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How to build a finance function you can be proud of?

 

Continual improvement is needed to stay ahead of the competition in the most challenging business climate ever seen, due to the Covid-19 pandemic. With every penny and second crucial in the ‘new normal’, the drive for financial efficiency and effectiveness has assumed even greater importance.

What is your finance department’s function?

In these times, your finance department has to take a strategic lead at the very centre of the organisation. Business leaders can’t make accurate decisions and keep a company profitable and sustainable without financial visibility.

Is your finance department structure fit for purpose?

Yet too often, finance functions are simply not structured and equipped to deliver what is needed. Astonishingly, the FP&A Trends Survey 2020* found that the average FP&A department spends 42% of its time on low-value activities, while only 26% is spent driving actions and insights.

Such inefficiency in these times put such firms at existential risk. If your business is in this position, you need to assess why and remedy it – fast!

Finance function assessment

But how can you tell if your organisation is at risk and needs a finance function transformation? The first step is to use our free assessment to see if your firm has a framework for finance excellence – and if not what you can do about it.

We will provide scores and analysis for both your financial effectiveness and efficiency, and can then help you work on the specific areas you need to build your future finance function – one able to ensure your business can survive and thrive.

Assess the current performance of your finance function

Finance function transformation

Once you’ve completed your assessment, it’s time to take the lessons to achieve the finance function transformation you require to drive your business forward to new heights. We’ve got some more great tips on how to do so:

  1. Have you got the right tools to enable your team to deliver scenario planning and performance management in the most efficient way?
  2. Is your finance department working towards a long-term strategic business plan? Are they bean counters or strategic partners?
  3. Is your finance function able to fulfill and exceed its responsibilities as finance business partners and ensure your business is efficient with its cashflow as possible?

Read our full blog on efficiency and effectiveness in finance.

Building your future finance function

To redefine your finance function to be fit-for-purpose, your assessment should include every aspect, including:

  • Revamping your finance structure
  • Creating a smart budgeting framework
  • Ability to produce multiple scenario planning
  • Developing a forecast system to anticipate expenses
  • Constructing an integrated reporting network
  • Evaluating finance business partnering ability

We can help you build your future function through:

  • A further detailed assessment of the current unique position of your finance function
  • Recommendation and implementation of the areas to deliver improved efficiency and effectiveness for your finance department
  • Guiding you towards a ‘targeted operating model’ for the finance function

Transform your finance function today

  • It’s time to do so and build a more cohesive strategy for your business with the finance function at the heart. If you have, talk to us today and let us help you deliver that vision and transform your finance function through our range of services.*https://www.sap.com/documents/2020/07/22a944ad-a17d-0010-87a3-c30de2ffd8ff.htmlTransform your finance function today

Having an expert help you ensure your finance function is optimised, enabling you to focus on supping the leadership teams and drive strategic success.

Talk to us today about our range of services to help you build and deliver a more cohesive, value-added strategy for your finance function, at the very centre of your organisation.

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