Keeping Finances Healthy: How to Properly Run a Remote Team
Although we’re currently going through such unpredictable times, the circumstances have brought us in the midst of a flexible workplace. It’s a revolution, to an extent, as most employees now work in the comfort of their own homes. Remote work has always been a concept, but its growth has accelerated following the pandemic, and experts suggest that companies around the world may end up adopting the pattern permanently.
The benefits of working remotely are undeniable, especially when it comes to the employee’s side. There will be no more need for the commute to work, and most can enjoy a schedule that caters to their needs. Employers, on the other hand, can save on costs like rent, supplies, and other items essential to normal business operations.
Benefits aside, remote works have not only a different set of skills, but they also have different needs. If you wish to test the waters of a remote workforce team, make sure to keep these three financial tips in mind:
What you need to know: The right talent always values results
In today’s modern work environment, micromanaging does not work. It decreases employee morale, lowers productivity, and overall intercedes with the business functions. In the remote work environment, choosing to micromanage will be nearly impossible. The key to successful remote work business is to trust your employees—and to get there, you need people who value results.
As a leader, you need to be comfortable with setting goals. That comes with holding your people accountable and letting them realize that as a team, you all have a responsibility to deliver what needs to be done. They have all the time in the world to work while doing laundry or cook lunch as they type away, but at the end of the day, the goals must be met.
While it may sound too good to be true, managing correctly comes easier when you find the right team for it. Working from home comes with plenty of distractions, but it’s always the best people who know how to deliver despite it. This way, you make sure that you get value for your resources—the right talent is always the right investment!
What they need from you: Correct employee documents
As an employer, you need to comply with laws and regulations. Your hired remote employees also need to have certain documents in your records, as they are essentially a part of your business, despite the current set-up. That said, keep these documents on file:
Form I-9: Shows that your employees are legally authorized to work in the United States.
Form W-4: Depicts your employee’s federal income tax withholding.
Whether you wish to hire remote workers temporarily or permanently, these employee documents need to be present. Make sure that you double-check your records, ensuring that the documents are applicable to each employee.
If you have the option, consider getting a platform that allows you, future employees, to fill out these necessary forms. It needs to be digital and secure, ensuring that all files remain protected and properly stored.
What you can do to keep both parties happy: Pay them what is due
With your documents ready and the right talent to keep your business up and running, the next step is to keep them engaged and interested. Little benefits, such as bonuses and rewards, can help solidify your employer-employee relationship. This will help your team feel appreciated, no matter where they are in the world.
If you’re working with a team from various countries, make sure to look into what office perks they can enjoy. A gift card would be best, along with cash bonuses to reward them every month based on their performances. By keeping them happy and engaged, you ensure a productive and flowing work environment—just make sure to keep your records clean and organized!
Handling Your Business Finances Better
Hiring the right remote team members is the key to your business success, but delivering your end of the bargain is also part of the equation. Ensuring that you have employee records neatly organized is crucial, as this helps you keep up with the perks, pay, and benefits they need to receive. Your main goal is to allow your business to thrive, but the reality is that investing in your people gets you on top—no matter where they are in the world.
That said, why not welcome another team to your coaster of remote employees? From everything discussed, a huge chunk of your business operations relies on managing your accounts. Why not let Totally Booked streamline your financial processes? We offer you the best bookkeeping services in New York, ensuring that all your accounts remain organized. Reach out to us today!