Setting up strategic finance function

The role of accountants is shifting from traditional bean counters to more of strategy custodians and technical business advisors. As such accountants must be actively involved in any organisational strategy formulation and implementation. For an organization to succeed in the global and competitive world, it needs to have a robust strategic plan in place. The strategic plan is made of several definite targets it aspires to achieve. Some of the targets are internal as well as external. The role of strategic finance manager includes but not limited to:
• Financial planning and forecasting
• Strategic finance and planning
• Business intelligence
• Finance modelling
• Strategic finance and capital management

Any strategic finance decision has a direct impact on cash flow of the company. In turn cash flow impacts the balance sheet, hence financial performance within the company. The strategic finance tool connects finance decision-making process to working capital management to capital structure to taxation. This connection adds value to organization and reduces overall cost of capital. A strategic finance tool and system should have a consolidation module which provides the total view to decision makers.

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