Finance is an incredibly complex and exciting area of business that requires a variety of different skills and experience to be successful in it. Examples of how these various business partnering relationships work: A finance business partner may work with a business head to assist with the creation of specific key performance indicators (Kopis) or how specific economic currency rates are determined. Another example is when a finance business partner provides their services to finance managers who are in charge of operating the day-to-day operations of finance departments. In this role, the finance business partner would work with financial management reporting. They would also assist with analyzing the profitability and efficiency of the finance department.
Many finance business partners are independent contractors; however, they can also work as part of a larger company as an information technology, finance, accounting, or marketing administrative specialist. In general, finance business partners provide general accounting services for their own business units, but they can also provide specialized accounting and finance services for other business units. Some examples include specialized software programs to track finance related activities. Finance business partners can also provide support for finance operations, budgeting, cash flow analysis and forecasting, and investment and risk management. The overall responsibility of the finance business partner is to ensure that the finance department is sustainable and profitable. Some examples of finance business partners who may be providing specialized finance services include: real estate professionals, law firms, investment banking firms, and insurance companies.
One of the most critical aspects of becoming a successful finance business partner is the ability to work effectively with others. Both individually and as a team, effective finance business partners must work closely with the finance department and ensure that all areas of the business are thriving. Successful finance business partners are able to have a positive impact on their business’s revenue, clients, profits and ultimately the company itself. With the right team members and a sense of urgency, a finance business partner can help his or her organization achieve greater success.