cybersecurity protections. This is because AI can analyze massive amounts of information much faster than even the most financially-sound human.
For example, there are AI technologies out there today that monitor and analyze financial data so that it can immediately find any irregularities or anomalies in order to detect and flag any fraudulent behavior instantly.
Not only is your data more secure, but AI tools are constantly monitoring regulatory changes to ensure your finance experts and accountants are keeping up with the these changing regulations in our industry. Streamlining your company’s financial compliance will ensure your data and records adhere to the newest regulations.
Embracing AI in Finance and Accounting
We understand that there may be challenges in the embracing of AI in finance and accounting. As we discussed, your financial team will need to be trained in working with AI and (sometimes more difficult) will need to be persuaded to embrace it in their workday. This means you should assure them that their jobs aren’t going away; instead, AI is there to save them time so that they can embrace more exciting and strategic opportunities.
Your company will also need to do some research on what AI computing, data storage, and security processes will work best with your organization. Yet, with the correct AI technology and skilled personnel who see the opportunities AI can bring to your organization, you can embrace the benefits of AI in finance and accounting.
Integrating AI into your financial and accounting organization is not an option; it is a critical shift your company will need to make in the near future. AI is already changing the financial landscape and helping our industry through the automation of routine tasks, offering real-time data, and improving regulatory compliance and fraud detection. How will you embrace these benefits of AI in your organization?
Yes, we must adjust and adapt to this new world of AI, but rest assured financial and accounting jobs aren’t being replaced with AI. Instead, AI is providing exciting opportunities that elevate the roles of financial experts today.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, processes, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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1099 Reporting for the 2024 Tax Year
The New Year brings resolutions, goals, and yes…taxes. Most businesses have trusted tax professionals who will be handling their 2024 finances and tax reporting; in fact, Critical Connexion partners with the very best tax and financial experts who assist our clients all year round.
However, it is still imperative that business professionals stay up to date on the latest tax trends and reporting changes. For example, last year the United States House of Representatives overwhelmingly passed the Tax Relief American Families and Workers Act (H.R. 7024), which contains important changes to reporting 1099 forms. Although this house bill is stalled in the Senate, it could go through in 2025 and change the thresholds for reporting compensation for nonemployees.
As our first blog of 2025, we thought it was important to review the primary 1099 forms used by businesses, when you need to use and file each one, and the penalties for failing to comply with the IRS’s reporting requirements.
What Is Form 1099 Exactly?
If you are working with an individual, business, or other entity that is not an official employee at your organization, you will need to file Form 1099 with the federal and state tax authorities, and distribute it to the payee if they made more than $600 in a year (along with other threshold requirements we will discuss in detail below).
Although there are more than 20 different types of 1099 forms, we would like to define the three most common–1099-NEC, 1099-MISC, and (to a lesser extent) Forms 1099-K:
- FORM 1099-NEC: Reports income from nonemployee compensation, such as freelancers, independent contractors, real estate agents, landscapers, cleaning professionals, or consultants.
- FORM 1099-MISC: Reports income from any miscellaneous sources not covered by any of the 22 other 1099 forms, such as rents, prizes and awards, fishing boat proceeds, medical and healthcare payments, attorney payments, or cash paid from a notional principal contract.
- FORM 1099-K: Reports income from payment card transactions (credit, debit, gift cards, etc.) and third-party network transactions (payment apps, online marketplaces, third-party payment settlement organizations).
All 1099 forms are required to be submitted to both the IRS and the payee so that the government can track the amount of tax they should expect to receive from these non-employees.
We will discuss Forms 1099-NEC and 1099-MISC because they are primarily used to report income you received from the direct sale of goods that were resold anywhere except for your permanent retail establishment. Let’s look at these two common forms in more detail.
FORM 1099-NEC and 1099-MISC 2024 IRS Rules
The IRS requires Form 1099-NEC to be used to report payments of more than $600 to nonemployees or direct sales of at least $5,000 for consumer products to a purchaser without a permanent retail establishment for resale.
Similar to Form 1099-NEC, Form 1099-MISC also has a threshold of $600 or more for miscellaneous income and a $5,000 minimum requirement for reporting direct sales of consumer products to a buyer without a permanent retail establishment for resale. However, this form is also required to report at least $10 in royalty payments, backup withholding of income taxes, or broker payments in place of dividends or interest.
NOTE: The 1099-K reporting threshold is currently $20,000 and 200 transactions, but these thresholds are scheduled to change and should be monitored regularly.
Forms 1099-NEC and 1099-MISC Filing Deadlines for 2025
The Form 1099 filing deadlines for payments your company made in 2024 are different for a 1099-NEC and a 1099-MISC.
If you are filing a 1099-NEC the due dates are simple – this form is due to both the recipient and IRS on January 31, 2025 (whether it is done electronically or through a paper filing).
Filing Form 1099-MISC is a bit more complicated, as there are different due dates for recipients and the IRS, as well as different due dates if you’re filing electronically versus on paper. In addition, the due dates to the recipient change depending on if there is data in boxes 8 (Substitute Payments in Lieu of Dividends or Interest) and 10 (Gross Proceeds Paid to an Attorney).
For 2025, the due dates for Form 1099-MISC are as follows:
- Due to the recipient is on January 31, 2025 (without data in boxes 8 or 10)
- Due to the recipient is on February 15, 2025 (with data in boxes 8 or 10)
- If filing on paper, it is due to the IRS on February 28, 2025 (with or without data in boxes 8 or 10)
- If filing electronically, it is due to the IRS on March 31, 2025 (with or without data in boxes 8 or 10)
It is important to submit these forms by the above due dates because, once received, the recipients will use the Form 1099 to complete their income tax returns by April 15, 2025.
Penalties for Not Filing Form 1099
It is not wise to decide to simply not file your company’s 1099 forms since the IRS will penalize you monetarily for EACH Form 1099 you do not file:
- $60 per return if you correctly file within 30 days of your required due date, with a maximum penalty of $664,500 per year ($232,500 for small businesses).
- $130 per return if you correctly file more than 30 days after the due date but by August 1, with a maximum penalty of $1,993,500 per year ($664,500 for small businesses).
- $330 per return if you file after August 1 or you do not file required information returns, with a maximum penalty of $3,987,000 per year ($1,329,000 for small businesses).
NOTE: The IRS will consider your company a “small business” if it has average annual gross receipts of $5 million or less for the three most recent tax years (or for as long as your company has been in operation, if shorter than the three-year period).
What is House Bill 7024 and How May It Affect Form 1099 Reporting?
In 2024, the House of Representatives approved the Tax Relief American Families and Workers Act of 2024 (H.R. 7024). This bipartisan bill included an important change for reporting Form 1099-NEC and 1099-MISC (it doesn’t appear to affect 1099-K at this point):
H.R. 7024 increased the reporting threshold from $600 to $1,000 and decreased the threshold for payments of direct sales from $5,000 to $1,000 for payments made on or after January 1, 2024.
It is important to note that, although the House did pass this bill, it was not yet passed in the Senate. That being said, Senator Chuck Schumer made a motion for the Senate to reconsider the vote. If passed, these thresholds would be tied to inflation in future years. We will continue to monitor this legislation in 2025.
Don’t Wait to File!
It is important to understand when you need to file Forms 1099 and which form you are required to use – remember, there are 22 different 1099 forms, and we only discussed a few! Whether you need to file a Form 1099-NEC or 1099-MISC (or Form 1099-K for card payments), these can be some of the most confusing tax forms you will need to complete as a business.
Don’t worry – as long as you have kept your accounting records up to date for 2024 and you know who you have paid as a nonemployee, your accounting team should have no problem completing these arduous financial tasks. Just don’t wait until the last minute to file these forms to both the recipients and the IRS!!
We also recommend you discuss these forms in more detail with your tax advisor or CPA, and Critical Connexion has experienced tax partners who are ready to help you with any Form 1099 questions or confusion.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, processes, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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Beneficial Ownership Information Reporting Requirement Updates
On December 23, 2024, our government wasn’t just getting ready for the holiday season. The 5th U.S. Circuit Court of Appeals lifted a nationwide preliminary injunction on the enforcement of the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) Reporting Rules introduced by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
This lifting reinstated the CTA and its reporting requirements that went into effect on January 1, 2024. Although the CTA was aimed at combating illicit financial activity, many companies cried foul – would the bad actors that were breaking the law really comply with these burdensome requirements? Well, just days later the CTA was reviewed again.
On December 26, 2024, a separate panel of the 5th U.S. Circuit Court of Appeals reinstated the nationwide injunction. Sounds confusing? That’s because it is – the later panel made these reporting requirements “voluntary” for some small businesses pending further orders of the court.
This registration rule was previously on hold since December 3rd when a federal court in Texas issued a preliminary injunction that prohibited the enforcement of these reporting requirements. With all of this back-and-forth, we thought we’d better look into these reporting requirements in more detail to see what could possibly be coming in the new year.
Although these requirements may again be on hold, we have been working with our own clients to see if they are required to adhere to these reporting requirements or they are exempt by checking their eligibility here. We also thought it was imperative that we review the Federal Reporting Requirement for BOI to ensure you, and your clients, are prepared for the possible January 2025 deadlines.
Why? Because this appeal is on an expedited schedule in that the deadline for most companies to file is January 13, 2025.
Failing to meet these BOI reporting requirements could result in civil penalties of up to $591 per day for non-compliance or criminal penalties of up to $10,000 or two years in prison for willful non-compliance. Those are hefty penalties, so let’s get started.
What Is BOI Exactly?
Congress enacted the Corporate Transparency Act in 2021, as part of the National Defense Authorization Act, to create a beneficial ownership reporting requirements to make it more difficult for corrupt organizations to benefit from or hide their illicit, unlawful, or otherwise ill-gotten gains through shell companies or other obscure or unclear ownership structures.
This new requirement was essentially an anti-money laundering statute that, as part of the U.S. government’s efforts to find and punish these “bad actors,” requires many U.S. companies to report information about their beneficial owners. That is, the individuals who ultimately own or control the company. That way, the government can prevent and combat money laundering, corruption, tax fraud, and terrorist financing.
This information must be reported to the Financial Crimes Enforcement Network – FinCEN – a bureau of the U.S. Department of the Treasury.
Will I Need to Adhere to BOI Reporting Requirements?
The U.S. government will consider you a “reporting company” if you are one of the following:
- A corporation, limited liability company (LLC), or was created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
- A foreign company that was registered to do business in any U.S. state or Indian tribe by such a filing.
If you are one of the above reporting companies, you will need to report beneficial ownership information through the FinCEN website. You will receive confirmation of receipt once you complete the report, and it is filed with FinCEN. That way, you can keep this receipt as proof that you adhered to the CTA BOI reporting requirements.
NOTE: You may be one of the 23 types of entities that are exempt from these BOI reporting requirements! Publicly traded companies, nonprofits, and certain large operating companies are exempt, and you can check your eligibility here before you go through the reporting process.
FinCEN also offers a Small Entity Compliance Guide, which includes a chart listing each of the 23 exemptions and a checklist that may help you determine whether your company qualifies for an exemption.
Important Deadlines to Consider
If you are not one of the 23 exempt types of entities, you may need to comply with these requirements by January 2025:
- If you are a reporting company that was created or registered in the United States before January 1, 2024, you must file your initial BOI reports with FinCEN by January 13, 2025.
- If you are a reporting company that was created or registered in the United States on or after September 4, 2024, and had a filing deadline between December 3-23, 2024, you also must file your initial BOI reports with FinCEN by January 13, 2025.
- If you are a reporting company that was created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024, you have an additional 21 days from the original filing deadline to file your initial BOI reports with FinCEN.
- If you are a reporting company that qualifies for disaster relief, you may have extended deadlines that fall beyond January 13, 2025 to file your initial BOI reports with FinCEN. These companies should follow whichever deadline falls later. Those additional deadlines can be found here.
- Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial BOI reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
You will need to submit your company’s full legal name, business address, the state where your company was formed, and your taxpayer identification number and an identity document (such as a filed Articles of Incorporation). You will also need to submit the beneficial owners’ full legal names and birth dates, home addresses, and a copies of their driver’s license or passport.
We will continue to monitor these developments because there are many groups who are not happy with these burdensome BOI reporting requirements and are continuing to fight the possibility of them coming to fruition. For most businesses, the deadline to file will be January 13, 2025 if the CTA and its reporting requirements are again reinstated.
Update (March 2025):
Recent developments regarding the Corporate Transparency Act and the beneficial ownership information (BOI) reporting requirements. The Treasury Department has announced significant changes that impact the enforcement of these regulations.
According to the latest updates from the Treasury Department:
- The Treasury will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines.
- Additionally, no penalties or fines will be enforced against U.S. citizens, domestic reporting companies, or their beneficial owners after the forthcoming rule changes take effect.
- The scope of the BOI reporting rule will be narrowed to foreign reporting companies only.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, processes, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
The post Beneficial Ownership Information Reporting Requirement Updates appeared first on Critical Connexion.
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Data Security
You hear about them every day – cyberattacks. Recently the news has been reporting on the latest attack to the Seattle-Tacoma International Airport, causing flight delays, baggage problems, and spreading through the Port of Seattle’s operations. Not only did the attack cripple the airport’s operations for nearly a week, but it even forced airport employees to use handwritten notes to track baggage for customers.
As you can see from this one incident, your data is literally the lifeblood of your company’s success, which is why it is imperative that it is protected from both internal and external corruption or theft. Investing in a reliable data security system is vital to the health of your organization, yet so many companies implement data security after an attack.
This is why this month’s blog is so important – not only will we discuss what data security is and the most common potential threats, but also five types of data security processes you can put into effect right now.
What is Data Security?
Data security is just like it sounds – it is the process of protecting your business’s data from any type of unauthorized access. Although the media has focused on certain organizational breaches, such as financial services, healthcare, airlines, and retail companies, all businesses should have a data security system in place.
At Critical Connexion, we understand that your data security system should cover everything that holds your data, including the hardware, software, and storage devices (both on site and in the “cloud”). That way, your data is safe from anyone who is looking to steal or corrupt your data from inside or outside your facility.
You may think that a data breach will “just” put the information of your company (and possibly your employees) in jeopardy. However, there are other reasons data security is important. Companies that have been hit with cyberattacks and data breaches have incurred financial loss, operational downtime, state or federal regulatory fines, reputation damage, and even legal issues due to inadequate data security.
From encryption and data masking to data erasure and resiliency, we’ll give you some useful examples of how to protect your data against data breaches, theft, and cyberattacks.
Types of Data Security
Implementing a data security system can be confusing and the type you use really depends on many factors – the size of your organization, whether you use the cloud to store data, and how long you need to keep data available. However, below are five data security types you can use to protect your data today:
- Encryption: You can use algorithms to scramble or conceal every data character so that it just looks like random data to a potential thief. Only authorized individuals with a decryption key can see the true meaning of the data; without this decryption key, the data is useless.
- Data masking: This is a form of encryption that hides or conceals your company’s sensitive data so that it is unreadable to unauthorized individuals by replacing letters or numbers so that, if stolen, the information is useless to the hacker. That way, only authorized individuals who have the specific code or are using the data masking software can decrypt the original information.
- Data erasure: You may have heard that nothing can be permanently deleted on the Internet, but this is not true when it comes to data security. Data erasure will ensure that the data you no longer need is permanently removed from your system by overwriting it on your service. That way, your company isn’t liable for old data in the case of a data breach or cyber-attack.
- Data resiliency: On the opposite end of erasure, you may need to create backup copies of data and information in case it is stolen, accidentally deleted, or damaged. This option is crucial to protecting your company’s information if a cyberattack occurs because you will want to be able to quickly recover your information and restore it through a data backup plan.
- Authentication: Many companies are requiring their employees to use a two-factor authentication process to confirm and validate their login credentials. This usually includes having to put a code into your phone after logging into the company’s system via a computer. That way, it can prevent unauthorized access from foreign locations by requiring codes, passwords, PINS, tokens, or other types of biometrics.
These are just five ways to protect your company’s data from threats. However, data security doesn’t end here; you will also want to train your employees so that they also understand the best practices of data security. Cybersecurity training programs that teach your employees the different types of attacks and impacts of data loss are vital to your organization’s safety. That way, they can also spot any potential threats, have a clear understanding of your company’s security policies and procedures, and help safeguard your data.
What Threats Are Out There Today?
There are numerous threats that can be thwarted with a data security system in place, and some of the most common threats you and your employees should be aware of include the following:
- Malware: This is a program or code that infiltrates your computer system with the sole intention of doing harm. Anything from viruses, spyware, trojans, and ransomware fall into this category. Ransomware, in particular, has been quite common in which the cyberattacker threatens to release all of your data unless you pay a ransom fee. The FBI, the Department of Defense Cyber Crime Center, and the Cybersecurity and Infrastructure Security Agency have been issuing advice against ransomware and recently exposed an Iran-based threat actor known as “Fox Kitten,” who has been using ransomware in the United States to commit cyberespionage since 2017.
- Social engineering: This is a very popular scheme that tricks employees into taking action through email, texting, or another form of communication so that the criminal can hack into the company’s computer network. Social engineering is so common that, according to Verizon’s Data Breach Investigations Report, nearly 70% of breaches are from social engineering. This is also why employee training is essential so that they can spot a fake email from a real one.
- Cloud data storage: So many companies are using the cloud to store data that it is a free-for-all for would-be attackers and criminals. Although working in the cloud is essential, controlling and protecting your data is much more difficult in this realm.
- Internal attacks: Sometimes a former (or current) employee with authorized access to an organization’s network will expose data for vengeance. Other times, an employee may accidentally expose data through simple negligence.
We have discussed just some of the threats and data security steps your organization can take to ensure your organization is protected. Your organization should use a wide range of data security safeguards; that way, you will be protected from accidental exposure, insider threats, or outside attacks.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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Digital Transformation
Have you heard the buzz term “digital transformation” but have no idea what it means? In the simplest terms, digital transformation means integrating digital technology into every facet of your business in streamlining processes, operational systems, and bringing greater value to your clients. It is also a cultural change, making sure your entire team is on board with adopting new automated technologies and AI – so that you can better operate both internally and externally.
As your company (and financials) continue to grow, we understand that your accounting, operational, and service needs become more complex. The main challenge is knowing how to leverage the right new technology that will support your business strategy and adapt to your company’s data needs. This is where Critical Connexion comes into play to help you with your digital transformation.
Digital transformation means integrating and using your current and future digital technologies to revamp how your business operates, connects and engages with customers, and keeps up with financial obligations. Yes, digital transformation affects all areas of business, which is why it is integral for all types of businesses: small, medium and large. That way, your company will remain competitive in a world where EVERYTHING is becoming digital.
As you add employees, increase your customer base, and expand your product offerings, you may find your basic financial spreadsheets become too convoluted, you’re not engaging with your customers, and you aren’t moving beyond the status quo. This means your company may need a digital transformation!
Choosing the RIGHT Cloud-Based Services
We are continuously helping our clients keep up with this much-needed digital transformation by assisting them with the incorporation of new digital technology. Our team can propose new technology specifically based on your company’s needs – we know there is no “one-size-fits-all” solution when it comes to digital transformation, and it can be extremely difficult to identify what this term means to your specific situation.
Although many business leaders equate the term “digital transformation” to a popular way of saying “move to the cloud,” they aren’t too far off. Digital transformation may look different for every company, yet there are staples that can be used to help companies operate more efficiently and deliver value to customers. Moving to the cloud is a significant first step to figuring out what it means to be “digital” and incorporating this term into your company’s culture.
At Critical Connexion, the technology that we currently use to help our clients with their own digital transformation are cloud-based services like NetSuite and QuickBooks. The choice of technology really depends on your company’s needs, which we will determine after careful examination and consideration to help companies move from their vision of digital transformation to a seamless execution of these “new” services.
For example, many smaller businesses have found that QuickBooks is a great starting point for their accounting and bookkeeping because it is very user-friendly and has a lower price point than NetSuite. Although not as multifaceted as NetSuite, QuickBooks does assist with income and expense tracking, financial report creation (i.e., income statements and balance sheets), basic tracking of cashflow, and bank and credit card integration.
QuickBooks is perfect for standard bookkeeping and accounting, and we take the complexity of accounting needs into consideration when helping our clients consider their data transformation needs. Once we notice that a client’s accounting needs move beyond the realm of more simple spreadsheets or the bookkeeping aspects of QuickBooks, we help them integrate more complex cloud-based services, like NetSuite, into their digital transformation.
Staying Financially Organized through NetSuite
As you may have noticed, the main driver of digital transformation is technology. Yet, this is easier said than done since detaching from outdated technology you may have been using for decades can be difficult. We have talked to our own clients about what their businesses need in their digital transformation and have found that a major issue in the business world is having a better way to stay financially organized. This is a good first start to moving forward with innovation, and luckily, Critical Connexion offers a solution through the implementation of a cloud-based ERP and Financial system like NetSuite.
NetSuite is the “next-step” financial management solution option for companies that need real-time data, customizable fields and dashboards, preconfigured KPIs, HR management software, integrated planning and budgeting, and more! NetSuite also has a unique feature we have found to be vital for our clients – financial regulatory and compliance management.
- Financial Management – Easily track accounts payables and receivables, review general ledgers, and forecast and budget the future of your company through financial planning and analysis.
- Supply Chain Management – If we find your company also needs order, production, or inventory management, these options would also be incorporated into your data transformation.
- E-commerce and Retail – Do you have point of sale needs, e-commerce help, or marketing automation requirements? These are other aspects of your business we will discover to ensure your data transformation is fulfilling the specific needs of your company.
- Professional Service Automation – Your digital transformation should also encompass any management needs that may arise: project, resource, time sheet, and expense management, to name a few.
We help our clients analyze their business transactions by line item, create detailed financial reports, and determine specific calculations so they don’t have to do anything manually and risk human error mistakes.
Your Digital Transformation Doesn’t Stop There
Many companies simply use QuickBooks or NetSuite and hope for the best, but we supplement these cloud-based services with a variety of other systems so that our clients are leveraging the most comprehensive new technology for their business and their customers, including:
- Ramp – a finance automation platform that keeps your corporate cards, bill payments, and accounting all in one management solution.
- Brex – There is a reason companies like DoorDash, hims, and SONOS use Brex, as it is an easy-to-use spend management platform.
- Divvy and Expensify – These are both expense management software platforms we sometimes incorporate to supplement other accounting methods.
- com – We have found this cloud-based software platform is a great start for small businesses that need to simplify their financial and accounting processes.
Other cloud-based expense management software and financial platforms we sometimes help our clients incorporate into their digital transformation are Nexonia, Greenslate, PEX card, and Cashet Pay. If you are overwhelmed by all of these options, don’t worry – our experts will help you choose the right technology that supports your specific business strategy. Critical Connexion can help you automate and keep track of your financial needs by helping you take the next step of employing a cloud-based ERP.
COVID Also Changed the World of Digital Transformation
The COVID-19 pandemic placed the incorporation of digital transformation goals to the forefront – it is no longer an option, but a necessity. On the external front, COVID has shown how a company’s ability to adapt in a world where immediacy is key, whether it is the changing of customer expectations, to market pressures, or supply chain interferences.
For example, your customers may now look for digital tools like chatbots so that they can get answers immediately from the comfort of their home. Or, you may face supply chain issues that, if not dealt with instantaneously, could stifle your company’s bottom line. Enhancing and improving your business’s digital systems is now a requirement in our post-pandemic world.
Not only that, but internally your employees’ work experience has also transformed post-COVID. Remote working has become the norm, and employees now expect some flexibility in their company’s workplace standards. So, we also help transform our clients’ digital communication methods by helping them incorporate digital technologies like Sharepoint, BOX, DropBox, Zoom, or Microsoft Teams.
These video conferencing tools are the best way to meet face-to-face via a remote collaboration setting to discuss finances, business strategies, and incorporate screen sharing for PowerPoint presentations or collaborations.
Where Do We Begin?
We have talked a lot about the information technology side of your business, and IT does play a huge role in your company’s digital transformation approach. Critical Connexion can partner with your business to help you implement digital technology, evaluate data analytics and KPIs so that your company can seamlessly adapt to this ever-changing digital world to help you scale and accelerate your brand success. That way, your organization can enhance your employee experience, customer experience, and operational experience through a successful digital transformation.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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Accounting Trends to Pay Attention to in 2024
You have heard many buzzwords in 2024 that may be intimidating and confusing – AI, the cloud, data breaches are just a few. Yet, these terms are imperative in accounting, which is why accounting professionals need to stay current with the latest trends in our field.
You may be surprised to learn, however, that automation, AI, and cloud computing services have been around for quite a while. They have helped make our jobs easier and more efficient for years, and in 2024 they have just become common trends in the industry.
With new technologies also comes the need for more data security. This is why accounting professionals need to stay educated and current with the latest trends while also knowing how to protect the data of both you and your clients from hackers and breaches. Although we have seen numerous trends in 2024, we will discuss the top four here:
- Automation and Artificial Intelligence (AI)
- Cloud-Based Accounting and Remote Work
- Data Protection and Cybersecurity
- A Greater Focus on Data Analytics
Whether you are interested in one or all of these trends, they are all connected and vital to the accounting industry in 2024!
- Automation and Artificial Intelligence (AI)
You’ve more than likely heard the term “AI,” seen the most recent commercials and their controversies during the Summer Olympic Games, and read about the burst of ChatGPT. With all of their positives and negatives that are dominating the media, learning how to incorporate automation and AI into your accounting is definitely a prominent trend in 2024.
The benefits of incorporating this technology into your accounting include the improvement of accurate data analysis, tax compliance, and reporting procedures. Using automation and AI can also help your employees streamline their regular, everyday (and somewhat mundane) accounting tasks, such as bookkeeping, processing data entry, managing financial reports, and reconciliation, so that your professionals can focus on more complicated and strategic accounting functions.
- Cloud-Based Accounting and Remote Work
The trends of cloud-based accounting and remote work go hand-in-hand, as incorporating cloud-based accounting software into your accounting allows your employees to collaborate and gain real-time access to data remotely. The COVID-19 pandemic may have started the trend of working remotely, but this acceptance has continued throughout 2024. Accounting professionals are welcoming cloud-based platforms and virtual collaboration tools to complete their responsibilities from the privacy of their homes.
At Critical Connexion, we have employees who work in different times zones all over the world, so we understand the importance of using cloud-based tools to communicate and collaborate on tasks. There is a reason why 44% of small businesses and a whopping 74% of larger companies have incorporated cloud services to enhance their operations.
Whether it’s using a basic Google Drive or Microsoft 365 collaboration tool, or implementing a cloud-based ERP and Financial system like NetSuite, incorporating cloud-based accounting software can streamline and empower your collaboration and data storage while giving your employees real-time financial access so that you are always up-to-date on the numbers no matter where they are located.
We have heard from numerous clients how incorporating cloud-based technology like NetSuite has helped them analyze business transactions, create detailed financial reports, and determine specific calculations so they no longer have to do anything manually. Here are some other benefits we have discovered at Critical Connexion by welcoming this trend into our business early:
- We have greater access to a broader pool of talented financial experts from across the globe.
- Our office costs have gone down tremendously while also allowing our financial experts to focus their skills on more complex issues for our clients.
- Our employees have found a much-improved work-life balance because they have cut out the time to commute to work and have flexible work schedules – they can get their work done on their time.
- Believe it or not, we have seen INCREASED PRODUCTIVITY due to this work flexibility and incorporation of cloud-based tools.
With all of these benefits does come with a warning – cloud-based technology and remote work has resulted in new security issues, which leads us to the next trend here…
- Data Protection and Cybersecurity
When you incorporate trend number two, you need to be aware of the risks so that you can properly safeguard your data and incorporate cybersecurity procedures. Accounting teams in particular have battled with cybersecurity. How do you ensure you are working with the right people when it comes to securing data, information, and financial records? The more your company uses cloud-based systems and remote working, the more your information is put at risk to hackers and breaches.
For example, how does your company verify your employees’ identities when they log into your systems remotely? Many companies have started using two-factor authentication or VPNs (virtual private networks) that secure your employees remote working even if they are using a public wireless network.
This accounting trend has also seen the introduction of blockchain technology, which can keep your financial records and transactions secure. Originally used with cryptocurrencies, blockchain is a staple in accounting services like compliance tracking, recording storing, contract management, and securing financial data. Businesses have greatly increased their spending on blockchain solutions in 2024 in order to replace their traditional external auditing services.
Remember that, as financial professionals, you are handling sensitive information every day. So, having robust data security measures is vital to the financial health of both your company and your clients.
- A Greater Focus on Data Analytics
A final trend we have seen in 2024 in accounting is an increase in data analytics. Not only does data analytics help your financial experts make more informed decisions. It can also increase your business growth because the tools help analyze complex financial data so you can make data-driven decisions more effectively.
That way, accountants aren’t just computing and analyzing your revenue and expenses. They are offering other valuable insights into your organization’s predictive analytics to help forecast your company’s financial future, manage financial risks, identify trends, and even discover new financial opportunities. Increasing data analytics can also help your team work faster and more efficiently through the power of analyzing large amounts of data quickly and competently.
This final trend has brought about so many improvements in the accounting industry, from better decision making and risk management, to proactive tax planning and data visualization.
Where Do You Begin?
We understand that implementing these accounting trends takes time, yet they are integral in our industry and are not going away anytime soon. In fact, as technology gets better, these trends will not only continue in 2024 but well into the future.
Incorporating AI, allowing remote work, and using cloud-based technology, automation, and predictive data analytics have improved and changed the accounting industry at a rapid rate. By incorporating these trends and using these advanced technologies, you can discover some amazing opportunities for your business for your future.
Our experts at Critical Connexion can help you with your continuous learning so that you are always staying current with the latest accounting technologies, tools, and trends. That way, your employees can take the lead in our ever-changing industry and stay ahead of the competition in our ever-changing landscape.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
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Workplace Wellness- Maintaining a Work/Life Balance
If you have ever heard the famous Mark Twain quote, “Find a job you enjoy doing, and you will never have to work a day in your life,” you know how it holds true today in maintaining a work-life balance. We know this better than anyone at Critical Connexion, as our employees all work from home and, in turn, need to balance their workday with their life’s responsibilities.
When your job is in the same place where you do laundry, cook meals, and watch Netflix, finding the perfect balance between your work life and personal life can be challenging. At Critical Connexion, we are constantly promoting a healthy balance between our employees’ professional lives and their personal lives.
In fact, our VP of Operations, Mach Molina, was asked a very difficult question in a recent interview – “What is your message to the world?” How would you answer that prolific question? Mach’s answer was actually pretty simple: he said it was to uphold a work-life balance for all of our employees.
This was the vision of our founders, Ron McNair, CEO, and Roger Gonzales, COO – they formed a positive culture and the work-balance concept as a way to spur a healthy, nurturing, and prosperous environment within Critical Connexion. Because of this vision of both Roger and Ron, we have employees who are happy to work for our company and are motivated to make a positive impact for our clients.
Due to the work of both Roger and Ron, we try to encourage our employees to take certain steps to ensure they enjoy what they are doing at work while also balancing their family, hobbies, and fun. This is how we maintain a positive culture at Critical Connexion.
Believe it or not, we spend at least one-third of our lives working. This means if you are miserable in your job, you are miserable for at least one-third of your life! At Critical Connexion our main core value is promoting a healthy work-life balance. But how? Here are four tips we use at Critical Connexion:
- Have Your Employees Set Specific Work Hours
We know how hard it is to unplug when you work from home – you get up at 6 a.m., make coffee, and start your day. The next thing you know, you’ve sat in front of your computer for 10 hours, it is now evening, and you haven’t unplugged. Overworking from home is very common, which is why we encourage our employees to have a set work schedule just like they would if they were working in the office.
Make sure your employees have set specific work hours and they have made their co-workers and manager aware of them. That way, they won’t feel compelled to answer an email at 8:30 p.m. because a manager doesn’t realize their day is done for the day.
Setting specific work hours and communicating them is particularly important if you have offices across the globe. At Critical Connexion, we have employees who work in different times zones all over the world. This means communicating work hours through a shared calendar is that much more important. We recommend having your employees document their work hours in a shared calendar app so that they can unplug when their day is done and enjoy their personal life without the pressure to overwork.
- Encourage Employees to Schedule Breaks Throughout the Day
Taking time away from your desk is vital for a healthy work-life balance. As a business owner, you should always encourage your employees to take regular breaks throughout the day.
This is more than just taking the typical lunch break – encourage your employees to take additional “mini-breaks” for a walk outside, meditation, a quick workout, or even taking the time to get some personal chores done.
Our President of Critical Connexion Philippines, Bambi Cuna, explained in a recent interview how he starts his day with meditation and working out. He also encourages a “lighter” work atmosphere so that his employees avoid burnout. Not only does taking breaks prevent burnout, but they will also increase the productivity of your employees.
We have found that taking breaks is particularly important for employees who work from home. When you’re sitting alone in front of a computer all day, you don’t have the luxury of having a cup of coffee with a colleague, meeting around the water cooler for a quick chat, or having an impromptu conversation about your favorite binge-watching show.
You can lead by example by teaching your employees how to set a dedicated time for a lunch break and then also scheduling mini breaks throughout the day.
- Have Employees “Dress” for Work and Go to Designated Workspace
Just because your employees work from home doesn’t mean they should be working in their pjs in their bedroom. The best way to transition from work life to personal life is getting dressed for work and going to a home office. That way, you will know when the workday is done because you can leave the office, get changed into comfy clothes, and enjoy the evening.
We had a colleague who explained how he would sit in bed, have his coffee, and answer his emails. This practice soon turned into writing documents, taking calls, and even having Zoom meetings – all from his bedroom! He soon realized he couldn’t successfully balance his work and life when he never left his bedroom. He quickly changed his routine – now he starts his morning on the treadmill, showers, gets dressed for work in business clothes, and then goes to an appropriate area of his home that he turned into a dedicated work office. He is happier and less stressed just by making these small changes. When his workday is done, changing from his work clothes back into home clothes helps him relax and enjoy his personal time.
We always remind our employees to treat their home office like an actual work environment. That way, they can make a clear distinction between work and leisure. If you don’t have a separate room to turn into an office, you can still create a workspace that is organized and free of distractions. Having a space in your home that is used exclusively for work is one of the most important ways to finding a work-life balance.
- Encourage Employees to Establish Work and Life Goals
Our final tip is promoting the establishment of both work and life goals. Have your employees ask themselves what their daily priorities are at work and the deadlines that need completed and then document them each day. This could be done with a planner (either paper form or online) that lists the day’s work goals that can be crossed off when completed. That way, they aren’t taking too much on because we all know how hard it is to say “NO.”
You should also encourage your employees to write down their life goals, whether they are daily, weekly, or monthly. This could be making plans to meet a friend for lunch, attending a Pilates class, or walking your dog. They could also be larger life goals like taking that dream vacation!
Scheduling time for hobbies and interests is just as important as scheduling time for meetings and work deadlines. If you see your employees are working too long, let them know it is okay to take time for something fun!
Achieving a Healthy Work-Life Balance is the Key to Success
Finding a work-life balance is imperative for our overall well-being. By leading by example and promoting a work-life balance in your company, you will find it will increase productivity, reduce stress, increase job satisfaction, and improve the overall physical and mental health of your employees.
Remember what we said in the beginning of this blog – we work at least one-third of our lives! Therefore, finding a healthy work-life balance is the key to both personal and professional success. Achieving a healthy work-life balance will help both you and your employees live a happier and more fulfilling life.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
The post Workplace Wellness – Maintaining a Work/Life Balance appeared first on Critical Connexion.
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Working Remotely- Online Collaboration & Remote Workforce
The COVID-19 pandemic brought one positive to the workforce – it taught us all how to work remotely and successfully collaborate online. Yet, keeping up this remote workforce takes, well, work.
Believe me, we understand this at Critical Connexion. We have employees around the globe, so we have a clear understanding of what it takes to successfully collaborate remotely. And, we also know the challenges and consequences of not collaborating effectively. Missed deadlines, decreased productivity, and disgruntled employees can all result from ineffective online collaboration in the remote workplace.
Luckily, we have three strategies to help you and your team collaborate effectively online: Effective and clear communication, choosing the correct collaboration tools, and leading by example with productive meetings are all key to running a remote workforce successfully.
1. “Over” Communicate Clearly
Communication is the most important strategy in successful remote collaboration, so you want to communicate clearly – and often. Now, overcommunication doesn’t mean repeatedly contacting your employees or micro-managing their work. No one wants to have a babysitter as a boss! This first strategy isn’t about excessive micro-managing or repeated check-ins. Instead, we’re talking about how you formulate your communication.
What we mean here is taking time to read, and re-read, your communication so that it is clear and concise. You are essentially going the extra mile with your communication by taking the time to word your messages so that every word matters. Brevity is key here!
You also want to make sure your communication always encourages follow-up questions. When we communicate via email or text, our recipients cannot hear our tone or see our facial expressions. This lack of nonverbal cues is ripe for confusion or miscommunication. Let your employees know you welcome follow-up questions or comments to avoid confusion or miscommunication.
Remember that miscommunication doesn’t just lead to disgruntled employees but could also lead to missing important deadlines or misinterpreting the goals of your organization. Your main responsibilities are to first be clear in your communication, and then be receptive to questions or concerns.
Subpoint: Determine Communication Practices!
This is an important subpoint because you need to establish clear communication practices that direct how your team actually communicates with one another. This may mean determining what applications to use (more on that below), if there are certain times when to and when to not communicate (not everyone wants to hear from you on a Sunday), and what personal communication is acceptable and unacceptable.
If your company is like Critical Connexion, you may have employees in different times zones across the country or globe. So, your co-workers cannot just stop by your desk to ask a quick question or pop into Zoom for a quick meeting if it is 2 a.m. their time. If you are balancing time zones and schedules, consider sharing your calendar and having your employees share their calendars so everyone has an easy way to set up a quick meeting, if necessary.
2. Collaborate in the Cloud and Beyond
There are so many collaboration tools available for remote work that it is all but unnecessary to meet face-to-face in the same room (and time zone!). Moving your collaboration to the cloud can be as simple as setting up a Google Drive, Microsoft 365, BOX, Last Pass, or Dropbox for your team. These are great tools for simple collaboration tasks and communication; if you are managing operations or customer relationships and financials, you will want cloud-based software that is more advanced, like NetSuite.
If you invest in the right collaboration tools, you will save time from having to ask each other for the latest version of a document or when a draft will be completed. Using real-time collaborative editing documents and spreadsheets allow you to work on an assignment with a co-worker half the globe away, at the same time.
Cloud tools make things easy to keep track of revisions, changes, and deadlines of projects. Yet, other tools that go beyond the Cloud that we have found to be useful for remote collaboration include:
- Instant messaging – Slack, Microsoft Teams, Viber, and Google Chat are just some of the instant messaging tools out there today that allow you to communicate with your team in real time. If you are having a hard time organizing your communication with various team members, give one of these tools a try.
- Video conferencing – I cannot stress this enough – use video conferencing whenever you can! We all learned the term “Zoom” from COVID, and video conferencing tools like Zoom, Microsoft Teams, and Google Meet are the best way to meet face-to-face via a remote collaboration setting. It doesn’t matter where you’re located (although take note of time zones!); these tools are great for face-to-face communication and screen sharing for PowerPoint presentations or collaborations. Not only that, but you can even record quick 10–15-minute videos as tutorials to keep everyone on track.
- Project Management – Many companies have touted tools like Asana and Trello, which allow your team members to collaborate on projects from beginning to end with every task noted along the way. You can assign tasks to individuals with set deadlines, track their progress, and connect documents via Google Drive to make it easy to see what is on track and what may be falling behind.
3. Lead By Example By Taking Charge of Productive Meetings
Just because you and your team are meeting remotely, and some employees are working from the comfort of home, doesn’t mean they want meetings that last half a day. It is your job to master the skills of holding productive meetings so that everyone on your virtual team feels their time is respected. Here are three things you can do to master the art of meeting productivity:
- Have a meeting agenda sent BEFORE the meeting: Setting up an agenda will ensure your meeting has a structure and stays on task. You will want to send the agenda out ahead of time and make sure each agenda item has talking points so that an item that should take 10 minutes doesn’t take an hour.
- Appoint a meeting leader: This is probably you, but it doesn’t have to be. The main task of the meeting leader is to make sure everything stays on track based on the agenda. It is okay to say to someone, “that is not relevant to this agenda item” and move back to the topic at hand.
- Take notes/minutes: You should have one dedicated person in charge of taking accurate meeting notes for each meeting. These notes should summarize all the important items and ideas discussed, who discussed them, and anything that could be important to reference in the future.
Without a proper meeting structure, your meeting may be too long, miss major points, or focus too much on points that aren’t relevant to the discussion (or the work being done). Having a poor meeting structure could also damage your team’s self-esteem. Not only that, but you may even look at your agenda beforehand and realize the tasks can simply be done via email! No meeting required!!
One Final Note – Redefine the Term “Urgent”
If you were brought up on the expression “time is money,” you will need to readjust to the world of asynchronous communication and what determines “urgency” when collaborating remotely. Real-world, face-to-face urgency and remote, virtual urgency are two totally different things. Remote collaboration goes beyond the 9 to 5 workday, which means you need to redefine your expectations of what it means to need something RIGHT NOW. “Right now” to someone else may mean in an hour or two, or four.
You can redefine the term immediate by being clear on what you need as soon as possible and what platform you will use to request something needed. Just because you send a spreadsheet to a coworker at 6 a.m. your time doesn’t mean they will see it and respond immediately. This spreadsheet could sit on their desktop for hours if they are working on other projects and don’t realize the urgency of your document.
If you have emergencies here and there, you can set up a formal chat forum for that purpose. Just don’t overuse it – it is like putting your entire conversation in ALL CAPS or in all bold – if everything is an emergency, nothing is.
Quick Tip: Take advantage of the subject line in your emails and use phrases like “Action Needed,” “Alert,” “Urgent,” etc. This would help your message stand out especially when action is needed from the email recipient.
In The End…
Clear and concise communication, collaboration tools, and productive meetings are all essential when collaborating in remote work environments. These three strategies will ensure your team communicates, collaborates, and completes tasks effectively and efficiently.
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
The post Working Remotely- Online Collaboration appeared first on Critical Connexion.
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Understanding your Client's Business
Recently, our HR Officer was interviewed and asked a simple question: what is the client approach at Critical Connexion? She explained how our client approach is simply to provide the very best services for our clients. This means focusing on the quality of our work, which has consistently led to a loyal client base. However, none of this can be possible unless we first have a clear understanding of our clients’ business.
When you focus on quality work that is tailored to who your clients are and their specific business needs, you will be rewarded with their loyalty and appreciation. But, you cannot successfully provide tailored services if you don’t first understand your clients’ businesses.
This is particularly important here at Critical Connexion – one day our team of professionals may be offering accounting services, the next day could be financial advising, and the next could be tax advising, business valuation, and risk management.
This is why understanding each of your client’s business is one of the most important things you can accomplish as a business owner. It can increase your customer satisfaction, improve your products and services, and help you adjust to changes in the market.
It Increases Customer Satisfaction – And Your Customer Base!
Knowing your clients’ business can increase customer satisfaction, and your customer base. This is because, in our fast, technological world where information spreads instantaneously, word of mouth advertising can be a blessing or a curse.
On one hand, positive word of mouth endorsements can increase your customer base while maintaining the loyalty of your current customers. On the other hand, negative word of mouth could be detrimental to your company’s reputation – and your bottom line.
Our goals at Critical Connexion are not only to meet our customers’ needs; it is to surpass them. We cannot do that, however, if we don’t first understand our clients’ businesses, their customers, and their overall goals.
It Will Improve YOUR Products and Services
Your products and services aren’t for you, they are for your clients. So, when you have a customer-centric approach to business it will ultimately improve the products and services you provide to your clients.
We have found that listening to the feedback from our clients has helped us better tailor our services to their specific needs. For example, our seasoned financial advisors provide personalized advice so that our clients can optimize their financial position within the industry. They first understand our clients’ businesses, and then they can offer them personalized services.
Our clients cannot achieve their ultimate business objectives unless we know what those objectives are. This not only increases the loyalty of our clients, but also the value of the products and services we provide to them.
It Will Help You Adjust to Changes in the Market
If you are conscientious and attentive to your clients’ business needs, you will also be ready to adapt to any changes in the market conditions that may arise. For example, we offer tax advisory services to several different clients with several different tax needs. To meet these needs effectively, our experts stay ahead of the constantly evolving tax landscape so that our tax advisory services ensure that our clients stay compliant with ever-changing regulations. It is not our clients’ job to be up to date with their business’s tax needs; that’s our job.
When you take the time to investigate any changing requirements for your clients, you can modify your products and services so that you meet these new requirements and staying competitive within the industry. And, you cannot know what to look for in a changing market unless you first know the ins and outs of your client’s business.
It Will Help You Anticipate Your Client’s Needs and Add Value
We know firsthand that understanding our clients’ business needs adds value and helps them navigate any potential issues or changes. It also helps both our team and our clients to better assess the risk to be better prepared for action or change.
At Critical Connexion, we have the knowledge, tools, and systems put in place as a team to meet our clients’ needs. However, we also have the flexibility to adjust this system depending on what support is required from each individual client. Our knowledge and collective experience help us successfully maneuver issues for our clients (and even recognize issues before they show up!).
We are essentially our clients’ extended leadership team.
You can only accomplish this by anticipating your client’s needs to find a proper solution to tough issues. Conflicts arise in the business world, and knowing your clients’ businesses and needs means you will find options to solve every single problem.
How Do We Do This?
Understanding your client’s business doesn’t happen overnight, yet a 2020 Customer Expectations Report stated that 79% of clients said personalized services matter more than ever before – even more than personalized marketing. Not only that, but a whopping 86% expect conversations with agents to seamlessly move between channels! Here is some advice below that we do each and every day to consistently understand our clients’ businesses.
At Critical Connexion, we enjoy working with each individual client because we know we are helping them succeed as a business, but they are also helping us succeed as a company. When our clients work with us, we know how critical it is to grow together and build a solid relationship. That way, our clients know we are trustworthy, available, and much more. In addition, having a clear understanding of our clients’ businesses helps use successfully maneuver issues for them (and even helps us recognize issues before they even show up!).
Here are some tips that we use to gain a better understanding of our clients’ businesses each and every day:
- Ask for constructive feedback! There is no shame in asking your clients for feedback on how your services are meeting their business needs, what they want that they may not be getting, and what their business goals are for the future. Establishing a system in which your employees frequently ask for constructive questions and feedback from clients will only better the services you provide them now and in the future.
- Continuously examine industry trends. What are the industry trends affecting your clients and their services? If you are an expert that knows how changing trends within the industry affect your clients, you will be able to find new methods and techniques to ensure you are providing the best services for them.
- Establish a transparent and trustworthy relationship. You cannot adequately meet your clients’ business needs if you don’t have a transparent and trustworthy relationship with them. We personally do this by periodically checking in with our clients, offering additional assistance when needed, and being open and responsive to their business’s needs and requirements.
- Be Available. Clients want to know you are there for them, especially when things aren’t going as expected. You cannot understand your client’s business if you aren’t accessible. Remember that 86% mentioned above? Those respondents said they wanted communication quickly through a variety of channels, including phone, email, live chats, and SMS. The bottom line is, be available.
- Be Flexible. You also need to have the flexibility to adjust your services, when necessary, depending on what support is required for each individual client. Some important questions could be, “how is your business doing?” “What changes in the industry should we be aware of?” “Has your customer base changed or fluctuated?” “Have your products and services changed?”
- Start at the Top. We have a strong understanding that positive leadership is key at Critical Connexion. Understanding your clients’ business needs means leading by example. Our leaders ensure that our entire staff knows they are part of something bigger – they are a part of a successful team that will meet our clients’ individual business needs in their ever-changing environment.
- Show Respect. At Critical Connexion, we stay focused on one important word – respect. Not only does showing respect to your clients help build the personal relationship, but it also helps clients see our character.
There’s no secret to building a loyal client base. You really just need to show that you understand your clients’ businesses so that you end up delivering the services they want (and need).
What Does Your Business Need?
We have talked to our own clients about what their businesses need and have found that a major issue in the business world is having a better way to stay financially organized. Luckily, Critical Connexion offers a solution through the implementation of a cloud-based ERP and Financial system like NetSuite. This business change will help you analyze your business transactions by line item, create detailed financial reports, and determine specific calculations so you don’t have to do anything manually. This is just one of the issues we have heard about from contacting our clients directly and asking them for feedback. Contact us today to find out more!
About Critical Connexion:
Critical Connexion is a distinguished business management & consulting firm that focuses on leveraging a foundation of leading finance, HR management, strategic sourcing, risk & operations experts to accelerate brand success for clients.
We specialize in navigating the evolving landscape of corporate growth by adeptly addressing changing systems, process, and people requirements. Recognizing the substantial nature of technology and changing business needs, we ensure that these resources are directed with foresight and expertise. We are your extended partners for business growth, scaling seamlessly and brand elevation.
Contact Us:
Ph: 213-798-6676
Email: [email protected]
The post Understanding Your Client’s Business appeared first on Critical Connexion.
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