Businesses today are seeking more from the people who handle their accounts above just the delivery of the numbers. Whether that is from an in house or outsourced finance team via an external accountant. Historically the statement of profit and loss has been the primary deliverable from such finance teams. Business owners and management teams are now looking to understand what else this information has to offer over and above the standard view of a business’s profit. As such the role of finance business partnering has organically come to the fore filling this gap and expanding on the work of a traditional accountant.
Finance business partners use information that is provided by a finance function to interpret and explain the numbers. The finance business partner will use their insight to advise on key business planning. Will look at risks and opportunities to the business all supported with financial analysis.
A finance business partner will also challenge the leadership team of the business regarding its strategy. They will identify if the numbers support the current financial structure. If the structure is not supported they will identify areas which need focus, then put forward possible solutions in order to deliver the vision of the business. They are also someone who uses their insight and understanding of finance to aid the business owner and/or management team to make informed decisions. To help the management team understand the financial information. To provide support and guidance to enable that business to improve its performance.
If you think you may need a finance business partner to give you better insight into your numbers then please contact Whittock Consulting on 01225 585756 or [email protected]