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4 Ways Finance & Accounting Makes a Difference. – Strength In The Numbers 4 Ways Finance & Accounting Makes a Difference. – Strength In The Numbers

4 Ways Finance & Accounting Makes a Difference.

Written by on March 20, 2017

I start with a story. Once upon a time there was a young couple who used to go to the beach for a walk together every Friday morning before they made their way to work . . .

. . . Early one morning after a big storm had passed they were walking along the shoreline and found a vast beach littered with starfish as far as the eye could see, stretching in both directions.

Then off in the distance, the couple, both noticed a small boy approaching.

As the boy walked, he paused every so often and as he grew closer, the couple could see that the was occasionally bending down to pick up an object of some sort and throw it into the sea.

The boy came closer still and one of the couple called out, “Good morning young man. I’m curious, what is it that you’re doing?”

The young boy passed, looked up and replied, “Throwing starfish into the sea. The tide has washed them up onto the beach and they can’t return to the sea by themselves. When the sun gets high they will die unless I throw them back into the water.”

The other partner replied, “But there must be many thousands of starfish on this beach. I’m afraid you won’t really be able to make much of a difference.”

Now the boy bent down, picked up yet another starfish and threw it as far as he could into the sea. Then he turned and smiled and said, “But I made a difference to that one!”

I really enjoy this story, it’s my take & shortened version of Loren Eiseley’s “The Star Thrower” and it’s so simple, yet so effective.

 

Naturally, we may not be able to take on all of the problems in our organisations as there’s hundreds of decisions a day our stakeholders need to make, from big, company-impacting decisions, to tiny, hour-affecting ones. There’s simply loads of starfish that need tending to and with the sheer volume & weight of them it’s actually quite easy to forget how much of a difference all of us in accounting & finance can make on our organisations. We forget sometimes that we’ve an incredible opportunity to make a difference to our organisations and here are 5 ways we can help:

  1. Increasing Wealth from existing resources

Business is not all about the money, part of it is about increasing wealth for other stakeholders like, customers, staff, community, etc… . Accounting & Finance can use their fuller view of the field of play in and around organisations which allows them find ways to guide businesses, leaders and managers towards achieving sustained profitable growth in the wealth they contribute from their activities for these stakeholders.

  1. Better control over decision making

Everyday there are more decisions to be made by leaders and managers than they possibly have time for, and everyday there are new problems to conquer, Accounting & Finance can help establish better controls around decision-making that improve the likelihood of capitalising on business ideas that are valuable to stakeholders.

  1. Getting ahead of issues before they grow too big

Everybody knows that even when things are going well that all hell can break lose at any moment, just when you least expect it. Because Accounting & Finance are trained to take a balanced view of the past, current and future they help organisations get ahead of issues reducing the risk they go too far off course leading them back towards more successful outcomes.

  1. Create safe environment to review performance

People make mistakes and there’s an old saying that when you “outlearn your competition, you out earn them.” The impartial and detached viewpoint that accounting & finance teams have in organisations compared to other colleagues means that they can create a safe and constructive environment to carefully review performance so that such learnings can be utilised next time by managers and leaders to more quickly build wealth and capitalise on ideas.

Tackle One Problem at a Time

Even though Accounting & Finance can make a difference to our organisations we will only deliver these four benefits in direct proportion to how much we’re wanted by the organisations we serve. So what do we do? Do what the boy did in the story, we simply tackle one challenge & problem at a time. The thing is that a lot of us are so busy trying to solve things immediately in front of us that we focus on ourselves & the wrong things, that we fail to lift our heads up. So we must proactively get out there from behind our desks and find others in our organisations with those problems we’re trained to help & know that there are many ways that we can make a positive difference.

In what ways are accounting & finance making a difference in your organisation? Let’s all contribute to make this another resource for other aspiring finance business partners so please like or add your comments below.

If you feel you wish to know more about the topic of finance business partnering check out the following book at UK link and US link


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