Dear Business Executives: Here’s Why You’re Not Getting What You Need From Your Finance Department
Business executives think it natural for finance department employees to be aligned with company goals, however, it is quite alarming how often this is not the case…
We’ve heard countless stories from business leaders wondering how to align employees with company goals. They don’t understand what the finance department is doing. And they aren’t getting the reports they need to make informed business decisions.
For example, maybe you want a simple report to help you decide how to allocate costs. But you sense resistance from the finance department and have no clue when you’ll receive the info you need.
Or, maybe you see this big finance department with a big cost. But you aren’t really sure of what they’re doing and how they’re bringing value to the business.
At the end of the day, you need a finance department that actively communicates with you and supports your business!
Here are the reasons why these issues happen in the first place
1) Internal finance department employees often lack a customer service mindset
Finance employees generally do not have a background in customer service. That means that they don’t realize that they should treat the other departments of the company as if they are clients. In other words, they don’t have a “how can we support you” mentality.
2) Internal finance department employees are not solutions-oriented
In many companies, the finance department is only thinking about finance-related tasks, procedures, and compliance. They’re not thinking about the other departments of the company and how their work supports the overall success of the business.
As a result, you might feel “policed” by your finance department. This is because their primary aim is to make sure that policies are followed and procedures controlled – not to help facilitate the needs of the business.
Of course, what they are doing is important, but a better balance can be struck if they have an open-minded, solutions-oriented approach. When you have a need, you want a finance department that works with you. One that comes up with practical solutions that help you get what you want without putting the company at risk.
In a nutshell, there’s a gap between what support the business needs from the finance department and what the finance department is actually doing.
3) Internal finance department employees want a bigger team because they don’t know how to leverage process and technology to optimize their work
The career path of an internal finance department employee does not provide them the opportunity to develop process and technology skills.
A typical path is they study accounting at University, work for an accounting firm while studying for their CPA, and then move into a corporate internal finance department role.
As a result, they are unable to use the best software and applications that would streamline day-to-day finance tasks. An unstreamlined finance department prevents them from focusing on providing more value to you. And it’ll also cost you more because you need more people to handle the manual tasks.
Here’s how to align employees with company goals
It’s difficult to overcome these issues from within. You need an external consultant with an accounting AND business background to listen to your needs and business requirements and then work with the finance department to operate with a customer-service mentality.
This external consultant must also have exemplary process and technology skills. They need to work closely with the finance department to not only design but also support in implementing new processes and software that are crucial in delivering value to the business.
weConnect has helped hundreds of companies make this a reality, and we can do it for you as well. Contact us here and we will walk you through exactly what needs to happen. It’s time for you to get what you need from your finance department!