The Bottom Line: The Big Game
The "Big Game" (the legal team says I can't actually call it by its real name) is going on right now. We were so pumped to have our hometown Patriots in the game that we actually ran a contest to send one lucky winner to the game. Everyone, meet our winner, Marianne Faloni!
Moving right along, I've got some leadership content for you in today's Bottom Line. I think you'll like the idea of blameless problem-solving from Financial Management Magazine.
Creating a culture of blameless problem-solving
Financial Management Magazine dropped this one into my inbox the other day and it stuck with me.
Things go wrong, mistakes happen, but the finance teams that deal with them the right way are the ones who succeed. Basically, the better you are at failure dealing with failure, the better chance you have of being a great leader.
The obvious question here: how do you effectively deal with failure? It mostly comes down to fostering a culture of blameless problem-solving. That means that when things go wrong, be supportive, find the problem, and solve it.
Your other option is blaming the person closest to the problem, and that's not gonna be good for anyone. The good news is, FM Mag has some ideas on how you can foster a culture of blameless problem solving:
1) Promote smart experimentation. Encourage your employees to think like entrepreneurs, or think for themselves. Just because something has always been done one way, doesn't mean it has to be done that way.
2) Invite honest input. It's tough for employees to speak up sometimes. The CEO might say something and no one will speak up because...well...the CEO is the boss. Rather than just saying, "I'd like everyone's input." Pick specific people and ask for honest people. Being specific and saying, "Alice, what do you think?" will give you a better shot at getting honest feedback.
There's still a lot to unpack from this article. You should take the time to read it.
B2B Payments Automation Playbook
I'm going to play the odds here and say that there's a good chance you haven't implemented any sort of financial automation at your company. According to PYMNTS, only 27% of companies have implemented financial payment automation, so if you haven't, you're not alone.
But, considering that 74% of companies plan to implement it soon, it's clear that automation is about to become the norm for finance teams.
PYMNTS just dropped a new eBook on AP automation that’s worth highlighting. Here are my takeaways:
1) One of the biggest benefits that gets overlooked with automation is compliance. Financial records are automatically logged with automation. You can’t overlook that.
2) The top 3 automation priorities: account-to-account transfers, automated payables, payments enabled from invoices.
3) Automation isn't just for Fortune 500 co's. Mid-size and small CFOs say that they're looking to implement automation too.
4) I already mentioned the benefit of compliance when it comes to automation, but other less-known benefits include: reduced fraud, improved data visibility, and improved supplier satisfaction.
5) Surprisingly, adoption of automation isn't the same across all industries. In tech, nearly 100% of financial officers want to adopt automation. But, in manufacturing and transportation, the numbers are much lower.
My advice: jump on the automation train if you haven't already. You can either automate, or get left behind.
The Hit List
What else am I reading this week?
1) AppZen has been pumping out great content lately. Their list of 21 expenses that aren't in your policy, but should be, is worth reading.
2) CFO.com posed an interesting question: Can a strategic CFO be a good CEO?
3) From the Lola.com blog: How Does Company Size Affect Corporate Travel Preferences?
Pick of the Week
Forget all the other commercials happening during the "Big Game", Expensify just won with a music video that you can expense...
How does your corporate travel policy stack up?
Posted byMike Volpe