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An accountant by any other name…

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Is a change in job title from “principal accountant” to “finance business partner” just rebranding or a sign of evolution? Makbul Patel looks at what’s in a name.

10th Aug 2022
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According to Shakespeare, “A rose by any other name would smell as sweet.” It’s from Romeo and Juliet for those trying to pin the quote down. Who would have thought that I would get the Bard involved in our own dramatic world of finance, but it is very relevant to the topic I am discussing this month.

It was announced at my works that our job titles will change from “principal accountants” to the new title of “finance business partners”. The announcement was met with acceptance by some and more than a hint of quiet disapproval by others.

Our lapel badge, or whatever its equivalent is these days, will be shining with a heady commercial name, sans the word “accountant”. The director wished to reflect the changing needs of the organisation and to move on from our more traditional job titles.

Bean counters

Personally, I have always felt a twinge of embarrassment at being called an accountant. It has – how’s a good way to put this? – baggage and prejudice. Number crunchers and bean counters. Dull people.

Some have an emotional connection with specifics of job titles. This reminds me of that funny scene in the British comedy The Office. Gareth refers to himself as the “assistant regional manager” but is corrected by David Brent as “assistant to the regional manager”. The inclusion of two letters changes the whole job role.

Protected title

So back to the voices that didn’t agree with the job title change. They argued that accountancy is a profession, a protected title. It’s a bag of tools you can carry around with you from place to place and do your accountancy stuff. What on earth is a finance business partner and what do they actually do? There are courses to becoming an accountant, professional qualifications that make you into an accountant. Who goes to college to become a finance business partner? It was this that was grating some members of staff.

Although we will now be officially known as finance business partners the work remains unchanged. Our roles and responsibilities are what they were yesterday and what they will be tomorrow. So, we ask ourselves, why the need to change job titles?

It is all to do with strategic management accounting (SMA). In a nutshell, SMA is being smarter accountants by incorporating external as well as internal factors into the provision of the information and advice to our customers, who are the people delivering the work. It’s about becoming market-driven accountants who have a stream of outside real-world circumstances feeding into our reporting.

Business evolution

I say our work won’t change but looking at our role over the past decade there has been more than a noticeable change by way of evolution with the needs of the organisation. And this is what the job title change is trying to capture. We are a team of finance people with a more dynamic and strategic element with our involvement in the business. It is modern, corporate and commercial.

Finance Business Partners (ACCA Definition)
Accountants who work very closely with the business to help it make key decisions. They discuss historical results as well as future projections. Key strategies are also discussed, as these all impact on the financial results
Management Accountants (CIMA Definition)
Accountants that provide financial data, analysis and information that enables and supports organisations to plan, implement and control the execution of their strategy

I have put the definitions of each role next to each other. At first glance, it looks like wordplay. While they look very similar, the finance business partner role is more involved with the discussion of strategies, whereas the management accountant provides the information and then the organisation decides on the strategy based on the information it has received. So, the key difference here is the extent of the discussion of strategy. The finance business partner works with the organisation in implementing strategies. The management accountant is implied to be away from that decision-making. Splitting hairs, some would say, but even this nuanced difference has a far-reaching impact at a corporate level.

Seek out new worlds

The psychological effect of a job title change is more profound to some than others. Some truths must be realised, especially in our organisation. We have had to adapt to the real world. It’s not going to happen the other way around. Therein also lies opportunity. Opportunity for the company to seek out new worlds, to paraphrase a certain spaceship captain.

Once the new job titles were implemented, and we’re only talking a few days ago, I had a brief chat with a fellow finance business partner. Apparently, finance business partners are the way forward for many companies, owing to the fact that the position itself is more geared towards corporate strategy.

Finance business partners or accountants – I know on which side of the fence I sit. Management accountancy by its very nature is very well equipped to adapt and mould itself around company requirements. Becoming business partners gives assurances we are all pushing in the same direction.

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Replies (7)

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By Paul Crowley
10th Aug 2022 20:51

'Is a change in job title from “principal accountant” to “finance business partner” just rebranding or a sign of evolution? Makbul Patel looks at what’s in a name.'
I am a chartered accountant and will die a chartered accountant
A finance business partner sounds like either a IFA or a lender. What idiot would choose a meaningless title that any unqualified numpty can claim?

But then I speak as a member of this forum that replies to any answers, as an accountant.

Thanks (3)
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By scubajoe
11th Aug 2022 10:25

I've had a dispute with someone who called himself a Certified Chartered Accountant, who then said he was Chartered Accountant, then a Certified Book keeper, then a Book keeper. Turns out he was just a waste of space with no professional qualification or insurance.

So yes, a name is important.

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Replying to scubajoe:
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By Paul Crowley
11th Aug 2022 13:17

But he could easily have been a finance business partner. No qualification needed.

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By Catherine Newman
11th Aug 2022 10:28

I used to have a client who took the mick out of titles. The tea lady was "the brown liquid dispenser".

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By Catherine Newman
11th Aug 2022 13:35

I've just told a client friend that from now on I am a Finance Business Partner. She said that to her I will always be her accountant.

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By SJH-ADVDIPMA
11th Aug 2022 15:11

'principal accountant' ive been in industry for 30 years and never heard that one before.

These titles (business partner) are supposed to denote, someone who supports the executives with higher level management accounting skills/knowledge, but they are a step below Finance Director or CFO.

So a division in a large corporate might have 3 or 4 'accountants' doing the 'donkey work' for the division concerned, whereas the business partner hangs around with the leadership of the division, like an intermediary between them and the dedicated accountants, also liaising with the shared services accounting & financial planning teams. If there is an FD or CFO he will support them or support the executives directly if no FD/CFO.

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paddle steamer
By DJKL
15th Aug 2022 16:54

FBP is the obvious next step.

I call myself Group Accountant because whilst I may do the role of an FD I work for family owned companies and am not a director of them in the legal sense (albeit I have met loads of "FDs" and "directors" who are not real directors)

I could refer to myself as Company Secretary, as at least I am one of them, but it does not work for our partnership (nor of course would FD) and is also too narrow in expectation.

But this is the way with titles, my wife used to work for stockmarket brokers/analysts, one more promotion and she would have been an exalted Vice President (catch is they had an awful lot of vice presidents scuffing about)

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