The new year presents exciting challenges and opportunities for you and your finance team. As their leader, it’s up to you to ensure they can thrive in the future of finance in 2025 and beyond.
Maybe you want to adapt your employees to a hybrid work model, or perhaps your focus lies in overhauling existing systems. No matter what your goals are, here is what you need to prioritize in the new year:
Adopting New Technologies
The rapid development of artificial intelligence, machine learning, and advanced analytics is transforming the financial sector at a feverish pace. While you don’t need to haphazardly adopt every piece of flashy technology that emerges, you do need to make sure your finance team has access to cutting-edge tools and digital resources.
Take stock of your current technology suite. Do you have an integrated system that fills multiple tech roles within the finance department? Alternatively, does your team have to bounce between several different isolated applications to carry out their responsibilities?
If you believe your tech is due for an upgrade, focus on tools that automate repetitive tasks like reconciliations and payroll. You’ve built a talented finance team. By alleviating them of the burden of redundant work, you’re setting them up to use their skill sets for the good of the business.
For example, your team members will have more time to explore predictive analytics data or create different financial models. They can use this information to provide strategic value to the C-suite in 2025 and beyond.
Upskilling and Cross-Training
The skills required to excel in finance are evolving. Upskilling allows your team to meet future demands while staying competitive. However, it’s important that you use a targeted approach when investing in upskilling.
Speak with each team member to learn more about their short and long-term professional goals. You should also consider using skills tests to identify each person’s strengths and weaknesses. The aim is to provide your employees with relevant upskilling opportunities that make them more well-rounded.
You should also consider cross-training select team members, especially those who have fluctuating workloads. During slow periods, these employees can step in and assist with other projects and help your finance team hit critical deadlines.
Promoting Collaboration and Innovation
One of the best ways to future-proof finance is by moving out of traditional silos so you can contribute to cross-departmental initiatives. Collaborating with sales, marketing, and the C-suite can help you apply important financial insights to broader organizational goals.
Start by participating in strategic planning sessions with other departments. You should also encourage your employees to collaborate with different groups across the company. Make sure your staff members know it’s okay to question the status quo as long as they are giving constructive criticism and suggesting innovative solutions.
Applying this strategy to your finance team requires a shift in thinking and some versatile new tools. You’ll need collaboration solutions that integrate across departments so that your employees can share files and communicate with non-finance employees.
Preparing for Regulatory Changes
What regulatory changes is your industry facing in 2025? It seems that each new year brings at least a few subtle — and some not-so-subtle — regulatory updates. Make sure that your team is up-to-speed on what’s changing in 2025 so that you can support the company’s compliance posture and avoid penalties.
Share news of any relevant updates with other department heads. It’s important that every department supports financial compliance by submitting relevant forms to your team in a timely manner.
You should also incorporate any new regulatory requirements into your internal audit checklist. A proactive approach can help you identify gaps and reduce the risk of financial penalties.
Building a Resilient Team
If new storms emerge in 2025, is your team prepared to weather them? You can ensure they are by prioritizing employee well-being through flexible work policies and professional development opportunities. By making your employees feel valued, you can help curb turnover and retain your most talented team members.
It’s important to look beyond 2025 and think about long-term resilience. Create succession plans to ensure continuity of leadership in the face of turnover. Cross-training and upskilling are also incredibly valuable methods of future-proofing finance.
2025 Is Fast-Approaching — Make Sure Your Team Is Ready
It’s not too late to prepare for the new year. However, you need to start now. Take some time to assess the unique strengths and challenges of your finance department so you can build a custom future-proofing strategy.
For some businesses, that may mean planning a top-to-bottom technology overhaul. Other finance departments may be set in terms of technology, but they may find that their team remains isolated from different segments of the organization.
Once you identify where you need to improve, use the strategies outlined above to transform those weaknesses into strengths.
