Finance business partners evaluate raw data and communicate it clearly to colleagues outside of the finance unit in marketing, sales, and manufacturing; it is a role that puts them at the center of the organization. The goal is to organize the data fragments, analyze their worth, and then convey the findings to the appropriate stakeholders in an understandable manner. Service covered under Finance Partner includes Cloud Accounting Services, Year-end Financial Closure, Taxation, and Accounting & Payroll Services – F&A.
Finance Partner – Finance and Accounting Services
Accountants who work closely with a specific business unit to form a valid and active collaboration with operations and management are known as finance business partners. Their job is to provide real-time’ support and analysis, act as a trusted advisor, and bring value to help with decision-making. Their ability to express their message, understand their audience, and offer information in a clear and user-friendly manner is critical to their success. Successful finance business partnering relies on a combination of analytical, commercial, and communication skills.
The chance is to act as a translator or liaison between the languages of finance and operations, telling the tale and painting a compelling image. Commercial acumen, analytical abilities, establishing relationships, communicating effectively, and convincing are all required for success in this profession.
Our Key Services
We provide a range of services. Understand our services:
Cloud Accounting Services
It’s nothing new to keep track of your small business’s income and expenses in order to track its financial performance over time. Accounting software has been used for decades, while double-entry bookkeeping has been around for millennia, allowing finance teams to record and track money moving in and out of the organization. Cloud accounting software can improve your bookkeeping efficiency, streamline your financial administration, and give you a real-time view of your critical data.
Interim Financial Reporting
Financial statements that cover a period of less than a year are known as interim financial statements. Investors pay great attention to them since they are used to provide information about the performance of the issuing entity before the end of the regular reporting year. The notion is most typically used by publicly traded corporations, which must release quarterly financial statements. These companies provide three sets of interim statements per year: the first quarter, the second quarter, and the third quarter. The year-end financial statements cover the final reporting period of the year. Hence it is not considered to be related to intermediate financial statements.
Year-end Financial Closure
The fiscal year-end closure procedure is needed to get the general ledger accounts ready for financial statement presentation and the following accounting process. Steps in the closure process include transferring income statement accounts to balance sheet accounts. Income statement accounts must be wiped out or closed to prepare for the following accounting period because they capture current-year activity.
Finance & Accounting
Financial Accounting is a part of accounting that entails recording, summarising, and reporting a wide range of transactions arising from corporate operations throughout time. These activities are documented in financial statements such as the balance sheet, income statement, and cash flow statement, demonstrating the company’s operating performance through time. Financial accountant positions are available in both the public and commercial sectors. The responsibilities of a financial accountant may differ from those of a general accountant, who works for himself rather than for a corporation or organization.
Accounting & Payroll Services
Accounting and bookkeeping are essential parts of any organization. Bookkeeping services will ensure that your company’s accounts are accurate and dependable, allowing you to make quick decisions to minimize risks and maximize earnings. An efficient accounting system can have a substantial impact on a business’s production and profitability. Companies must pay their employees’ salaries on time, regardless of where they are located. They must also guarantee that all withholding, computations, and reporting requirements for income tax and social security are met.
Taxation – GST
The GST is a value-added tax applied on most products and services sold for domestic consumption. Consumers pay the GST, but businesses selling the products and services must remit it to the government.
Taxation – Income Tax
Income tax is a tax imposed by governments on income made by enterprises and persons within their jurisdiction. Governments rely on income taxes to fund their operations. They’re used to pay for government obligations, support public services, and give commodities to citizens. Taxpayers are required by law to file an income tax return each year to establish their tax obligations.
Corporate Compliance Services
Compliance allows you to set a risk limit. Internal processes for establishing and adhering to policies are crucial to your company’s success. When you stray from compliance, you risk damaging your reputation and operations, as well as losing your commercial relevance. Our team combines imaginative talent with clever thinking and intelligent technology to help smaller firms with no compliance function achieve regulatory success. Keeping every piece of information can jeopardize compliance. To help with compliance, discovery, and security, you’ll need an information governance strategy.
FAQ’s on Finance Partner – Finance and Accounting Services
What are the responsibilites of a finance partner?
- Providing analysis and insight into financial reports to link them to company strategy
- Improving the influence of financial reporting on business performance and gaining a better knowledge of it
- Developing or implementing effective commercial procedures to ensure that essential operational, commercial, and financial objectives are met
- Developing excellent ties and collaborations with all senior managers and their teams, as well as providing financial support for commercial decision-making
How are finance partners important?
Finance business partners serve as a vital link between the Finance department, management, and other departments within the company. They provide financial data, tools, analysis, and insight to leaders across the organization, allowing them to make informed decisions that align with the company’s goals. The function of the finance business partner is critical in giving managers the information they need to challenge, coach, and encourage their staff.
How can SattvaCFO help in Finance Partner?
SattvaCFO’s Finance Partner is a customized Finance and Accounting Services that brings together world class finance talents and leading technology to meet business needs. Our Service Offerings include Advisory Services, Management Consulting, Regulatory Reporting & Compliance, and Finance Business Partner.
