Ledgers to Leadership: Key Finance Functions

by Chartered Institute of Management Accountants, 20 November 2011

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topics:
Management Metrics

tags:
accounting work business partnering finance function transactions and compliance value-added services

Finance’s increasing focus on value creation and a higher level of business collaboration and partnering are achieved through the activities of finance professionals carried out as part of their duties.

How then does the split between more traditional technical activities and more business-facing ones alter as the finance function develops the role of collaborator and business partner? What is the impact on other finance and leadership roles?

The CIMA Centre of Excellence at the University of Bath School of Management has analysed what organisations need in terms of competencies and knowledge base from finance professionals, as indicated both by the time spent and, more importantly, the emphasis placed on the various activities carried out within the finance function.

In this article, we focus on how finance professionals perceive the activities that feed the need for specific business and technical skills and competencies.

Important Finance Activities

What finance function activities are deemed most important by finance professionals themselves in helping the organization achieve its objectives?

Research by CIMA involving surveys and interviews of finance professionals around the globe finds that managing staff, communication and presentation, strategic financial planning and preparation and interpretation are considered among the most important (see Exhibit 1 below).

Click image to enlarge

Exhibit 1: Importance of finance activities ordered by time spent on them (most time at the top)

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