For many organisations, finance is undergoing a transformation.
No longer viewed as a back-office function, CFOs and finance leaders are stepping into leadership roles and becoming key enablers of performance across the entire business.
But what does this mean?
Traditionally, finance teams work in isolation to manage a business’ money, focusing on tasks such as bookkeeping, payroll and cash flow. Whereas, an effective, modern, finance team integrates with other departments enhancing overall performance.
In this article, we explore the results of reframing you mindset and how the right tools turn data into game-changing insights.
Why Shift to a ‘Finance as a Partner’ Mindset?
1. Smarter Use of Data
When finance teams collaborate with other departments in your business, data stops being something reviewed only once at month-end. By integrating data across departments, and making it everyone’s business, data becomes a daily asset guiding decisions, highlighting opportunities and providing clarity.
For example, leadership teams who work closely with finance teams to review data such as, aged debt, expected revenue, customer churn, can guide strategy with confidence and navigate unexpected changes with ease. This works both ways, for example, marketing teams who report on campaign or asset conversions let the finance team know what activities are worth more financial investment.
“The most value comes from being able to collect and correlate information from different kind of systems”
– Anil Chakravarthy, CEO of Informat
2. Better Decision Making
Working from consistent, reliable data means teams aren’t wasting time double checking numbers or debating if they are correct. By freeing data from departmental silos, everyone in your business becomes aligned and has the right information.
For example, those in retail who monitor stock and sales closely can quickly spot trends such as an increase in product demand. This allows you to reorder products before it becomes a problem, ensuring shelves remain stocked and customers aren’t disappointed. Not only does this boost your reputation but also drives revenue, so it’s a win-win!
3. Stronger Collaboration Across Teams
Breaking down data silos gives every department access to the financial information they need to perform better. This transparency builds trust and fosters a culture of collaboration across all teams in your business.
- Sales can see data such as customer purchase history, which allows them to spot patterns and anticipate upsell opportunities. They can then inform marketing teams, who can use this information to create new, targeted, campaigns.
- Marketing can see customer acquisition costs (CAC), which helps them make decisions to optimise marketing efforts and spend.
- Development teams can view cost margins, to prioritise the creation of features that offer the highest return.
- Operations can see cash flow forecasts, meaning they can align logistics decisions with finances and avoid overspending. If an issue arises, they can then communicate this to marketing who can then inform affected customers.
- Human Resources (HR) can see staff costs and training budgets, meaning they can better plan for new hires and workforce development.
Your Next Steps
Get started by using the tools you already have: your team and your financial system. For more ways on maximising for success, download our infographic ‘Unlock Team Potential for Business Growth’ below.
Migrate to Sage
Reframing your mindset is only one piece of the puzzle. To get the most out of your data, you need systems your teams not only trust, but tools they can actually use.
Intuitive dashboards, tailored reporting, and real-time visibility help turn raw numbers into actionable insights. That’s where Sage Intacct comes in.
Sage Intacct is a best-in-class cloud financial management software, designed to simplify complexity and scale with your business. Its deep accounting capabilities, powerful automation, and multi-dimensional reporting allows you to access the insights you need. Your teams gain centralised access to real-time information, meaning faster decisions, fewer errors, reduced miscommunication, and overall improved performance.
“Since implementing Sage Intacct, Lifeworks has seen significant improvements in its financial operations. I probably get twice as much done as I used to.”
– Nigel, Lifeworks
