Who is a Finance Business Partner? A Guide to an Unsung Hero!
Ah, a Finance Business Partner (FBP) – the unsung hero of the business world, is the element behind company’s decision-making, and the person who tells stories with numbers.
Not Just a Number Cruncher
First off, let’s clear up a myth/fallacy, shall we? …… okay. An FBP is NOT a glorified accountant who does bookkeeping. An FBP is a financial translator that turns data into a language everyone can understand with a strategic focus aimed at influencing and driving business decisions, i.e., future oriented. Accountants on the other hand, track & record raw data with an operational focus centered on ensuring accurate financial reporting.
For example, while your accountant is preparing your financial statements as of the end of the past year/period, your FBP is preparing a budget or forecast for the coming year/period.
The Bridge Between Finance and Strategy
Think of an FBP as the bridge connecting the Land of Finance to the Kingdom of Business Strategy. They’re like the diplomats of the finance world, ensuring that those high-level business goals make sense financially. They help turn “we need to grow profit by 40%” into “Let’s invest in these projects, cut those costs, and make sure we don’t run out of cash next month.” i.e., practical and clear steps to achieve big and sometimes vague goals.
Your Financial BFF
The FBP is basically your company’s financial best friend forever. FBPs are not just focused on the bottom line; they’re there to help different teams understand how their work impacts the bigger financial picture. It’s like having a friend who reminds you not to order that extra-large coffee because you’re trying to save for a vacation.
The Real MVP
A Finance Business Partner blends finance, strategy, and non-finance data to help your company grow and thrive. FBPs don’t just count money – they make sure you’re making the right moves with it.
Don’t have a FBP working with your team? You don’t have to worry about missing out on the goodies of not having one! ARAA Solutions is here to step in as your trusted finance business partner. Get in touch with us today to find out how we can collaborate and support your business’s financial goals!