What is a Finance Business Partner? This question has gained significance in the world of finance over the last decade, as the industry shifts towards a more strategic and value-driven approach.
Finance Business Partner Academy aims towards a world where financial professionals don’t just crunch numbers – instead, they actively contribute towards organisational growth.
Here, we explore the finer details of finance business partnering, shedding light on what exactly it means and answering some of the most common questions. We also want to explain how, with the guidance of FBP Academy®, you can become a world-class Finance Business Partner.
What is a Finance Business Partner?
First, let’s answer the question: “What is a Finance Business Partner?” A Finance Business Partner is a finance professional who goes beyond traditional accounting and plays a pivotal and strategic role within an organisation. Finance Business Partners help to achieve financial goals by using their insights to drive growth. In simple terms, they guide an organisation to make smart, strategic financial decisions.
Here at Finance Business Partner Academy, our mission is clear: we inspire and empower finance professionals worldwide to become confident, valued finance business partners. We provide the skills, knowledge and support they need to make an impact within their organisations.
What is a Finance Business Partner responsible for?
The responsibilities of a Finance Business Partner are varied, as they often take on a multifaceted role in an organisation. Day to day, a Finance Business Partner’s role is to collaborate with different departments and teams to provide valuable financial insights and expertise. This includes analysing budgets and other financial data to make informed decisions, and collaborating with other teams (for example marketing, sales and operations) to ensure financial strategies are aligned with the business objectives. Essentially, they’re a bridge between finance and the rest of an organisation.
At a glance, a Finance Business Partner’s responsibilities include:
- Collaborating with other departments and teams
- Analysing data, forecasts and budgets
- Making sure goals are aligned with objectives
- Driving growth and profitability
- Actively contributing to an organisation’s strategic direction
What does a Finance Business Partner do?
So, what does a Finance Business Partner do? Let’s look at some practical examples of a finance business partner.
If an organisation’s marketing team was planning an advertising campaign, a Finance Business Partner would help the team make well-informed financial decisions. They might look at the expected costs, returns and how much the campaign aligns with the organisation’s overall strategy. They would offer expert insights into whether the budget required for the campaign was in line with the overall finance budget and make sure that resources were used as efficiently as possible. By doing this, they would help the marketing team maximise the campaign’s effectiveness while also contributing to the financial health of the organisation.
Another example would be when an organisation was looking to expand into a new market. A Finance Business Partner would be actively involved in the decision-making process, assessing its financial feasibility through things like market research, project costs and profitability. They would work closely with strategy and operations teams to make sure they were mitigating risks and maximising financial returns.
In comparison, a traditional accountant would typically have a more singular focus on these kinds of decisions. They might simply focus solely on the financial aspect and not be actively engaged in any of the more strategic decision-making.
Is a Finance Business Partner an accountant?
This leads us to another common question: is a Finance Business Partner an accountant? The answer isn’t clear cut. While the role of a Finance Business Partner differs to that of the traditional accountant role, almost all Finance Business Partners are qualified accountants.
Our delegates are typically Accountants, Finance Managers, Financial Controllers, and Finance Directors. Through the programme, they develop the understanding and skills to operate as Finance Business Partners within their organisations. They adopt the Finance Business Partner mindset. In this respect, anyone who acts as an FBP is one, even if it isn’t in their job role title.
The differences are in the approach. Both roles deal closely with finance, but someone operating as a Finance Business Partner has a more distinct focus and function within an organisation.
An accountant may specialise in things like record-keeping, compliance, and finance reporting. They make sure financial transactions within an organisation are recorded and audited accurately.
In contrast, a Finance Business Partner is more forward-looking, and their role is collaborative and strategic. They actively participate in decision-making processes to protect the overall financial health of the organisation. Rather than just looking after the numbers, they’re actively engaged in shaping the financial future of a organisation.
Businesses can have both an accountant and a Finance Business Partner. In fact, it’s often beneficial for an organisation to separate the roles to ensure complete financial management. The two roles complement each other by balancing the organisation’s need for both financial compliance and strategy.
What are the skills needed to become a Finance Business Partner?
Becoming a Finance Business Partner requires a combination of skills; both financial expertise and the soft skills needed to effectively contribute towards an organisation’s strategic financial decision-making. At Finance Business Partner Academy® we have created a framework known as the FBP Formula® to help finance professionals identify and develop the skills to be successful.
Here are the 9 skills needed to become a Finance Business Partner:
- Connection and collaboration
A Finance Business Partner needs to have the people skills to influence decisions, often to people in higher management. They need to be persuasive and confident in presenting their thoughts and recommendations.
- Communication
Great communication skills are crucial for a Finance Business Partner. They need to confidently communicate complex financial information in a way that’s clear and understandable to their non-finance colleagues.
- Clear strategic thinking
A Finance Business Partner should always think strategically about the organisation’s objectives and how it relates to its finances. This helps them to devise strategies and influence decisions in a way that contributes to long-term growth.
- Commercial acumen
Having a good knowledge of the specific organisation and sector they’re working in is essential for a Finance Business Partner. They should understand the market and competition, allowing them to strategically work towards an organisation’s goals.
- Change and challenge
The finance industry is dynamic, and so are Finance Business Partners. A Finance Business Partner stays on top of industry innovation, regulations and adapts to change. They review and amend processes to improve the way things are done.
- Computer savvy
The world of finance has been transformed by software and technology, providing huge efficiencies for finance teams. Finance Business Partners recognise the positive impact of this and adopt digital methods, allowing more time to concentrate on playing a strategic role within their organisation.
- Curious
Finance Business Partners are open and curious. They want to understand more about their industry, organisation and the people within it. They recognise the value of remaining open to new perspectives. Finance Business Partners have a creative and can-do attitude to challenges.
- Calmly confident
Staying calm and in control is important for finance business partnering. Confidence inspires trust in others, and this doesn’t mean being the loudest voice in the room. Finance Business Partners are confident in their insights and remain in control in order to communicate their point of view effectively. A calm, measured and positive attitude is great starting point.
- Competent financial knowledge
A strong understanding of finance, including budgeting, analysis, and reporting, is fundamental for a Finance Business Partner. A Finance Business Partner should feel confident interpreting and analysing financial data and providing accurate insights to make data-driven decisions.
Can any finance professional become a Finance Business Partner?
The above skills, along with a positive attitude and willingness to learn, will make for successful finance business partners. You might be thinking, ‘but I don’t possess all of these skills, at least not all of the time?” And that’s fine! Because these skills are not innate, and they can be developed.
With the right training and guidance, we believe any finance professional can enrich their career and become a well-rounded, value-adding Finance Business Partner. It’s not something that you qualify for or not. Finance business partnering is a practise; it’s a muscle you train and learn to flex.
How could Finance Business Partner Academy help you?
At FBP Academy, we empower finance professionals around the world to become confident, valued Finance Business Partners. We understand that every individual and organisation is unique; that’s why we offer a range of tailored services designed to meet your specific needs.
When you join us, you’re in great company. We’ve helped professionals and organisations from a whole host of industries in their Finance Business Partner journey. Our clients include names like the NHS, Sky and Nestle, as well as top industry bodies like AAT, ACCA and CIMA. Our proven track record and many successful partnerships highlight the quality and care that defines our approach.
Here’s a little more about what we offer…
Finance Business Partner Transformation Programme
Our flagship in-house transformational program helps to equip you with the knowledge and skills you need to excel as a Finance Business Partner. You’ll learn the art of making strategic financial decisions that drive growth for your organisation.
Finance Business Partner Members Club
Join our community of like-minded finance professionals and you’ll gain access to exclusive resources, networking opportunities and ongoing support.
FBP Bootcamp
The Finance Business Partner bootcamp is an annual day of world-class speakers, insightful masterclasses, FBP transformation case studies, delegate networking and peer learning, and so much more.
Resources
Our resources section is designed to help you on your FBP growth journey. From publications, reports and whitepapers to video blogs, it’s a great starting point for learning more.
Whether you’re looking to upskill your team, enhance your personal career or transform your organisation’s financial strategy, we’re here to help guide you through your Finance Business Partner journey. If you’d like to find out more about how we can make a positive impact on your financial future, please reach out for a friendly chat. You can get in touch by calling 0113 873 0035 or emailing hello@financetrainingacademy.com.
About the Author
Andi Lonnen has over 20 years’ experience as a qualified FCCA accountant and former Commercial Finance Director. Andi is Founder & CEO of FBP Academy® and dedicates her time to training and upskilling thousands of accountants around the globe to become stronger, more value-adding Finance Business Partners.