If you’re a business finance partner seeking to add value to a company which you’ve just joined, you basically have two avenues to take. The first is to accept financial information provided to you as accurate, and to begin identifying ways that this data can be put to good use. The second way is to spend some time verifying the accuracy of the information provided, thereby adding value to the company in terms of data integrity.
Adding value as a business partner
In most cases, a new business partner is not taken on in the financial area for the purpose of questioning the company’s financial information, and trying to track down its accuracy. For the most part, new business partners are added in the hope that they can bring value to the company by capitalizing on the financial information provided to them. However, if you do have the freedom to investigate your information sources, it is an exercise that is probably well worth doing. Here are some ways you can go about that.
Interrupt the routine
One of the surest ways of finding out if business processes are working, is to stop doing them. It’s just not worth it to keep doing the same old routines when they don’t add value to the company, and when they’re done just because that’s the way things have always happened.
Verify your one source of truth
Generally speaking, in the financial world the one source of truth is the general ledger, and this is what has to be accurate in order for your company’s finances to be accurate overall. However, there are a great many feeder systems which provide data to the general ledger, and a really thorough investigation of your company’s finances should include a close examination of all these feeder systems.
Maintain financial standards
Another of the ways which you can provide tremendous value as a business partner is by maintaining financial standards in your company. There are bound to be a number of employees who don’t understand the significance of upholding strong financial standards, and that means it’s up to you to ensure that these procedures and behaviors are adhered to. That means you simply can’t accept substandard information or work, and must point it out to the responsible individuals, and require true accuracy.
Do you and your business partner need financing?
Sometimes a partnership can benefit greatly by having a capital reserve which can be invested in the business. Contact us at Norus Capital if you and your partner would benefit by having a cash reserve on hand that could be used to cover daily operations or to grow the business.