Leading financial expert and chartered accountant Joel Odeniyi has emphasised the importance of a robust finance team, stating that it is crucial to the success of every investment and business.
During an interactive session, Odeniyi highlighted that in today’s rapidly evolving business landscape, the significance of a robust finance team cannot be overstated.
He pointed out that as businesses navigate through complex financial challenges and opportunities, having a team adept at financial management is vital.
Drawing from his extensive experience in accounting and finance, he shared insights into assembling a team that meets and exceeds the financial demands of contemporary businesses.
“In my professional journey, I’ve gained extensive experience that significantly contributes to my understanding of building an effective finance team. As a Chartered Professional Accountant with international education and years of diverse financial roles, my expertise spans a vast spectrum of financial functions.”
He shed light on how his experience has shaped the operations of multimillion-naira companies through financial management, financial reporting, strategic financial planning, and senior accounting.
He disclosed how he developed skills in financial management, IFRS, consolidated financial reporting, management reporting, financial strategy, and tax planning and compliance.
According to him, the first step in building a strong finance team is identifying key roles and skills. These typically include financial analysts, accountants, controllers, and a Chief Financial Officer (CFO). Each role is critical to the financial health of the company.
He further explained that a competent finance team requires a mix of technical and soft skills. Technical skills, like proficiency in financial reporting, budgeting, and compliance, are fundamental. However, soft skills such as communication, teamwork, and problem-solving are equally important.
“Throughout my career at various leading organisations in the accounting and finance functions, I have observed that individuals who exhibit proficiency in both areas substantially elevate team performance.
My experiences have allowed me to witness firsthand how combining strong technical skills and soft skills can drive team success, ultimately leading to organisational success.”
“The world of finance and accounting is constantly changing, with new regulations, technologies, and practices emerging regularly. Encouraging continuous learning and professional development within the team is essential.
He noted that fostering a collaborative environment also encourages knowledge sharing and innovation, enhancing collective output.
“You must leverage technology and process strategic financial planning to streamline processes. Tools like Oracle Netsuite ERP, SAP, Microsoft Dynamics, and QuickBooks, which I have used extensively in my career, can automate routine tasks, allowing the team to focus on more strategic aspects.
In conclusion, he stated that building a strong accounting and finance team is a strategic process involving careful selection of talent, fostering a culture of continuous improvement, leveraging technology, and strong leadership.
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