What is Finance Business Partnering ?

when I started my Fiance Career back in the late 70's I was part of the team that supported the Crude Oil Traders and Operators on the Shell Trading Floor in London.

I was already actually performing the Role of a Finance Business Partner as now defined by most accredited Accounting bodies.

Finance business partners are accountants who work closely with a particular business unit creating a real and active partnership with both operations and management. Their role is to provide 'real time' support and analysis, to be a trusted adviser and to add value that will assist in decision making.

10 traits of effective finance business partners

Finance business partners actively influence day to day decisions, shaping strategy and the direction of the business

They are the interface or ‘translator’ between finance and operations

They are commercially aware, understanding and anticipating the needs of both operations and management

They have strong core business skills including influencing, stakeholder management and presentation skills

Successful finance business partnering is a way of thinking, at the heart of which is problem-solving

They interpret data, order and assess its value and then present the findings to the relevant stakeholders in a clear and concise way

They can draw on ‘big’ and ‘small’ data, selecting the appropriate tools to manipulate, analyse and interpret it in sophisticated, audience-appropriate ways

They must be able to form and stand over their opinions, have a well-developed sense of ethics and be prepared to stand up for these principles

They should be comfortable with risk and working with ambiguity

They learn from the past but are future orientated

"The expectation for finance to add greater value to the business is growing. Successful finance business partners are seen as leaders that can influence the decisions that a business makes to maximise shareholder value and return.” Alan Flanagan, Deloittes

Diagrams representing key FBP qualities and activities

In summary then FBP's are there to provide a whole lot more to an organisation than the stereotypical Bean-counting role of the past....in fact they are a whole new breed.

Neil