In my previous articles on the changing role of finance, I have mentioned about business partnering against transaction processing.
Here in this article, I would like to elaborate further that to be able to do business partnering with other operating managers it is essential that we should first:
Know/Understand The Business Very Well :

• Shows a good understanding of issues relevant to our overall organization and business;
• Keeps that knowledge current and
  
• Knowledge of the processes/key concerns common to all businesses and
  
• Be proactive instead of reactive to challenges
  

Sharpen Our Business Advisory Skills:

• Anticipates and takes initiative to identify customer/client concerns and proposes recommendations as appropriate and
• Able to interact with the customer/client as a business partner.(interpersonal skills)

Be Strong In Financial Analysis:

• Ability to interpret and draw conclusions from financial/business information;
• Able to review a proposal or transaction and determine the future effect on our business.

Be Strong in Planning and Organizing:

• ability to set goals;
• develop strategies and schedules for meeting those goals;
• anticipates obstacles and defines alternative strategies;
• schedules and coordinates work of others;
• sets priorities;
• establishes efficient work procedures to meet objectives

Needless to say, as accounting(financial, costing, management) is our forte, we should be proficient by having the knowledge and able to apply them in terms of the following aspects:

• forecasting,
• income determination
• cost effectiveness;
• performance evaluation and decision making;
• a good understanding of operations, cost systems and procedures;
• the ability to develop, interpret and present cost data to aid in controlling current and future operations.

So, you have sharpen your skills, I believe you can now add further value into your business partnering role. By acquiring such skills, we can then differentiate the mundane processing role of Accounts Payable, Receivables, Order taking and other bookkeeping or accounting work which can be easily outsourced either internally (SSC) or externally (banks, third party, etc)

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Related Entries

• The Changing Role Of Finance Function: Training Requirements ( Part 2)
• KPA/KPI: Identifying Your “Customer”
• Credit Management:What is the KPA and KPI of a Credit Manager?
• The Changing Role of Finance: Business Partnering- A Small Example ( Part 5)
• Financial Planning as One of The Key Finance Roles (Part 1)