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How SaaS Companies Help Finance Teams Stay Connected When Working Remotely

The world has completely turned on its head due to the COVID-19 pandemic. All sectors have had to adapt to new safety regulations and find ways to remain productive and efficient through remote work.

Posted: 23rd November 2020 by Finance Monthly
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A Clutch study shows that 44% of workers in the United States are working remotely at least five days a week due to the pandemic. This is an increase of 17% before the outbreak of COVID-19. While remote working offers excellent benefits like eliminating unnecessary physical contact, it also presents several challenges like lack of work-life balance and routine, increased distractions, slow internet in certain areas, and remaining productive.

Fortunately, SaaS companies are working to offer solutions to alleviate the stresses encountered by remote workers, including finance teams.

Cloud-based lending

Cloud-based loan servicing software allows organizations to create, collect, and service loans online. In contrast with antiquated paper-based systems that have been completely stymied by COVID-related shutdowns, SaaS loan servicing doesn’t require any face-to-face interactions and it isn’t hampered by snail mail. That means finance teams in real estate, sales, and banking can close loans in significantly less time, even if the local office is temporarily closed.

Of course, the job’s not done when a loan is signed and accepted. SaaS companies are also helping finance teams to manage these e-loans efficiently by building time-saving automations into the software. Think of it like cruise control for banking, so you can focus more time on other parts of your business that require human interaction.

Team communication

Slack serves as a virtual office for remote teams, enabling group or one-on-one communication between colleagues and facilitating immediate access to news and feedback.

Slack is best known for its communication service. However, it also allows you to produce alerts about feedback or new product reviews and automate progress and business activity reports with added plug-in apps.

A Clutch study shows that 44% of workers in the United States are working remotely at least five days a week due to the pandemic.

The features promote engagement and focus among employees in everything they do and allows them to also focus on the company’s collective goal. Slack allows users to create chat groups called channels. Individuals can use GIFs or emojis to convey their emotions to their colleagues, which is vital, especially in these difficult times.

Cloud-Based Storage

You can get work done from the comfort of your home by utilising cloud-based storage solutions like Google Drive, Microsoft OneDrive, DropBox, and more.

Some of the best features offered by Google Drive for remote work on its free version include 15GB cloud storage, 10GB email for large files, and working on spreadsheets and documents offline. It also offers optical character recognition, professional templates, control access to files, and customisable sharing settings.

Google Drive is compatible with nearly everything, including Microsoft Office, so you do not have to convert files. While you can use the free version comfortably, upgrading to your desired package offers more cloud storage, which is vital for professionals who work with large files.

Project Management

Managing a project can be a daunting task that may become much harder if your team works remotely. However, project management solutions like Monday allow you to manage your work and team in one workplace, ensuring effortless tracking, delivering, and planning. While it offers hundreds of customisable and visual templates, you can also develop your own to suit your preferences and needs.

Through automation, you can avoid repetition and minimise human error, allowing you to focus more time on handling essential tasks rather than correcting avoidable mistakes. Monday lets you visualise your work with views in the form of a calendar, map, kanban, timeline, and many more. You can reach the company customer support team at any time and even watch their tutorials, join every day live webinars, or go through the knowledge base.

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Video Conferencing

Zoom became a popular mode of communication when the pandemic became widespread. People had to stay home, so they started using Zoom because it offers an easy and reliable cloud-based platform for audio and video conferencing. You can use it to host an online meeting or as an instructional webinar tool.

While a free account accommodates 25 participants in a single meeting, you can add more people depending on your subscription. It comes with screen sharing, which aids in resolving issues and makes it easier to show and discuss different processes visually.

Conclusion

Since the pandemic thrust many people into remote working, workers have learned to rely on SaaS solutions to perform their duties. These tools have made the transition to remote working less challenging.

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Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
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