Business Expansion – How does a small finance team thrive? eBookSarah Whitworth
A business by its very nature equates growth with success. This growth brings with it particular challenges which affect the finance team. These pains are centred around the ability of the business to cope with the ever-changing environment of the financial reporting cycle.
Initially, for a Small or Medium Enterprise (SME) business, Data Custody is fairly straightforward. There is often one accounting system, one chart of accounts and few people involved in the reporting process. The business is often run by gut feel, with senior executives having a handle on the day-to-day running of the organisation. Reporting and analysis can be delivered using basic accounting software and spreadsheets. As the business expands the senior executives find it increasingly difficult to manage the business without access to insightful and detailed information. In addition there are more ‘moving parts’ e.g. business units, customer segments, product/service offerings, currencies and trading countries. Also more business users and stakeholders seek information e.g. investors, directors, managers and foreign tax offices. As expansion continues the situation becomes complex.
This is where the demands on the finance team change…
They are required to become ‘business partners’, with the expectation that they are able to insightfully assess risk and confidently advise on critical investments. This shift has seen CFO’s and the like needing to have the skills and resources to be able to fulfil many roles.
This ebook explores the pains, and the remedies which will help your team thrive and add value.
Download the ebook below