3 Ways Training Can Protect Your Business Finances

Training employees will make them feel valued but also helps to expand their skill set, which could benefit the company in many ways, including the financial aspect. 

When employees are knowledgeable and well-trained, they will be more confident performing their jobs. They will be more motivated to come to work and be productive with their tasks. Moreover, “upskilling employees” is cheaper than hiring new staff and training them. Employee training will not only help to retain employees, but it can also save the company some money.

Aside from employee retention, there are many other ways training can protect the company’s financial aspect, and here are some of them.

  1. Learn to Protect Against Money Laundering

Anti-money laundering training is essential in helping companies meet their regulatory obligations and prevent the negative impact of money laundering on the company, its customers and employees, and the economy and society. Serious organised crimes cost the UK billions each year, so it makes sense why the government is very serious about reducing them. They have implemented money-laundering regulations to reduce these crimes and make it more difficult for criminals to manipulate the financial system and launder their ill-gotten wealth. Secondly, these regulations enable the authorities to recover any proceeds from crime and acquire financial incentives.

However, to successfully fight money laundering, both the private and public sectors must work together. Otherwise, the regulations will not be effective. Although this goal is something to be applauded, it still means that regulated businesses should comply with laws and regulations that will continuously evolve at a pace requiring constant vigilance and flexibility.

Anti-money laundering training aims to make employees understand how terrorism financing and money laundering could affect the company and the company. It also helps to ensure that organisations can comply with the relevant regulatory obligations. The training also teaches employees how to identify risks of money laundering and terrorism financing and implement sturdy procedures and policies to save the company from negative impacts.

Companies must ensure that the AML (anti-money laundering) programme reflects the company and how the business operates. Many companies would rely on external consultants that can put together an AML policy and procedural framework that does not reflect the firm’s day to day business activities. Everyone in the organisation should be able to explain how the company, along with its products and services, are most at risk from money laundering and other types of financial crimes. In the same way, everyone must be clear on how to respond to any unusual activities and assess if such activity will be a cause for concern or possibly suspicion.

  1. Learn to Reporting Better

Businesses must be smart about financial reporting and audit to minimise expenses. Expense claims can be automatically monitored for financial reporting, including aggregating spend data, custom reports, and dashboards across various channels. The data gathered can be used to determine any issues, identify trends, and prioritise resources.

Milage can be somewhat difficult to track accurately. Using automated mileage-capture solutions can help employees and businesses document the distance they drive and accurately report this in their expense claims. To check financial tracking and ensure adherence to policies, company managers should devise comprehensive audit processes according to SAP Concur. This can help managers develop effective spending reports to identify trends and highlight errors and compliance issues.

The main purpose of a financial audit is to add credibility to the performance and financial position of the company. The U.S. Securities and Exchange Commission has required all publicly held entities to file audited annual reports. In the same way, lenders require an audit of the company’s financial statements before they can lend funds. Company suppliers might also require audited financial statements before offering trade credit, although this will only apply if the amount of credit being requested is substantial.

Auditing will require examining the company’s financial statements and accompanying disclosures performed by an independent auditor. The result will be the financial report, attesting to the fairness of the presentation of the financial statements. Moreover, the report must also come with the financial statements before issuing it to the intended recipients.

  1. Learn to Implement Organisational Governance

Organisational governance refers to how an organisation makes and implements decisions to pursue objectives. It includes management processes designed to deliver company objectives while considering stakeholders’ interests.

Employees must be taught how to implement organisational governance through online compliance training. The training is also aimed at company team leaders. It will discuss the meaning of governance in financial management and finance. The course begins by looking into what organisational governance is all about, including compliance, along with clear definitions in finance, especially how it relates to financial management and an organisation’s financial controls and accounting systems.

The training module will review the key stakeholders in compliance and financial governance, including lenders, managers, suppliers, investors, and regulatory authorities. It also describes how successful and effective organisations must demonstrate effective governance by implementing financial management controls and adhering to financial reporting guidelines. Effective financial reporting should include income statements, balance sheets, and cash flow statements. All these documents present a true and fair assessment of the organisation’s overall financial performance.

The basic concepts of accounting governance will also be described, including accrual, reporting frequency, materiality and aggregation, comparison, consistency, and accuracy of record keeping. The training module will also provide examples of associated documents. Finally, the module will include reviewing internal and external financial audits that will require an in-depth examination of an organisation’s financial records, procedures, and processes.

At the end of the training, participants will be able to describe the purpose of compliance and governance in finance. They will also learn how to identify the compliance and governance processes relating to financial reporting, record keeping, dealing with income, and audits. After successfully completing the course, participants will be given a certificate that they can immediately download and print upon completion of the training. It takes approximately 30 min to complete, depending on the participant’s learning speed.

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