Building the Finance Team of the Future
In any business, the finance team is more than just a function—it’s a strategic pillar that can shape the trajectory of a company. Having led the restructuring and modernization of finance teams for large multinationals, I’ve learned that the journey to building the finance team of the future begins with clarity of what that means, delivery agility, and a steadfast alignment with company objectives.
Aligning Finance with Company Objectives
Building a finance team begins with understanding what the company aims to achieve. Different objectives call for tailored finance structures, and failing to align the team with these goals can derail the organization’s progress.
For example:
- Cost Reduction: A company focused on cost reduction requires robust FP&A (Financial Planning & Analysis) capabilities to identify inefficiencies and forecast savings. Centralized accounting and an offshore workforce can further enhance cost management.
- Public Company Listing: Preparing for an IPO requires strengthening Internal Audit, Investor Relations, and Corporate Finance functions. These teams work closely to ensure compliance, build investor confidence, and prepare financial disclosures.
- Global Expansion: For companies entering new markets, Tax and Finance Business Partner teams become critical to managing cross-border compliance and aligning financial operations with strategic growth.
The key takeaway? Begin your journey by studying your company’s objectives, then structure the finance team backward to serve those goals. In doing so, consider how challenges facing the workforce of 2025, such as talent shortages and the need for new technologies, might shape these objectives and the finance team’s structure.
Core Finance Functions
To level set for those new to finance team building, the typical, fully fledged, multinational finance team includes the following capabilities:
- Accounting: Ensures accurate financial records and compliance.
- FP&A: Drives budgeting, forecasting, and strategic decision-making.
- Tax: Manages compliance with domestic and international tax laws.
- Internal Audit: Mitigates risk and strengthens governance.
- Investor Relations: Maintains transparency with stakeholders.
- Finance Business Partners: Aligns finance with operational goals.
- Corporate Finance: Manages capital structure and major transactions.
- CFO Office: Oversees strategy, planning, and cross-functional alignment.
While these functions are common, their size, structure, and prominence depend on organizational objectives. Failure to establish and maintain these capabilities risks losing management trust and investor confidence—a risk no company can afford.
Assessing Core Finance Capabilities
To determine whether your finance team has the core capabilities it needs, use the simple checklist below as a starting point:
Regularly revisiting this framework ensures your finance team evolves with your company’s needs. Integrating strategies for upskilling and engaging employees within this framework can help future-proof the team by keeping them challenged, learning, and ready to meet emerging demands.
Modernizing Finance Capabilities
The evolution of finance has been marked by major steps forward. Initially, finance functions transitioned from paper-based systems to spreadsheets (1980s–1990s), enabling basic automation and calculations. This progressed to point solutions (1990s–2000s), where specialized tools handled specific functions like budgeting or tax compliance. The next leap brought integrated platforms (2000s–2010s), such as ERP systems, which allowed for seamless data flow across modules. Today, AI-powered tools (2020s) have revolutionized our landscape, offering capabilities like advanced analysis, error detection, and actionable insights at unprecedented speeds.
The finance team of the future will look different again and here are the most significant opportunities we see:
1. AI-powered Process Optimization
Streamline workflows through AI-powered automation. For example, automating reconciliation processes with tools like BlackLine can save hours of manual effort.
2. Data & Analytics
Empower decision-making with data visualization tools like Tableau and Power BI. These tools help transform complex datasets into actionable insights, engaging a multigenerational workforce by catering to different skill levels and learning styles through intuitive interfaces and customizable dashboards.
3. Offshore Workforces
Offshore teams offer cost efficiency and scalability, particularly in areas like accounts payable and tax compliance. These strategies also address talent shortages and support the effective management of remote workforces, enabling companies to remain agile and resilient in an evolving business landscape. Establishing clear SLAs ensures quality and reliability.
4. Artificial Intelligence
AI is revolutionizing forecasting, fraud detection, and scenario planning. Tools like Anaplan and Workday Adaptive Planning integrate predictive analytics to enhance strategic planning.
5. Cloud-Based Solutions
Cloud ERP systems like Oracle NetSuite and SAP S/4HANA offer flexibility, scalability, and improved collaboration across geographies.
Lowest Hanging Fruit: Start with automating repetitive processes in accounting and reporting. These areas often yield immediate cost savings and efficiency gains.
Defining a Modern Finance Team
To achieve success, it’s crucial to establish a shared understanding of what defines a modern finance team. While interpretations vary, here’s a framework to guide your thinking if you haven’t explored this too much as yet:
- Agile: Adapts quickly to changes in market dynamics and business strategies, ensuring responsiveness and flexibility.
- Data-Driven: Leverages analytics to inform decision-making, driving smarter and faster outcomes.
- Tech-Enabled: Employs modern tools to enhance efficiency, scalability, and productivity.
- Strategically Aligned: Operates with a clear focus on delivering measurable value by supporting company objectives.
- Cost-Efficient: Balances effectiveness with cost-consciousness, optimizing resources through process automation, lean operations, and strategic use of offshore or hybrid workforces.
- Future-Ready: Continuously evolves by embracing innovation and up-skilling to meet emerging challenges and seize new opportunities.
A modern finance team isn’t just high-performing—it’s built to deliver value at a sustainable cost.
Timelines for Diagnosis and Modernization
A common question we get is how long does it take to modern a finance team. Needless to say, the answer depends on the current capability level of the function as well as the objectives of the company. What I can say is, the diagnosis Phase typically takes 2-4 weeks. This involves stakeholder interviews, data analysis, and capability assessments.
The Modernization Phase comes next and the duration of this depends on scope but generally ranges from 6-18 months. Of course you'll want to prioritize quick wins to build momentum while tackling longer-term transformations.
The Benefits of Modernizing Finance
Committing to modernizing finance capabilities unlocks massive tangible and intangible benefits, including the ability to up-skill your workforce. This not only ensures long-term engagement and retention but also equips employees with the skills needed to meet future challenges. We always see noticeable improvements in:
- Increased Efficiency: Automation reduces manual workloads.
- Improved Decision-Making: Data-driven insights enhance strategic planning.
- Cost Savings: Streamlined processes and offshore teams lower operational costs.
- Enhanced Trust: Robust capabilities inspire confidence among stakeholders.
- Future-Proofing: A modern finance team is resilient in the face of change.
Final Thoughts
The finance team of the future is not just about cutting-edge technology or flashy tools—it’s about building a foundation that aligns with your company’s goals and equips your organization to thrive. By committing to modernization, you’re not just transforming your finance function—you’re setting your entire company up for success.