[Why finances should be integrated into the business]
We often see similar words in accounting forums, financial news or financial publications: true financial management is to participate in business activities. Excellent CFOs must learn the skills of “jumping out of finance to see finance” and management accounting needs to be extended. These statements point to one point – one of the directions of financial management deepening is business in-depth.
Speaking of business deepening does not mean that financial personnel replace business personnel to perform business activities. Business deepening is actually a general term that can include business processes, management priorities, job settings, rules and regulations, terminology, and key technologies. The unspoken rules of the industry, etc., the specific degree of deepening depends on the deep demand of the financial management of the enterprise.
So must finance be integrated into the business?
Speaking of this problem, we have to ask another question, that is, the role of the financial department. What is the responsibility of a company’s finance department? It depends on the specific management needs of the company. For example, the financial department of a sales subsidiary is mainly responsible for accounting, tax filing, and reporting of data. At this time, the finance department is a subsidiary for this subsidiary. Accounting department, accounting department; For example, the financial department of an investment company headquarters is mainly responsible for investment and financing business, investment M&A tax planning, fund allocation, project analysis, etc. At this time, the financial department is a strategic analysis and investment for this headquarters company. Financing department.
It is precisely because of the different roles of the finance department in the enterprise that the previous question “Will the finance be integrated into the business?” is the question of whether or not to integrate and integrate.
As a management accountant, we must have professional sensitivity and strategic foresight, match the financial and business integration relationship in a timely manner, and promote the financial management innovation and improvement of the enterprise.
In fact, most of the financial workers are still inseparable from the daily work of the business. The most common are accounting standards, fund matching, tax risk aversion, invoice management, budget control fineness, financial analysis depth, Performance appraisal, project management, etc.
[Handicap encountered in actual work]
The textbook often mentions doing financial business, but most of them still stay in theory. No textbook tells you how to Learning business, this is the key to linking theory with practice. Some finances have been promoted to CFOs for 5 years, and some finances have remained a small accountant for a lifetime. The work experience has played a vital role here.
Financial integration into the business is an important part of the work experience, often the financial staff take the first step to retreat when encountering resistance, leading to stagnant career development.
Summary of the business integration barriers that we often encounter:
(1) The company platform is too small, the daily work of finance is to record and report tax returns;
(2) Interpersonal relationship is complex, it is difficult to learn business knowledge;
(3) Business expertise is strong, difficult to understand, and gradually loses confidence;
(4)Company The industry is simple, there is no technical content;
(5) The business knows a lot, but does not know how to integrate with finance;
(6) Ideologically contradicts the business and feels that I have learned the business. Career development is also difficult.
[Recommended for a few good practices]
First solve the problem of thinking, financial integration into the business is the general trend, but also every financial executive It should be known that skills should be met. If you do not understand the financial affairs, you will not be able to establish a foothold in the workplace and will not make achievements in the field of financial management. Even if the starting line is different, but the later acceleration and sprint are still very important, so we still have to establish a positive cognitive view.
Recommended for a few useful methods to integrate into the business:
(1) Improve communication skills, lower your posture and strengthen communication with business people;
( 2) Pay attention to the details and not miss any opportunity to learn business knowledge. For example, an accounting firm interns often look down on copying the audit draft work. In fact, he also lost the best time to learn;
(3 ) Collect business documents, including business department regulations, notices, manuals, industry reports, work papers, etc.;
(4) Focus on industry news;
(5) If you have already done To the position of supervisor and manager, you can use the resources (rights, contacts, influence) that you already have to participate more actively in the business process and learn to use resources for resources.
In short, management finance needs to understand business, and business also needs to understand its own financial cooperation. Active and positive cooperation will definitely help the healthy development of the company.
Because of the limited length of the article, future articles will delve into the specific models and cases of financial integration into the business.
Want to learn more about management accounting, please pay attention to this headline number, support and exchange!