What exactly does an FP&A Pro Do? I recently wrote about what makes a good FP&A professional and many other considerations about being in FP&A. But there are other questions I didn’t touch on…and they’re substantial:
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The future of FP&A will not be slow and static. FP&A will borrow from many of the traditional planning and analysis processes and will make them more dynamic and accessible to companies of all sizes. In addition, the department will be facilitated by more powerful technology platforms and collaborative teams that provide insight instead of crunching numbers.
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The purpose of financial planning and analysis is not to build perfect forecasts and financial solutions. The purpose is simply to make better business decisions. Numbers themselves can support decision-making but the story is what convinces people to make the right decision. Because many leaders are often not financial thinkers, it's critical for FP&A professionals to know how their analysis and recommendations can be presented in a way that non-financial professionals can understand. This article will discuss best practices in data visualization that resonates with financial and non-financial people alike.
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FP&A is quickly becoming one of the most important fields within corporate finance. The ability to manage working capital, stimulate growth, collaborate across functional groups, steer toward opportunities and away from substantial risk all falls within the wheelhouse of the FP&A professional. How does someone not currently in FP&A enter the field? How does someone already in FP&A succeed in their role and ensure they're at the forefront of the function's evolution? This article will explain.
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The pressure of globalization and agile decision-making requires companies improve their business modeling. They must integrate big data in real-time, synthesize that data to identify causal relationships and value-drivers, and ultimately use the findings to make high-impact business decisions. While many companies seek to move away from Excel in financial planning and analysis, it still plays a major role for most global corporations. But so do integrated planning platforms such as EPM and ERP. Further, corporations are just beginning to explore the benefits of automated decision-making and AI. This article will address the positives and negatives or traditional Excel software, integrated planning platforms, and what the future of FP&A looks like with artificial intelligence and automation.
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Most sizable companies around the world engage in some form of forecasting. Forecasting of sales, production, inventory, cash, and financial statements may be among those activities companies seek to track. However, most companies subscribe to outdated thinking and practices when it comes to forecasting. This article will address some of the traditional practices that were once true, but now border on myth. This includes the importance of budgeting, the time required to build a rolling forecast, the importance of always-improving accuracy, and the relevance of traditional spreadsheet software.
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The purpose of financial planning and analysis is not to build perfect forecasts and financial solutions. The purpose is simply to make better business decisions. Numbers themselves can support decision-making but the story is what convinces people to make the right decision. Because many leaders are often not financial thinkers, it's critical for FP&A professionals to know how their analysis and recommendations can be presented in a way that non-financial professionals can understand. This article will discuss best practices in data visualization that resonates with financial and non-financial people alike.
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