Mark Cracknell ACA, HAYNE Solutions, talks ‘Finance Nirvana’ in recent ICAEW articleRebecca Dagostino
In a recent article in the ICAEW, Mark Cracknell ACA, Director at HAYNE Solutions talks about ‘Finance Nirvana’ and what this means to him. The definition of ‘Nirvana’ is a state of freedom from all suffering. Mark uses this phrase to articulate what an effective financial reporting process and team look like and how the Finance Team can achieve their own sense of Nirvana.
Mark, who is a qualified accountant with 32 years’ experience in Finance, starts the article by explaining his vision of ‘Finance Nirvana’.
Mark says, “What we have learnt over the years is that there is no absolute definition that fits all individuals and organisations. Perfection will never be reached and a level of suffering will always exist. However, you can set a vision of what good looks like and ensure that members of the Finance Team have a manageable workload and are utilising their skills and experience to the maximum benefit of the organisation (and to satisfy their personal ambitions for self-development). This in turn will elevate the Finance Team from accountants to thought leaders and strategists.
Whilst this in itself sounds quite daunting, much of this can be achieved by getting the basics right within the Finance Team and laying the foundations to being more expansive in the future. There is a lot of talk of Augmented Intelligence (AI) and finance but this technological advancement cannot be leveraged without the availability of data and information at the right level of granularity.”
Mark then talks about three key characteristics that he sees being repeated again and again across high performing, best-in-class Finance Teams. These are; a) Key Finance Team members have the time to add insight and value b) Data sources for reporting are consistent and controlled and c) the correct tools are available to analyse, report and disclose data.
Mark says, “If you can demonstrate these three basic characteristics, you will take a significant step towards ‘Finance Nirvana’.”