A financial business partner should be both an excellent project manager and a creative thinker. This is a role that requires both a beginner and a coordinator. Many people in the business world have worked to discuss, define and understand what the financial trading partner is, to the point where most opinion leaders agree. This is important because the job description we started with explains what is expected of a financial business partner and how they do it. The term serves as a common flag or banner under which we can all unite; regardless of geography or culture. Ultimately, there are three skills that a financial business partner needs. Data analysis, presentation and resilience. However, this specialist role requires more than these basic skills to excel in this role and lead your business to informed financial decisions. These eight skills and six mindsets, based on my experiences and conversations with other CFOs, are at the heart of successful business partnerships and are essential for emerging finance partners. A financial business partner is a consultant to management and board members and an important decision-maker on investment, budget or revenue. Master your role, transform your business, and leverage an unparalleled network of peers with our world-class virtual and in-person conferences. Those working in a business partnership role need to have the right combination of data and communication skills for the relationship to work smoothly.
Developing interpersonal skills as well as a deep understanding of the company`s overall vision and mission are potentially the greatest benefits a business partner can possess. What companies expect from finance is changing rapidly. Financial counterparties can provide comprehensive financial advice, support and ideas for large projects and contracts in a range of products/departments or services, advise on financial strategy and the impact of proposals on revenue and capital, ensure that interdependencies are identified and understood, that financial risks are identified and that precautions are taken. As an example, a financial business partner who understands the broader goals of the business and appreciates the changing market landscape will be able to work with the CEO and business unit heads to determine the key success factors in each industry. This leads the financial counterpart to a common understanding of the key figures to be followed and their calculation. Most financial business partners start as data analysts, financial advisors, or accountants with a bachelor`s or master`s degree in these fields. A keen eye for interpreting data and communicating it in simple terms is essential for anyone who wants to pursue this career. Typically, financial business partners have 5 to 10 years of experience in their industry, although executive advisors and senior management employees often have more than 15 to 20 years of specific industry experience. This is to a large extent a strategic role. Information and reports are just the tip of the iceberg.
What really matters is your ability to recognize the value of the information you provide and inspire others to use it. Successful financial counterparties must have a rare mix of skills. You need to be able to always see the big picture while helping to implement procedural changes. The technical skills required for the role are quite common in finance teams. It is the interpersonal qualities and dynamism required in financial business partner jobs that will set you apart. The leadership hats I wore at Walt Disney Southeast Asia (and in the companies I worked for before Disney) – including business operations, sales and distribution, general management, strategy and business development, and of course my favorite area, finance – convinced me of the difference such a partnership can make for the company and even for one`s own career. The role of a financial counterparty requires different skills than the traditional back-office function of finance. To answer the question posed in the title of this article: “Is the financial counterpart an employable role?” The answer is yes. We need someone who can build respect, influence and strong relationships across the organization. AND we need someone who can lead strategic projects and get results. AND we need someone who has a strong background in accounting.
AND we need someone who has the ability and willingness to dive into data. AND we need someone who can explain accounting terms to non-accountants. AND we need someone who is naturally inclined to work between business units and departments to establish close relationships, real and active partnerships with operations and management. AND we need someone with a natural curiosity and a continuous improvement mindset who understands the skills and knowledge that are in demand today. AND we need someone who is comfortable with strategy formulation, negotiations and decision support. AND we need someone who understands data models, productivity tools, and business intelligence solutions. AND we need someone who can take the lead in business analysis. whether to optimize current data models and tools or to be able to recommend and implement new ones. Promote financially informed business decisions across your organization Overall, finance is not just about looking at data and formulas, but also about understanding and testing the assumptions that underlie management`s views and ensuring that the goals pursued are consistent with the company`s strategy. Financial counterparties do not always work with senior management, but can be divided into specific departments and present their results at meetings for non-executive employees, depending on the size of the company. How would you even start putting a title on this set of requirements and expectations for the role? Senior Accountant? Too restrictive.
Project manager? Not technical enough. Treasurer? Too high a level. Financial analyst? Perhaps, but what about the leadership aspects? IT analyst? Not enough emphasis on industry knowledge. Where can one find an accountant with charisma or sales skills? As a result, the role that finance plays within organizations has had to react. Many back-office functions have become increasingly automated, creating a different role. Financial partners provide targeted strategic information about each department of a company. They base these results on analyses of operational performance, industry dynamics, macroeconomic trends and the competitive landscape. The responsibilities of a financial trading partner include: To explain in more detail the role of the financial trading partner, let`s talk about what it is not. This is not an entry-level position.
The level of experience and responsibility will be that of a manager. Several years of experience (at least five) and a variety of roles in various aspects in a company are expected as the minimum threshold. The financial business partner is a role that is demonstrated and not proclaimed. Jim, the accountant, is not suddenly Jim, the financial business partner, because he wanted to rename himself after a one-day workshop. .