Posted by Amy Bell on Wednesday, May 27, 2015 - 06:00
As any seasoned business executive will tell you, a current organizational chart is essential to any team’s success. An org chart is a visual representation of your finance department’s structure that provides employees with an immediate understanding of their roles and responsibilities as well as how they fit into the organization. These charts also help managers effectively plan for their staffing needs.
In today’s digital age, mapping out your finance department is easier than ever, thanks to an increasing variety of org chart software options available on the market.
Carefully chosen org chart software enables managers to more easily restructure their finance department. Here are just a few of the advantages of org chart software:
It allows the manager to strategically structure their finance department to meet the organization’s overall mission and objectives.
It clearly defines the function and role of every team member, which sets the stage for understanding accountability.
It clarifies the working relationships between multiple executives and managers — especially important in today’s finance world, where roles are rapidly evolving.
It creates a sense of transparency, which can prevent friction or misunderstandings in a finance department.
It allows managers to pinpoint and correct issues like overlap of responsibilities, redundant positions or employees with excessively heavy workloads. As a result, it helps managers determine whether additional staff are needed.
It educates staff members about who might serve as a resource for them on a particular matter.
An array of options
When it comes to org chart software, finance managers have an ever-growing range of product options. Here are just a handful of popular org chart solutions:
Microsoft Office: Excel, Word and PowerPoint all include a SmartArt graphic feature, which enables you to build an organizational chart.
Edraw: This org chart software offers pre-drawn examples or templates, more than 6,000 symbols and automatic layouts. With Edraw, you can add photos of each staff member to the chart and access searchable employee information, including diversity data, headcounts, compensation figures and more. You can also link your org charts to Excel, web pages or notes.
Visio: With this more advanced Microsoft tool, you can design sophisticated, highly detailed diagrams including up to 1,000 shapes. Visio also includes a “wizard” that allows you to create an organizational chart from existing data stored in Excel or Microsoft Exchange Server files. With the conditional formatting feature, you can easily color-code your information based on parameters you set.
Lucidchart: This web-based solution allows you to quickly plan the structure of your finance department with a user-friendly drag-and-drop functionality. You can also upload photos to accompany names and positions and easily share org charts with other staff members through the real-time collaborative feature. You can log in any time to make changes, and the updated chart is automatically shared with collaborators.
With the right org chart software, managers can effectively plan their finance department and provide employees with a clear understanding of their roles and responsibilities.
Does your finance department use org chart software? Share your experience below.