The finance function is evolving to meet growing demands from the business and is increasingly expected to take on a value-added, ‘business partnering’ role, to help other parts of the business improve their analysis and decision-making.
According to a recent report from Deloitte – 83% of organisations want to increase the time spent on Finance Business Partnering over the next three years.
The digitalisation of the sector has moved finance professionals away from retrospective reporting at month or quarter-end, to providing real-time or prospective updates that help drive sales, profit and growth targets.
As a result, business departments are eager for the support of finance professionals who understand the objectives of the business and can analyse real-time statistics to support their decision-making.
In fact, our recent poll found that 20% of business leaders stated that it is critical that their entire finance team has a commercial understanding of the business – not just senior leaders.
Informing Business Leaders
Finance business partnering begins after standard reports and analysis has been produced. At this point the focus then shifts from accounting to management. This is when the disciplines of management accounting are applied in the business and insights developed to inform decisions and improve performance – whereby risk assessment & analysis (36%), research & reporting (24%), and communication skills (23%) are the most sought-after skills to enable true business partnering.
Providing effective finance business partnering is still proving to be a challenge for many businesses – where 48% of business leaders state that the key skill is in having leadership & problem-solving skills.
To tackle this gap, CFO’s and hiring managers need to look beyond the core skills expected of a finance professional and consider general experience at a decision-making level and ability to communicate complex information succinctly.
Top 7 strategies to improve finance business partnering*:
Director, Finance/Controller Salaries 2023
Explore the average range of a Director, Finance/Controller salary Developed in partnership with a market leading data provider, we assessed over 100,000 jobs posted over the last 12 months, to provide you with accurate data points on Canadian salary ranges, averages and expectations for permanent,Read More
Job Title Inflation: Say Hello To The New Entry-Level Head Of
+50% increase in senior-sounding job titles in the past year in Toronto 51% of Gen Z’s expect annual promotion 45% of young workers do not see managing someone else as an indicator of seniority 42% of Gen Z’s believe their ‘ideas’ are their strongest asset Over a quarter of employers believe young wRead More
Boomerang employees: three quarters open to returning to pre-Covid employer
Is this the solution to Canada’s talent shortage? 95% of managers open to ‘boomerang employees’. 79% considering returning to pre-Covid employers after realising ‘grass wasn’t greener’ 95% of managers would considering hiring a previous employee 23% admit to having already reached out to previous emRead More
Come join our global team of creative thinkers, problem solvers and game changers. We offer accelerated career progression, a dynamic culture and expert training.