What Is a Finance Business Partner?17 May, 20231-2 minutes
A Finance Business Partner is a finance professional who works closely with business units or departments within an organisation to provide financial insights, analysis, and guidance that support strategic decision-making and drive business performance. They bridge the gap between finance and the operational side of the business, acting as a trusted advisor and strategic partner to senior management and stakeholders.
In our latest insights piece, we delve into what a Finance Business Partner is, what the role entails and how they can help a business to grow to the next level.
Role of a Finance Business Partner
Finance Business Partners are Accountants that will work closely with a business to assist with their financial strategy. They analyse a business’ financial performance, helping them to better understand their financial situation. From these analytics, a business will be able to make better and more informed decisions about their budgets and spending.
A good Finance Business Partner will be exactly that, a partner, working in collaboration with the management team working towards the same goals. Their insight should help a business to identify both opportunities and risks, building sound and solid financial strategies for the business.
What skills do they bring to a business?
Finance Business Partners bring a unique skillset to a business to help them achieve their financial potential. The support they offer to a financial department is invaluable.
Because of the level of understanding and acumen they bring to the role, Finance Business Partners use a range of skills to creatively solve even the most complex of financial problems. Often working independently, they can take ownership of a situation, identify the root of a problem and quickly go about providing solutions that will make an immediate positive impact.
Finance Business Partners excel in analysing complex financial data, identifying patterns, and drawing meaningful conclusions. They possess strong problem solving skills, allowing them to identify issues, assess alternatives, and provide strategic solutions that address financial challenges and drive business performance.
A successful Finance Business Partners will help a business to redefine their financial strategy to provide more profitability for the future.
Finance Business Partners have a strategic mindset and can align financial objectives with the broader organisational strategy. They contribute to strategic planning, assess financial implications of business decisions, and provide input on long-term financial goals. They proactively identify opportunities for growth and improvement, anticipating future challenges and developing strategies to mitigate risks.
Finance Business Partners must possess excellent communication skills to effectively translate financial information into clear and actionable insights for non-financial stakeholders. They must communicate complex financial concepts in a concise and understandable manner and be skilled at influencing and building relationships with business leaders, fostering collaboration, and gaining buy-in for financial recommendations.
Because they need to communicate with all departments of the business, Finance Business Partners encourage better collaboration with key stakeholders and decision makers in each department they work with.
Their work will have a big impact on the operations of a company, so they work hard to get buy-in from all departments, getting consensual decisions across a business for a better financial performance.
This collaborative approach is hugely beneficial for a company. Their ability to motivate and persuade is important, especially when it comes to relaying difficult financial truths that can be hard to swallow.
Adaptability and Continuous Learning
Finance Business Partners thrive in dynamic environments and adapt quickly to changing circumstances. They embrace new technologies, tools, and methodologies to enhance their financial analysis and reporting capabilities. They stay updated on industry trends, regulatory changes, and emerging best practices, continuously expanding their knowledge base.
Why should a business hire a Finance Business Partner?
Finance Business Partners add value to a business. Their specialist skills and capabilities in collating complex financial information and data, then presenting it to internal teams in an easily digestible and persuasive way, can have an almost instantaneous and tangible impact on a company’s financial performance.
Finance Business Partners can build and implement complex and detailed financial models. These models essentially simulate the impact of a strategy and predict the future outcomes so a business can clearly see the impact of actions before taking them.
A business should effectively be able to see into the future and be better equipped to recognise opportunities, threats and trends early, enabling them to accurately forecast and manage cash flow.
Finance Business Partners can provide a level of financial analysis and critique to a business that simply wasn’t previously possible.
By utilising the aforementioned financial models with accounting and data visualisation software, they gain a deeper understanding of how a business operates. Combine that with exceptional communication and high business acumen and you get a high-definition financial picture of a business that you’ve never seen before.
The detailed analysis and data collection that a Finance Business Partner brings to the table doesn’t just give them a clear picture of where a business is at financially, but also indicates what they need to do for the future.
By avoiding the pitfalls of the past, a business can eradicate potential problems of the future. Finance Business Partners handle the difficulty and ambiguity of the financial world, so a business doesn’t have to.
Latest Finance Business Partner jobs at Spencer Clarke Group
If you’re searching for your next Finance Business Partner job, why not take a look at all the vacancies currently available in accountancy practices across the UK?
Who is Spencer Clarke Group?
Since 2017, we've been changing the face of recruitment. From our employees, to the way we do business, to the culture within our office, we're determined to make a difference and create a positive impact on everyone around us.
Recruitment to us isn't just about matching candidates and clients; we’re passionate about finding candidates the perfect job which has the ability to boost their salary and standard of living, better their work life balance and improve their mental health.
Similarly, we understand the impact which an experienced and skilled employee can make to a business and we love seeing clients thrive through the hard work of candidates which we have placed with them.
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