The topic for today is – why you need a ‘finance business partner’ and not just “accountants” that help you with your company taxes that you only see once or twice a year!
90% of small businesses have this set up. Bookkeeper for day-to-day transactions and an accountant that helps with tax returns at the end of the financial year. But as your business grows in complexity and you bring on more staff, you may be missing out on some key insights that a commercially minded accountant might bring to the table to aid decision-making. In our industry, we call this a ‘finance business partner’.
You should consider switching your accountant or bookkeeper to a more internally focused ‘FBP’ for the following reasons:
Strategic Financial Planning: Finance business partners go beyond traditional accounting services by actively participating in strategic financial planning. They can help you set and achieve financial goals, analyse financial data to make informed decisions and identify growth opportunities.
Business Insight: Finance business partners have a deeper understanding of your business and its industry. They provide valuable insights and analysis to improve financial performance, optimise cash flow, and enhance profitability.
Proactive Approach: Instead of merely preparing financial statements, finance business partners take a proactive approach. They offer real-time advice and actively collaborate with you to address financial challenges and capitalise on opportunities.
Value-Added Services: Finance business partners offer value-added services beyond basic bookkeeping and tax compliance. They may assist with budgeting, cost optimisation and financial modelling.
And yes, we are all accountants at the end of the day, but not all accountants are trained the same or have had the exposure to partnering with a variety of businesses that gives them the commercial acumen needed to be an effective finance business partner.
Book in for a Financial Clarity Session if you'd like some complimentary assistance
