Interview #2: The Finance Function

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INTERVIEW #2: MANOS SCHIZAS, ACCA

Here, Manos shares some intruiging findings with regards to the importance of a sound finance function to make way for business growth. Manos is a senior economic analyst in ACCA's Policy Unit. He is editor of ACCA's Quarterly Global Economic Conditions Survey and the manager of ACCA’s research programme on Access to Finance. The below questions are used as a base for the discussion: 
 
  1. What is the finance function? 
  2. What is meant by financial capability? 
  3. Why is it important?
  4. What stages of business growth are particularly tied to the  development of the finance function?
  5. What is your advice to owners of second stage companies who seek to set up a proper finance function? 
KEY LEARNINGS: 
  • Too often building a finance function comes as a response not through a proactive decision. 
  • Investment in the finance function is just as good as an investment in marketing, machinery or other capital.
  • You are not going to be dragged into building the finance function -  IT must be planned. 
  • The finance fucntion is not a CONSEQUENCE of growth, its often one of its CAUSES
  • The finance function is a really big contributor to balanced, sustainable growth. 
  • The finance function starts to pay for itself from day one! 
  • The finance function is part of your competitive advantage! 
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