The global pandemic has accelerated the trend of remote work, as more and more companies have shifted to a distributed model of operations. According to a survey by PwC, 83% of employers say the shift to remote work has been successful for their company, and 55% of employees would prefer to work remotely at least three days a week even after the pandemic is over.
Now, the digital revolution has unarguably made managing remote teams easier. But the surge in remote working, especially in sectors with strict deliverables like accounting and finance, has emphasized the need for more sophisticated tools. Accounting and finance firms, in particular, need to coordinate with clients, partners, and regulators in various locations and ensure the timely and accurate delivery of services.
Working with remote teams across different time zones can lead to issues such as communication gaps, scheduling conflicts, missed deadlines, and reduced collaboration.
Fortunately, there are some digital tools that can help accounting and finance firms keep track of their employees’ local times and manage their remote teams more effectively. In this article, we will review some of the best tools for managing time zone differences and provide some tips on how to use them.
Understanding the Complexity of Remote Teams in Accounting and Finance
Before diving into the digital tools that have become indispensable for remote teams, it's crucial to understand the unique challenges faced by accounting and finance firms. Unlike sectors, where deliverables can often be more fluid, accounting and finance, are bound by strict deadlines, whether it's for closing books, quarterly reporting, or tax computations.
Here's the dilemma: Imagine having a remote team with members in New York, Spain, and India. While it's morning for one team member, it might be late evening for another. Organizing team meetings, ensuring everyone is available during crucial decision-making times, or simply respecting someone's personal time becomes a Herculean task. Thus, the need for digital tools that aid in tracking employees' local times cannot be understated for accounting and finance firms managing remote teams.
Why Traditional Calendars Don't Suffice
The conventional digital calendars were built for a different era - an era where most of the team members sat across from each other. They aren't inherently tailored for remote teams. Simple tasks, like finding a suitable time slot that works for everyone, can become time-consuming and error-prone. This is where specialized tools come into the picture.
Integration with Accounting and Finance Platforms
For accounting and finance firms, just tracking time might not be enough. Seamless integration with other tools they use daily can enhance efficiency. Fortunately, many digital tools designed for remote teams offer integration options with popular platforms like QuickBooks, Xero, and Microsoft Teams. This ensures that when scheduling tasks or meetings, managers can also access relevant financial data, ensuring informed decision-making.
Digital Tools Catered for Remote Teams
There are a plethora of tools designed specifically for remote teams in today's market. These tools not only show the local times of team members but also provide additional features tailored to the unique challenges posed by managing dispersed teams.
World Time Buddy
This is a user-friendly web application and Chrome extension. With a simple drag-and-drop interface, you can juxtapose time zones, making it easier for managers to schedule meetings or set deadlines that respect everyone's working hours.
You can create custom lists of locations that you frequently work with and see them on a color-coded grid that shows the current time, working hours, and daylight saving time changes. You can also sync your Google Calendar or Outlook Calendar with World Time Buddy and see your events overlaid on the grid. You can also use the tool to send meeting invitations or reminders with the correct time for each recipient.
World Time Buddy has a free plan that supports up to four locations and a premium plan that supports up to 20 locations.
Spacetime
Tailored for remote teams, Spacetime is a bot that integrates directly with Slack. It not only displays each team member's local time but also indicates their working hours, ensuring you don't disturb someone during their off hours.
Spacetime also lets you schedule meetings and will automatically adjust the time for each participant. You can also use Spacetime to send messages or notifications to your team members at a specific time in their local time zone. For example, you can use the command “/spacetime remind @john at 9 am tomorrow to submit the quarterly report” and Spacetime will send John a reminder at 9 am in his local time zone.
Calendly
This is an online scheduling tool that helps you book meetings with your clients or team members without the hassle of back-and-forth emails. You can set your availability preferences and share your Calendly link with anyone who wants to schedule a meeting with you. Calendly will automatically detect the time zone of the person who clicks on your link and show them your availability in their local time.
They can then choose a convenient time slot and book the meeting with one click. Calendly will also send confirmation emails and reminders to both parties and sync the meeting with your calendar of choice. Calendly has a free plan that supports one event type and a premium plan that supports unlimited event types.
Advanced Tools for the Accounting and Finance Sectors
Timely
Beyond just tracking time zones, Timely offers automatic time tracking. Especially for accounting and finance professionals who bill by the hour, this tool can ensure accurate invoicing and provide insights into how time is spent.
Timezone.io
Designed for remote teams, Timezone.io allows for easy visualization of when team members are working, ensuring that everyone knows the best times to collaborate.
Microsoft’s FindTime
For firms heavily invested in the Microsoft ecosystem, FindTime can be an excellent addition. It integrates with Outlook and helps find the best times for meetings across time zones.
Beyond Time Management: Building a Cohesive Remote Team Culture
Merely keeping track of local times won't ensure effective management. Remote teams, especially in sectors like accounting and finance, need to build a culture of trust, transparency, and open communication. After all, effective team management isn't just about scheduling meetings but ensuring that every team member feels valued and heard.
Using digital tools tailored for remote teams offers a dual advantage. First, they simplify the logistical challenges posed by different time zones. Second, by ensuring everyone's personal time is respected, they lay the foundation for a work culture that values work-life balance, thereby enhancing team satisfaction and productivity.
The Importance of Flexibility for Remote Teams
As accounting and finance firms increasingly rely on remote teams, the concept of flexibility has taken on a whole new meaning. Remote doesn't just imply working from home but represents a profound shift in how work is approached. Embracing this new paradigm requires more than just tracking local times—it calls for a deeper understanding of individual working preferences and lifestyles.
Best Practices for Implementing Digital Tools for Remote Teams
Prioritize User Training: As with any new tool or platform, ensure that all team members understand how to use the time management tool effectively. Offer training sessions, and make resources available for those unfamiliar with the technology.
Encourage Feedback: Remote teams thrive on communication. Encourage members to provide feedback on the tools being used, as this will help in adapting and making necessary adjustments for maximum efficacy.
Integrate Time Management with Task Management: Several digital tools for remote teams offer integrations with task management platforms. This feature can be invaluable, allowing team leads to assign tasks with respect to both the project's requirements and the team member's local time.
Stay Updated: The tech landscape is always evolving. Regularly review and update the tools you use, ensuring you're providing the team with the best available resources.
Building Resilience and Reducing Friction: While the right tools are a pivotal part of managing remote teams, it's equally essential to build a resilient team culture. Digital tools can help reduce the friction that inevitably arises from working across different time zones. But, fostering a sense of belonging, promoting understanding, and emphasizing the importance of clear communication can go a long way in ensuring remote teams' success in the accounting and finance sectors.
Final Thoughts
Managing remote teams in accounting and finance is no easy feat. The precision and timeliness required in this industry make it crucial for firms to invest in the best tools and practices. By prioritizing team members' local times, not only are firms respecting personal boundaries, but they are also paving the way for improved efficiency, collaboration, and overall job satisfaction.
It's clear that the trend of remote working isn't just a fleeting phenomenon—it's here to stay. As such, it's imperative for accounting and finance firms to stay ahead of the curve. By leveraging the power of digital tools designed specifically for remote teams, these firms can ensure that they remain at the forefront of both technological innovation and employee satisfaction. As the world becomes increasingly interconnected, those who adapt will be best positioned to thrive in this new era of work.
