The finance business partner function is a strategic position within a company’s finance department that focuses on providing financial information and direction to other departments or business units. A financial business partner serves as a liaison between the finance department and other departments such as marketing, sales, or operations. They work together closely with these departments to understand their goals, objectives, and financial requirements, and they provide support in accomplishing these goals.
The key responsibilities of a finance business partner include:
- Strategic financial planning: developing financial plans and strategies in alignment with the company’s goals and objectives;
- Financial analysis: analyzing financial data to provide insights and recommendations for business decisions;
- Budgeting and forecasting: developing and monitoring budgets and financial forecasts to ensure that the organization is on track to meet its financial goals;
- Performance management: monitoring financial performance and providing recommendations to improve performance;
- Stakeholder management: building strong relationships with internal stakeholders, including department heads, to ensure that financial decisions are aligned with business needs and
- Risk management: identifying and managing financial risks that could impact the organization.