Let’s be honest – very few entrepreneurs jump out of bed in the morning thinking of ways to build a great finance team. For many, it’s the necessary evil of growing a business.
But a top-notch finance team does more than just crunch numbers and terrify people who dare to ask, “is it in the budget?”.
Imagine, if you will, your business as a giant clockwork mechanism. Every gear is essential, from sales to operations, but it’s the finance team that keeps the clock ticking accurately. They’re the unsung heroes ensuring that every penny is accounted for and every decision is financially sound.
In helping businesses to ensure that the finance team is resourced properly, and we’re not relying on, or expecting too much on any one person, we use the finance team pyramid as a point of reference.
Data – The Foundation
It all starts here, with the bricks and mortar of finance. Data in finance isn’t just about keeping records; it’s about creating a story that tells you where your money is, where it’s been, and where it’s planning to sneak off to. Roles in this area include credit controllers, sales & purchase ledger clerks, payroll administrators, accounts assistants and bookkeepers. These are the lifeblood roles within any good finance team. You simply can’t do without them.
Control – The Safeguards
Next, we bring in the rulebook. Controls aren’t just about playing corporate Big Brother; they’re the safeguards that keep your financial engine from overheating. Robust controls are more about enabling smart choices and less about stifling creativity. Here’s where we have the managers that ensure processes are followed, checks and balances are done and any gremlins are ironed out to make sure the numbers we’re sending up the chain are accurate.
Information – The Insight
With a good grasp of data and controls, we can now turn numbers into narratives. Here we translate columns of digits into clear, actionable information that tells you where to invest, when to save, and maybe, when to throw caution to the wind. Financial Controllers, Finance Business Partners, Analysts – these folks love nothing more than figuring out how, why & where we make our money.
Wisdom – The Strategic Lens
Here’s where things get a tad philosophical. Wisdom in finance isn’t about being the oldest number-cruncher in the room; it’s about being savvy enough to make decisions that not only look good on paper today but stand the test of time. Our finance directors, chief financial officers, call them what you will. They’re strategic, they’re smart, and yes, they’re even a bit creative.
A strong finance team is the backbone of any successful business, and the finance pyramid shows how crucial every role is in turning raw data into wisdom & support. With the right people in the right roles, the finance team needn’t be a necessary evil, and can actually enable that extra spring in your step as you get out of bed!
