A modern finance function has a mission which goes way beyond just doing the accounting systems, bookkeeping and producing historical financial accounts. Today a modern finance function must fully work with and support the business, while maintaining a clear command of the big picture and an appropriate level of critical detachment and control:
- Supporting and challenging the business through planning, decision making, information and monitoring tools and processes
- Creating shareholder value through maximizing cash flows, providing appropriate company funding and treasury services, and being due diligence ready
- Ensuring the finance team and organisation can deliver outstanding service in each of the key finance areas.
- Protecting reputation and assets through risk management: policies, implementation, processes and controls
- Delivering effective business services (shared, support and project) where relevant (for example legal, commercial, IT, corporate services)
For each company the finance function mission needs to be tailored to the company’s business model and current situation and can vary significantly, particularly when a business changes ownership or undergoes significant changes in strategic orientation.