Businesses today face volatile markets and uncertain futures. They feel more vulnerable about the financial risks they face. For these reasons, more organisations are choosing to hire a finance business partner.
Finance business partners are increasingly becoming more popular with companies around the world. These sought-after finance professionals are individuals who provide strategic insights and drive performance while helping their companies scale.
In this article, we’ll take a look at what a finance business partner is and what the position entails, along with the skills needed to excel in this position.
What is a Finance Business Partner?
A finance business partner is a finance accountant who works closely with other departments in the company. They offer real-time support and analytical input to their organisations. They also become a trusted advisor and provide value and insight to the decision-making process.
These individuals are senior members of the company who are responsible for the financial security of their businesses. In other words, they oversee the financial health of a company. Finance business partners help their organisations identify and mitigate the risks they face.
What Does a Finance Business Partner Do?
The finance business partner works with various departments to develop an in-depth understanding of the company’s finances. Their role can include analysing financial reports, talking with team members, and gathering data. They are also responsible for updating stakeholders, making changes, and keeping records. They are responsible for keeping the business financially stable.
Finance business partners must be aware of and involved with the financial decision-making process of the company. They work to ensure their companies stay ahead of the competition, identify risks (and potential risks), and create new strategies to see their company succeed.
What are the Responsibilities of a Finance Business Partner?
Finance business partners have several responsibilities, including everything from administrative tasks to presenting financial reports. They may work remotely, at the company headquarters, or in the finance department. On any given workday, they may be responsible for the following:
- Analysing financial reports
- Attracting investments
- Building partnerships
- Implementing commercial goals
- Meeting financial targets
- Delivering insight into business strategies
- Business performance monitoring
- Updating stakeholders
- Driving operational changes
- Identifying business risks
- Improving financial reporting
What are the Benefits of Finance Business Partnering?
Finance business partners have the ability to transform a business by maximising stakeholder value and return. They can help a company achieve its goals, and they can provide new insights for their businesses. Gaining investments can be essential for scaling a company.
These individuals also build relationships with key stakeholders throughout the business. This, too, is essential for effecting company-wide changes and solving problems quickly.
Essential Responsibilities of the Finance Business Partner
One of the most important responsibilities of the finance business partner is their ability to build relationships within the company. The key is to build trust throughout the organisation and ensure everyone is aware of the company’s goals.
Finance business partners are also responsible for maintaining strong relationships with stakeholders and decision-makers in the company. They must learn to listen and negotiate, all while managing the company’s accounts.
These individuals are experts at seeing the larger picture, in addition to the detailed steps needed to achieve the company’s goals. They offer financial advice and support to stakeholders within the business.
Finance business partners also need the ability to turn data into insights. They look for patterns when taking a deep dive into data. The aim is to find new insights and create a clear picture of an organisation’s financial standing. They also work to find new opportunities to scale and diversify.
In addition, finance business partners also have the skill to turn data and numbers into actionable steps and valuable information. They have the ability to create a clear picture of the company’s standing and make it understandable for those who are not in finance.
Their skills include the following:
Communication: this is a major part of the finance business partner’s job. They must turn data into concise, effective information for non-finance stakeholders.
Networking: finance affects every part of the business, so the finance business partner must be able to create strong relationships with everyone in the company.
Drive change: they also need the ability to drive change, always searching for ways to improve business processes and productivity.
Determination: driving takes a certain amount of determination; implementing change can be challenging and takes determination in the face of employee resistance.
Prioritising: the finance business partner usually has to deal with several projects at one time. So, they need the ability to prioritise those projects that are more important.
How to Choose a Finance Business Partner
Businesses are searching for a finance business partner; however, they must focus on those qualifications that are essential for the role, including the following:
- Excellent communication skills
- Business and industry knowledge
- Decision-making skills
- Problem-solving skills
- Industry experience and expertise
- Entrepreneurial skills
- Data analysis
- Leadership skills
- Presentation skills
- Attention to detail
- Negotiating skills
In addition, a finance business partner must be a qualified accountant who works closely with the business and ensures compliance with financial regulations. They also provide a link between management and financial departments within a business.
Finance business partners also require people skills and a deep understanding of finance and accounting. They must have the ability to conduct industry analysis and ensure the business is planning with long-term, achievable goals.
What is the Finance Business Partner’s Role in a Business?
The role of a finance business partner is one that’s strategic and is best for those who love to work in a range of environments. The successful finance business partner doesn’t hesitate to take the lead on several projects and incentives in the company.
They report directly to senior executives, so this role carries many responsibilities and opportunities to effect changes. The individuals take a proactive approach and present information clearly to every level of the company.
In addition, many businesses hire a finance business partner if they are facing new challenges or threats. The experienced finance business partner can offer a new perspective and look deep into the company’s financial history to find weaknesses or opportunities.
They can affect major changes across the company and improve efficiencies, identify savings, and find new ways to operate.
Summing It Up
The finance business partner plays a key role within an organisation. They must have accountancy acumen and the ability to communicate across the entire business. These individuals take a proactive role in improving a company’s financial standing and enable changes and strategies to scale their organisation into the future.