In a business world where the definition of ‘normal’ is in constant flux, the need for accuracy & timeliness in financial information has never been more important. A well-resourced and skilled finance team is crucial to ensuring the key decision makers of your organisation are armed with the strategic information they need to navigate through the uncertainty of the modern business environment.
The traditional view of the finance team being the number crunchers in the back office is quickly becoming outdated as technology improvements and demand for insight have led to a transformation of the role of the finance function.
By adopting suitable technology and lean finance principles, high-performing finance teams can manage the basic finance operations of transaction processing and bookkeeping much more efficiently. This allows finance staff to spend more time on supporting the key strategic decision makers through more sophisticated performance management tools, enhanced forecasting & analytical techniques and improved communications between other business managers.
What does a high-performing finance team look like?
A high-performing finance team has the following attributes:
- Drivers of value by becoming key influencers of decision makers
- Finance vision & strategy aligned with the business
- Finance is integrated within the organisation and seen as key business partners of other managers/departments
- Strong communicators of performance
- Highly motivated and enthusiastic staff with clear roles & accountabilities
- Integrated & automated processes
- Standardised procedures, common data models/reports to provide a ‘single version of truth’
Research into the thoughts of Global CFOs showed the biggest barrier to achieving a high-performing finance function is talent management and technical knowledge. The market for skilled professionals has never been tighter, adding pressure to already scarce finance resources. A strained finance team often leads to rushed processes, lack of control in data referencing and quality review which results in decisions being made based on inaccurate information.
Compared to only a decade ago, many organisations have a better understanding of the importance of high-performing finance teams and are now more willing to invest in the finance function. The target return on this investment is the organisations strategic performance and governance being supported by strong foundations of operational efficiency and financial control.
Whether your finance team is experiencing a temporary resource gap, you require a full suite of finance services or simply wish to review your finance function for potential areas of improvement, with Johnsons MME you’ll have access to a team of high performing accountants across a range of skill levels that can help your finance team become the key strategic support your organisation needs.
Talk to us about how we can work with you to achieve goals together.