How do you build a strong relationship with your finance team?

I agree any good manager will role up their sleeves and sit side by side with their team members to understand the processes. They will listen to the challenges they face and collaborate on a solution.

I think first step to create a collaboartive environment is to all of team no matter wich are their role should have basic finance or the finance for not financials trainning in order to undesrtand the full processes involved in the team.

The first thing that anyone (manager, boss, chief) has to understand is, that we work with people, not machines! This is the basis for any relationship!!! Respect is the basis for a great relationship…

Understanding the finance team's processes, including daily tasks and leveraging tools and data, is crucial for achieving financial and informational goals. In a recent collaboration with a law firm, our aim was to collect data and create daily reports for breakeven analysis and monthly progress tracking. A dashboard with sales, cash flow, and key metrics provided real-time goal management. Previously, we reviewed this data post-month, hindering proactive adjustments. Collaborating closely with finance identified daily essential tools and data, enhancing access to vital business information. This discovery boosted monthly goal achievement and profitability prediction.

If the team doesn't do what they're told to do, the manager didn't do the job. In my culture we all know: only if the manager knows the work, he asks others to do, he can be manager. When you know the job, you can manage others doing that job.

I always make it a point to keep my finance team in the loop. Too much information is better than not enough, so I make sure they know when I'm making purchases and/or making plans for big spend so they aren't surprised. If they ask me to wait on something, I do. Respect and clear communication is the basis of all great partnerships!

?? Building a strong partnership with your finance team is pivotal for business success. Understanding their roles and challenges lays the foundation for this collaboration. By gaining insights into their responsibilities, objectives, and constraints, you can foster trust and mutual respect. This sets the stage for effective communication, collaboration, and ultimately, smarter decision-making. ?? Kudos to the contributors for emphasizing the importance of managers actively engaging with their teams and maintaining clear, regular communication.?? #FinanceTeam #BusinessManagement #Collaboration

Communication is indeed key. There is for sure a part of confidentiality within the financial department that needs to be kept in any organisation. This, however, when extended to the daily operative in the form of secrecy can be fatal for the organisation. Discretionary communication, in the form of updates and alignment can help companies save themselves from internal crisis.

I opine and emphatically so, that everyone who is invested in the success of any project, endeavor, or organization must give themselves to learning how to communicate effectively. Everything seems to get easier with improved communication skills.

Expectations can be aligned when clearly communicated; outline, note take, follow up at all steps. Crucial to the start of such processes is to include any assumptions made as these may inform steps taken or discussions as progress is made.

Maintain transparent and open lines of communication with your finance team. Regularly schedule meetings to discuss financial matters and company goals. Keep encouraging your finance team to provide input and insights on financial strategies. Value their expertise and consider their recommendations.

The Finance Team is no different from any other function in terms of early involvement and decision making on projects and initiatives. With most projects the objective is to move ahead steadily avoiding execution risk. the Finance team may well have different perspectives and priorities for example in the use of available working capital. It is important to understand these constraints before making critical project or ops decisions. Finance team participation is key in any integrated project team approach for me.

Let’s recall Apple’s co-founder Steve Jobs and CFO Fred Anderson in the late 1990s. Jobs and Anderson worked closely to turn around Apple’s financial situation, aligning business strategies with financial goals, which contributed to Apple’s resurgence.

To strengthen your relationship with the finance team, involving them in planning and decision-making processes is crucial. Acknowledge the value they bring to shaping and executing strategies, initiatives, and budgets. Consult them on important financial assumptions, scenarios, and implications, seeking their ideas, suggestions, and recommendations. By involving the finance team in these processes, you can leverage their expertise, skills, and insights, enhancing the quality of decision-making and fostering a sense of ownership and collaboration. This inclusive approach creates a stronger bond between teams and promotes a shared understanding of organizational goals and financial objectives.

Having worked both in finance and operations departments, I strongly believe that finance teams should come a step forward to understand the business dynamics to be the part of decision making process. Integration of finance, operations and commercial teams can help the businesses to take complex decisions quickly.

To build a strong Team, you need TO BE part of the Team. A Great manager will role up their sleeves and work side by side with their team members to understand the processes. They will listen to the challenges they face and collaborate on a solution.

Recognizing the finance team's hard work is vital. They turn data into actionable information, but sometimes, negative findings can be challenging. Management may initially react negatively, but it's essential to handle such information objectively. Recently, our finance team uncovered a significant issue affecting our company's income. After analyzing new client acquisitions, we found a substantial increase in discounts offered to retain clients. Despite the sales department's success in retaining clients, the volume of discounts exceeded previous levels, eroding profits. Initially, management was frustrated with the finance team. However, we soon realized these findings, though painful, were necessary to correct our course effectively.

It's not only about praising them one to one, it's appreciating and commending them as a team together, showing them how their actions led to group success, and then showing pride and confidence in them to other departments and senior staff, to let them see their efforts and achievements are recognized internally and externally.

?? Collaboration is the cornerstone of a strong partnership with your finance team. Viewing them as partners rather than just service providers can unlock immense potential. Working together to address challenges and capitalize on opportunities not only benefits your projects but also fosters a culture of mutual growth. ?? Furthermore, the exchange of information and best practices can lead to innovative solutions and improved performance. Seeking advice and guidance from your finance team enhances your decision-making process and enriches your skill set. It's a win-win for everyone involved. ?? #FinanceTeam #Collaboration #MutualGrowth

More often the involvement of finance team is ignored un-intentionally. The finance team forms a part of task force in the procure to pay process. The finance team members should be made to interact with the vendors / contractors to ensure that they understand the practical aspects the vendors / contractors face and impress upon the key aspects to be taken care by the vendors/ contractors in the invoicing in terms of clarity in the mandatory data required, bring in the clarity in bill certification process, supporting documents required along with bills etc, tracking process, contact points, follow up on status- physically or in the portal. A personal meeting between finance team members and vendor companies always helps.

For effective collaboration with the finance team: Understand their goals, maintain open communication, provide timely data, establish routine check-ins, listen actively, bridge knowledge gaps with training, and acknowledge joint accomplishments. Mutual respect and transparency are key.

An example could be collaboration between Henry Ford and Charles Sorensen in the early 20th century. Sorensen, Ford’s CFO, played a crucial role in implementing innovative cost-cutting measures and production techniques, contributing to the success of the Model T and Ford’s dominance in the automotive industry. Their strong working relationship was fundamental to the company’s achievements.

In my Sales ,Projects and operations experience of 33 year (80% in sales ) amongst my best friends in office were my finance manager s because for me they were the largest value add to my Function to achieve my goals . Every organisation is a financial entity and hence it’s Is responsibility of every employee to understand about finance functions better & see how to dovetail their own efforts to meet the objectives over long term.Finance also needs short term results to keep their stakeholder happy. Hence we need to work to give them that quick results on cash flow or Profitability. Finance team gives great insights on how to project to the customers the right data !! For me finance team has been indispensable to my functional success .

To build a strong team, you need to be part of the tribe, speak their language, help them grow. When there are problems you deal it together than point fingers. It’s easy in an ideal world, but you have to be a leader not a boss!

Building a strong relationship with the finance team is one of the most important time investments that will help you achieve your goals and objectives and may help shape strategic decisions that contribute positively towards a successful business. Here are a few steps that I have cherry-picked from various sources in my career. Understand time pressures in finance roles: Invest time into learning more about responsibilities, and pain points caused by deadline hurdles that may help reduce staff stress levels. Effective Communication: Regular and clear communication is key to any relationship. It’s extremely beneficial to understand some financial terminology. Example: “Net” is very different from “Net/Net”.

In summary such initiatives involve clear communication, understanding Finance team’s goals, and fostering collaboration. Regularly discuss financial objectives, provide context for decisions, and appreciate their contributions to the overall business strategy. Encourage an open dialogue, seek their input, and ensure alignment between financial goals and broader organizational objectives.