The death of the traditional accountant

Increasingly automation and outsourcing of transactional accounting activities has removed many of the roles provided a traditional finance function and provides a real threat to the survival of a traditional accountant.

To remain relevant finance has had to evolve into a new role, otherwise become an unnecessary overhead. The role of a “Finance Business Partner” is increasingly common, but we should be aware that  not all finance business  partners behaving the same. However, the best finance business partners share a similar DNA to which all should aspire.

The best are embedded within the management teams helping provide tactical financial support (e.g. budget planning and analysis) to business managers. Although fully conversant with the financial statements they spend no time producing them and no longer act as a scorekeeper. Rather than  of refusing to approve a decision on cost, they help find a way of doing it differently, but profitably.

The evolution into business partnering roles has not been an easy ride with many organisations finding that simply changing a job title and not financial organizational traits does not work.

A finance business partner needs a portfolio of traits not developed from any of their training. They will command the respect and trust of their management team rather than be thought  of as purely financial focused without any commercial empathy with the broader business.

Specific traits identified as lacking according are:

• Communication skills

• Business Acuman

• Influencing and coaching skills

• Negotiation skills

If you feel weak in any of the above you need to look at ways of improving these traits so as to remain relevant. In future blogs we will look at examples of best practice in the world of finance business partnering.