It can be daunting when searching for a new financial business partner due to the importance and pressure upon finding the right person for the job. Take a look at the top attributes to look out for when searching for your finance business partner.
Understand business strategy
In order for a virtual CFO or contract CFO to successfully do their job and provide exceptional results, it is highly important that they understand the business strategy. Therefore meaning that they understand the business’s situation (threats, opportunities, weaknesses, strengths), goals and visions. If your financial business partner fails to understand the full scope of the business, how are they going to provide the recommendations that are best suited for the business?
It is important to ensure that your financial business partner possess key finance knowledge and skills whilst also knowing how to provide insights and assist you with strategic business decisions to ensure growth. Essentially your finance business partner is a crucial stakeholder within the business and can provide a lot of value into key business decisions and activities so it is important to select the right person.
Look for a virtual CFO who is able to confidently provide their input and give relevant suggestions that assist with improving and heightening the growth of the business. It is no good if your finance business partner is storing all of this knowledge after having access to your business information but is not willing to share their insights and advice.
Drive performance and insight
The purpose behind hiring a financial business partner is to ultimately improve and grow the business. CFO Services are equipped with the knowledge that allows them to interpret the data and use it in a way that helps drive performance and results.
Hire an independent advice source
Outsourcing your finance in Auckland is one of the best decisions you could make for the success and growth of your business. Virtual CFO in NZ can help steer your business in the right direction based on key data and insights rather than just through trial and error, therefore eliminating the risk and heightening the chances of success.
Two-way stream of benefits
By outsourcing accounting through hiring a virtual CFO or part-time CFO, it opens up a two-way stream of benefits. Your chief financial officer is able to bring in knowledge and insights that are separate to your business and can provide new ways of seeing / doing things which has the potential to improve the business’s activity. The same principle works in the opposite way with the fact that the business can provide knowledge to your CFO which improves the way they conduct business.
Optimise finance function
It is crucial that your finance business partner is able to look beyond the data and numbers and know how to manipulate the data in such a way that makes it useful to the organisation and their forecast predictions.
Interpret and develop business processes
Look for a financial business partner who is proactive rather than reactive, as this is how you will see results. Being a reactive partner means that you will always be one step behind and will never make real results or stand out amongst your competitors as essentially you are following the crowd and following your insights as they come. The ideal financial business partner will be able to look at key data and insights and make predictions and use that data to make proactive decisions which will allow the business to be the leaders within the industry and make the groundbreaking moves.
Improve the business
Finally, the last attribute to look for within your CFO is to look for someone who is able to drive organisational change and is not scared of such change. Look for someone who is able to make bold moves (given that it is backed up by data) and will be able to support yet challenge the business in a positive way.
Beyond Financials are the leaders in Virtual CFO services in Auckland, with their business analytics expertise and comprehensive end to end solutions, they are truly an invaluable partner for you and your business. Contact Beyond Financials and move your business in the right direction.