The Most Critical Roles in the Modern Finance Function
The Most Critical Roles in the Modern Finance Function
The convergence of multiple transformations, combined with rising expectations from chief financial officers (CFOs), means teams in the modern finance function must rapidly adapt. In this article, we examine the evolving tasks that CFOs delegate to each finance team — and how these teams can continue to grow and add value in today’s fast-moving financial landscape.
As strategic business partners, it’s clear to us that the modern finance function should be built around a dynamic integration of people, technology, and collaboration.
Accounting: Streamlined for Success
Accounting is becoming leaner and more efficient. Today’s CFOs expect more output with fewer resources — an age-old paradox that demands creative thinking and rapid adoption of new technologies.
This shift has accelerated the move towards automation, particularly for once-routine, time-consuming tasks. Varying levels of automation are found across departments, but most have seen significant reductions in manual processing errors and task completion times.
The benefits are clear: substantial cost savings, increased productivity, and a leaner finance function. However, it's not just about doing it cheaper — it’s also about doing it smarter and better. By freeing up human capacity through automation, accounting teams can support the CFO's broader goal: delivering strategic insight to the CEO and board.
FP&A: Creating the Strategic Vision
Financial Planning & Analysis (FP&A) is the strategic heart of the modern finance function. It reflects the CFO’s push for more proactive, forward-thinking insights — far beyond traditional reporting.
Gone are the days of static annual budgets. Today, rolling forecasts, scenario planning, and agile models dominate. FP&A is now about synthesising data, using visualisation tools, and developing insights that directly inform high-stakes business decisions.
This is financial storytelling: aligning company-wide targets, optimising pricing, and connecting departmental goals with overarching strategy. Financial planning is no longer siloed — it’s central to strategic decision-making.
Business Finance: The Keystone of Decision Support
We view business finance teams as embedded decision-support units. Their mission? To be involved in every significant business decision, operating closely with operational units to influence outcomes in real-time.
Success should be judged by the performance of the business units they support. That’s why Business Finance must act as the bridge between financial planning and strategic execution — integrating deeply and influencing proactively.
Embedding finance professionals into the wider business ensures that insights are not only reflective but also predictive. This close collaboration turns Business Finance into a driver of innovation, strategy, and measurable success.
Tax & Treasury: Navigating the Global Regulatory Labyrinth
Tax and Treasury teams have never been more important. As external forces and global regulations become more complex, CFOs increasingly rely on this function for deep subject matter expertise and global compliance.
These teams must understand the interconnected web of international tax regimes and regulatory expectations — and now also ESG (Environmental, Social, and Governance) considerations. ESG is no longer optional; it directly influences investment decisions and brand trust.
The modern Tax & Treasury team must combine financial acumen with an understanding of global dynamics, ensuring that every financial planning decision aligns with broader societal expectations and long-term sustainability.
Global Business Services: Scaling with Strategy
Shared services or Global Business Services (GBS) are increasingly viewed as strategic enablers, not just cost centres. CFOs expect GBS teams to deliver efficiency, scale, and measurable improvements in service delivery.
Key questions facing GBS leaders today include: How can we integrate automation? How do we build new capabilities within shared-service frameworks?
With end-to-end process optimisation, GBS plays a pivotal role in the digitisation journey. Advanced analytics, AI, and automation allow teams to optimise workflows, support data-driven decisions, and provide valuable strategic insight across the business.
The Modern CFO Needs a Fully Integrated Function
Today’s CFO doesn’t just want functional excellence — they want integration. Every part of the finance team must contribute strategically and deliver value across the organisation.
Modern finance professionals must possess more than technical skill. They need adaptability, digital fluency, and the ability to communicate complex data simply and effectively. They must interpret global trends and harness innovation to lead financial transformation from the front.
As the finance function evolves, these enhanced financial planning capabilities will be essential to navigating today’s complexity and ensuring long-term business growth.
Your NetSuite Financial Planning Questions Answered
What is financial planning in NetSuite?
It’s the process of budgeting, forecasting, and analysing financial performance using NetSuite's planning and reporting tools.
Does NetSuite offer built-in budgeting tools?
Yes, it includes native budgeting features as well as optional advanced planning modules.
Can I create financial forecasts in NetSuite?
Yes, you can build forecasts based on historical data, trends, and real-time business performance.
What is NetSuite Planning and Budgeting (NSPB)?
It’s a cloud-based planning solution integrated with NetSuite that offers more advanced budgeting, forecasting, and modelling capabilities.
Can NetSuite support rolling forecasts?
Yes, NetSuite supports rolling forecasts to continuously update projections based on current data.
Is it easy to create financial reports in NetSuite?
Yes, NetSuite includes drag-and-drop reporting tools and real-time dashboards for custom financial reports.
Can NetSuite help manage cash flow planning?
Yes, NetSuite provides tools to project, track, and manage short- and long-term cash flow.
Is NetSuite Planning and Budgeting suitable for growing businesses?
Yes, it’s scalable and can adapt as financial planning needs become more complex.
Can I integrate Excel with NetSuite planning?
Yes, Excel integration is available, allowing users to import/export data and work in a familiar environment.
Can I automate financial planning processes in NetSuite?
Yes, you can automate workflows, data consolidation, and report generation to save time.
Does NetSuite support consolidated financial planning?
Yes, especially with OneWorld, you can consolidate budgets and forecasts across multiple subsidiaries.
How does NetSuite handle variances between actuals and forecasts?
It tracks and highlights variances to help identify issues and adjust strategies quickly.
Can NetSuite improve financial planning accuracy?
Yes, real-time data access and automation reduce manual errors and improve forecast accuracy.
Can NetSuite handle currency conversion in planning?
Yes, it includes multi-currency support for financial planning across different regions.
Is NetSuite Planning and Budgeting available in the UK?
Yes, it is fully available and compliant with UK financial practices and reporting requirements.
Can NetSuite link financial planning to operational data?
Yes, it integrates planning with real-time operational data for a full business overview.
