A financial business partner aids business units or subsidiaries in addressing operational budgeting and long-term planning tasks, calculating unit economics, and conducting financial modeling. They operate as a financial team member within a business unit, closely supporting functional or business leaders in collaboration with internal financial services.
Having a specialist within the business unit benefits the financial team. They immerse themselves in operational tasks, assist financial coordinators in period closures with clients and counterparties, manage budgets within the unit, analyze actual versus planned results, and engage in ongoing planning.
Becoming a business partner necessitates a broad, forward-thinking perspective, a steadfast focus on the company’s overall results, strategic goals, and future development, transcending the narrow goals of a service function. Successful business partners must be subject matter experts, possess deep insights into the company’s processes, be well-versed in the competitive landscape, exhibit independence, responsibility, agility in learning, and undoubtedly, substantial professional experience.
Given the geopolitical shifts, economic structural changes, and the evolution of the financial profession since the turn of the 21st century, I firmly suggest that any modern financial manager or forward-thinking accountant aspiring to maintain competitiveness in the job market will need to transition into a business partner role in the foreseeable future.
Allow me to share an example of one of my colleagues. Initially a traditional accountant, she temporarily had to leave her profession due to relocation. After working remotely in a call center for some time, she showcased her capabilities and earned the opportunity to serve as an accountant in a company where she started as a remote call center employee and later became a team leader.
Her profound understanding of operational processes, gained during her stint in the call center, swiftly propelled her beyond her accountant role, essentially transforming her into a business partner. Eventually, she rightfully assumed the position of chief accountant in the company. She diligently enhanced her English language proficiency, revamped conventional rigid accounting approaches into customer-centric and service-oriented ones, and broadened her scope of responsibility beyond traditional accounting to encompass methodological aspects.