What Is a Finance Business Partner?
17 May, 2023
What Makes a Good Finance Business Partner?
30 Jun, 20231-2 minutes
In this blog, you will learn:
- What a Finance Business Partner is
- What makes a good Finance Business Partner
- How a Finance Business Partner can be beneficial for business
- How to find the latest Finance Business Partner jobs
Finance Business Partners work in collaboration with a business to help with its financial strategy. They bring a range of benefits to a business that can help boost its financial performance providing clear, concise evaluation of a business’ financial performance and a plan for the future based on a sound understanding of that position. They help companies make more informed financial decisions for the good of all their stakeholders.
We’re experts at connecting great people to great businesses in the Accountancy and Finance sector. In our latest blog, we’re going to discuss what makes a good Finance Business Partner, including what key skills and competencies they need to help your business thrive.
What does a Finance Business Partner do?
The primary role of a Finance Business Partner is to advise on financial matters in a business to help its management and operational teams make good financial decisions and ultimately help a business run profitably.
A good Finance Business Partner will provide expert analysis of a business’ financial situation and make projections based on this and a good knowledge of the markets and trends. They get a deep understanding of a company’s financial history, its current status and future projections: its past, present and future.
A Finance Business Partner will often work closely within a particular sector or department of a business, forming a partnership and providing real-time financial updates so as to closely monitor the impact and progress of a specific unit.
Although chiefly communicating the facts and findings to individual departments of a business, the Finance Business Partner will need to have a holistic view of the business’ finances, making that this takes precedence with any financial guidance.
What makes a good Finance Business Partner?
A good Finance Business Partner will have many strings to their bow. It is a fairly senior position so it should be a given that an Finance Business Partner is an experienced, qualified accountant.
There are, however, some crucially important skills and abilities aside from this that make the difference between a competent Finance Business Partner, and a good one.
Communication
A Finance Business Partner liaises with many different stakeholders in a business. They may be embedded within a certain sector, but their priority is always the financial wellbeing of the business as a whole. Therefore, an ability to communicate effectively with all branches of a business is a complete must.
A Finance Business Partner must guide and influence the decisions of key management figures within a business. They must be persuasive and motivating in their delivery of information, especially if it’s not always good news for a certain department. Getting people’s buy-in is crucial.
They will act as a go-between for both financial and non-financial departments of the business. This could mean delivery of complex financial information to people in the business that lack financial training or acumen. Good presenting skills and the ability to be clearly understood is therefore crucial to making sure everyone in the business is clear on its financial strategy.
Expertise and experience
A good Finance Business Partner will be able to work independently as well as collaboratively to creatively solve even the most complex of a company’s financial problems. Bringing in an experienced, expert accountant to a team will have an immediate positive impact on its financial strategy moving forward.
They have the requisite experience to recognise and understand financial trends and how best to position a business financially to maximise its potential in light of these trends. They can bring on board a level of impartiality to a business, helping them to make the right decisions for the future, head over heart.
Analysis and evaluation
A good Finance Business Partner can use their skills to provide financial analytics of a business that bring a new and informed perspective that’s been as-yet unavailable.
They can build and implement complex financial models using the latest data visualisation software to simulate financial strategies. This gives a business a clear picture of its trajectory and helps guide decisions, based on accurate projections of a strategy’s performance. From here, teams can forecast more accurately, manage cash flow effectively and achieve greater profit.
How are Finance Business Partners beneficial for business?
Ultimately, a good Finance Business Partner will add value to a business almost instantaneously. They help bridge the gap between complex financial data and effective understanding of its impact on a business. Their ability to inform, persuade and motivate a team based on sound solid, impartial ability and expertise aids a business in building financial strategies that deliver greater profits.
Finance Business Partners contribute to risk management efforts by assessing financial risks and identifying mitigation strategies. They help in evaluating the financial implications of potential risks and provide recommendations for risk mitigation. This proactive approach helps in safeguarding the financial stability of the organisation.
Finance Business Partners continuously strive for process improvement and efficiency gains. They identify opportunities to streamline financial processes, enhance reporting capabilities, and leverage technology solutions. By implementing best practices and driving automation, they contribute to increased productivity and cost savings.
Where can I find a Finance Business Partner job?
If you’re searching for your next Finance Business Partner job, why not take a look at all the opportunities available now? Alternatively, get in contact with finance recruitment specialist, Shannon McGarry or upload your CV to here about opportunities as soon as they come available.
Meet Shannon McGarry
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.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
Planning, Development & Regeneration
Highways, Infrastructure & Engineering
If you’re searching for a new role, why not visit our job page to take a look at the latest opportunities? Alternatively, upload your CV and one of our experienced consultants will contact you when a relevant opportunity becomes available.
If you’re struggling to fill a role, why don’t you give us a call on 01772 954200 to see how we can help? One of our consultants will be happy to listen to the challenges which you are facing and advise on the best possible solution for you.
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