Why do you need to improve your finance function?

First of all, what is a finance function?

This means the part of the business which manages all aspects of the company’s money, such as the control, planning and resources involved.

So, why does it need improving?

Improving your finance function properly makes your company more efficient and valuable. Many businesses struggle because they don’t have a full, clear grasp of their finance function.

A healthy finance function paves the way for business partnering, intelligence, benchmarking, outsourcing, talent management and so much more. With organisational success, comes the ability to make good investment, finance, dividend and liquidity decisions.

A strong finance function helps to establish the business, as well as run it – ultimately making it look good to future investors / buyers.

Often, MDs try to manage it themselves and really, they need a person dedicated to the financial management of a company. This is why, we at The Finance People are passionate about pairing the right Financial Director(FD), or Financial Controller (FC) with businesses, so we can watch them flourish.

Businesses with a streamlined finance function as a top priority tend to find plans and processes fall into place much better. An FD or FC will audit resource systems, models, management information, cash flow and internal controls, to identify where improvements need to be made. They will then put the proper processes and/or systems in place to ensure you have a healthy finance function. This then allows you to modernise, diversify, and helps with decisions around purchasing assets.

Once you’re in a good place financially, you will have plans, forecasts and a lot more clarity on your money, you should be able to capitalise on new opportunities and minimise risks.

If you’re looking for a finance partner to help strengthen your finance function call us 0844 589 3912 or email info@thefinancepeopleuk.com and discover how our finance specialists can fulfil your requirements.