The contribution of the finance department to a company’s success is immense. Irrespective of how good your offerings are, your business is deemed truly successful only if you are capable of managing your finances well.
The finance department, especially in the case of FP&A (financial planning and analysis), has been considered a passive contributor to a company’s management for years. People have often limited the role of finance professionals to processing and reporting on transactions.
However, in the era of digitization and seamless collaboration, finance professionals play an active role in making important business decisions. Through extensive data analytics, forecasts, and data-driven predictions, they have a key role to play in steering your business’s ship.
This is what FP&A business partnering is all about.
The Need For Digitized FP&A Business Partnering
FP&A business partnering empowers finance professionals in an organization to influence important business management decisions. This increases the importance of digitized FP&A solutions. As opposed to the traditional software solution, modern FP&A software provides professionals with a centralized platform to perform several processes, including making forecasts, generating reports, obtaining valuable insights from business data, and much more.
Digitized FP&A business partnering allows you to align FP&A with your business’s core. It helps you get over the conventional accounting mindset and look at the bigger picture by identifying the key business drivers and using them to make important business decisions.
This way, FP&A professionals can step into collaborative roles and unite their teams with other departments, all of which head towards the same inherent goals. Digitized business partnering in the realm of FP&A helps your team members utilize their finance background to accelerate business growth.
Digitally Aligning The FP&A Function With Your Business Strategy
Modern FP&A solutions help you align the FP&A function with your overarching business strategy. Along with helping your team members streamline the basic financial processes (accounting, budgeting, reporting, etc.), these solutions ensure that finance professionals act as important cogs in the wheel of your business growth.
If you are planning to implement a modern FP&A solution within your organization to ensure comprehensive progress, here are a few questions you should ask yourself (and your team):
- What are the major drivers of your organization?
- What do your teams need to deliver to attain your business goals?
- What is your company’s current financial position?
- What is the current state of FP&A within your organization?
- Which business processes should you streamline to achieve your organizational goals?
Answering questions like these will help you facilitate digitized FP&A business partnering according to your business needs and preferences. Make sure you work closely with your software implementation partners to implement solutions that best suit your business model.
Step Into The Era Of Digitized FP&A Business Partnering With VIZIO
VIZIO allows your finance experts to use their acumen to help your business grow. Our team of certified and experienced professionals helps you find gaps in your business strategies and fill them with suitable modern software solutions.