Finance Collaboration Model
Finance Collaboration Model
From Transactions to Communicating Business Performance
Accounting, FP&A and FBP, everyone contributes. The objective is to create and deliver value together as a team.
The team who knows what their role is and, more importantly, exactly knows what the other team needs from them.
Based on my experience, I have developed the Finance Collaboration Model for monthly management reports from the accounting team recording transactions to FP&A driving meaningful insights to the Finance Business Partner communicating the results to the business in a language the business understands.
Accounting > FP&A > FBP > Business
Remember, it is not a one-way street. It is a two-way communication. Understanding what business needs and conveying the message to all the touch points in the value chain.
Business > FBP > FP&A > Accounting
The whole process is described in the infographic for you to review, assess, and implement. And tweak it to suit your organizational needs, processes, and systems.
I know there may not be an FBP in your organization. In that case, the FP&A team assumes the role of FBP and communicates results to the business in a language they understand.
What else would you add?
This is what I have included for each section:
✅ ACCOUNTING
– Accuracy of Transactions
– Adequate Internal Controls
– Accuracy and Reliability of Transactions
– Accurate Recording of Transactions
– Robust Review and Posting Process
– Periodic Reconciliation
– Accuracy of Month-End Closing
✅ FP&A
– Data Integration with Accounting System
– Adequate Internal Controls
– Understanding Data
– Interpreting Data
– Driving Meaningful Insights
– Consolidation
– Meaningful Reporting
✅ Finance Business Partner
– Financial Acumen
– Business Insights
– Tailored Message in a Business Language
– Telling the Story Behind the Numbers
– Presenting Results to Business
– Understanding Business Expectations
– Communicating those expectations to the finance team
