The skills and value of an effective finance department

By AFR Consulting

15 Apr 2013

Simon Speak of AFR Consulting explains how having a great finance team can ensure your business weathers any storm.

Particularly when times are tough, employers need to focus on developing an effective finance team with the right skills and experience to overcome economic challenges.

Having a firm grip on credit control and cash-flow is absolutely vital, and it all stems from solid management by an experienced finance director.

Over the last few years the FD position has diversified and now carries a range of responsibilities and opportunities extending far beyond its traditional finance functions.

Your FD takes on critical responsibilities – effectively managing the balance sheet, ensuring robust corporate governance is in place, maintaining sensible growth, and providing a prudent approach to decreasing levels of credit available.

To support the FD you also need a strong team of financial professionals. A skilled management accountant will ensure you can analyse efficiencies and minimise non-essential costs.

Meanwhile credit controllers provide vigilance in monitoring debts, managing payment plans, and devising discounts in return for prompt payment. They can also put procedures in place to manage poor credit ratings and prevent problems arising.

The ‘softer’, skills are crucial now as well, especially by those who see the post as a stepping stone to the top of a company, to many – stakeholder communication and relationship management skills are almost as highly valued as financial aptitude. What value should a finance team add to my business?Identify which parts of your business make the most profitEstablish stringent cash management and internal controls to provide working capital needed to survive or grow.Develop management information systems to understand commercial and financial drivers of your businessImplement new or more efficient IT accounting systemsRisk assessment on new ventures, contracts and tendersFind finance to fund growth organically or through acquisition, flotation or MBOIdentify opportunities to reduce tax bills and bank or currency chargesEnhancing the structure and calibre of the finance department should be a priority for any business that wants to ensure it survives and thrives in a difficult economic climate.

Enjoyed this? Read more from AFR Consulting

Latest news

1

Lancashire’s tech and innovation ecosystem goes online with open access Dealroom microsite Lancashire Innovation Board Members Jane Dalton and Russell McGrath, Dealroom's Aoife Morrin, and Lancashire County Council’s Head of Business Growth, Andy Walker

Lancashire’s tech and innovation ecosystem goes online with open access Dealroom microsite

24 Jun 2025

2

New £40m veterinary school champions diversity to support a resilient veterinary workforce Will Greenwood as a Lanx ambassador

New £40m veterinary school champions diversity to support a resilient veterinary workforce

23 Jun 2025

3

Technology, skills and infrastructure should be key priorities in Government Industrial Strategy, finds MHA manufacturing report Andrew Matthews

Technology, skills and infrastructure should be key priorities in Government Industrial Strategy, finds MHA manufacturing report

23 Jun 2025

4

Businesses should look at Net Zero as an 'opportunity, not a challenge' Lancashire Net Zero Conference 2025

Businesses should look at Net Zero as an 'opportunity, not a challenge'

20 Jun 2025

5

£4m investment across East Lancashire power network EV electric vehicle Electricity NW

£4m investment across East Lancashire power network

20 Jun 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Business Bike Club – July
Chamber Logo1.png.png
LBV Hub Networking
01 Jul 2025 - 01 Jul 2025

Business Bike Club – July

Various, Lancaster, LA

08:00 - 09:30

Chamber Breakfast Networking – July
Chamber Logo1.png.png
LBV Hub Networking
02 Jul 2025 - 02 Jul 2025

Chamber Breakfast Networking – July

St John's Hospice, Slyne Road, Lancaster, LA2 6ST

08:00 - 10:00

The Marketing Metrics that Matter – July 4
LBV Hub Seminars
04 Jul 2025 - 04 Jul 2025

The Marketing Metrics that Matter – July 4

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

08:30 - 11:00

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

Burnley FC , Burnley, BB10 4BX

12:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin