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Leadership

How to get more value out of your finance team Logo cgma

  Usha Sankar |   Free |   CGMA |   15 Dec 2016 |   CGMA.org

The tedious and time-consuming nature of traditional accounting tasks often means that people with the ability to provide powerful insights into strategic decision-making have no place at the table. One-third of UK business decision-makers at medium and large enterprises believe their financial teams are an underutilised resource, according to a recent survey by accounting software company Blackline. However, there are ways in which businesses can unlock the potential of their finance teams and ensure they contribute to high-value areas. 

Topics covered:
  • Management accounting: Leadership: Team building, Foundational

8 Comments/Reflections

David Johnson

David Johnson Aug 2023

I thought this was a good article and is still relevant even several years on. I was particularly interested in the value of finance functions moving away from transactional processing, via automation of processes and reviewing workflows, to streamline processes. 
Humphry Van der Valk

Humphry Van der Valk Feb 2019

Good article explaining the current business environment where Finance should step out of their accounting (= processes!) function and become business partners to other professions within the company,
Humphry Van der Valk

Humphry Van der Valk Jan 2019

The article clearly states that by removing the human transactional activities by robotizing, many companies 'fail' to bring in business minded accountants. This is an issue I see quit often happen with companies (here in the Netherlands) as an interim finance professional. As far as I can see it mainly relates back to management still having a business mind as was usual many years ago.
Joanne Kovach

Joanne Kovach Sep 2018

Great article on the importance of the finance team. They add much more than just the numbers. Its important to get every member of the team to look at different tasks and to question them.

Why do we do something a certain way?

The finance team at World Habitat are always looking for ways to improve the basic finance functions so move time can be spent on the strategic work.
Michael Hammond

Michael Hammond Aug 2018

Helpful article reinforcing the point that staff are more likely to focus on quality if they have an appreciation for how other departments/colleagues are impacted by their work. Undoubtedly staff will feel more valued as a result. 

I was interested by the one-on-one meeting approach as being a more effective than a group meeting for staff to contribute their ideas. The over-arching concept here seems to be to encourage staff at all times to have an open mind to making processes more efficient and that nothing is 'set in stone'. 

Although efficient processes via the use of technology free up time for finance staff to concentrate on more value-adding tasks, resources need to be available for this to be effective. 

Taking time to explain end-to-end processes to staff so that these are properly understood certainly makes them feel valued and more likely to contribute to the value-add concept and is something I shall continue to encourage.