FP&A Initiatives
In this edition, we bring you the latest insights and trends in Financial Planning & Analysis (FP&A), along with valuable resources to help you scale your FP&A efforts.?
Understanding the Need for an FP&A Team
In today's dynamic business landscape, having a dedicated FP&A team is essential for organizations to thrive. The FP&A team is responsible for putting together profit and loss statements, board reports, and management reports, providing key insights into financial performance and variances. By leveraging their expertise in financial analysis, forecasting, and modeling, FP&A professionals contribute to strategic decision-making, helping companies navigate challenges and seize opportunities.
Do you need separate Finance Business Partnering and FP&A teams?
In the video, Christian talks about how you define FP&A determines whether you would combine FP&A and Finance Business Partnering.?
Christian explains that if you see your? FP&A team more as number crunchers who sit in the back office and prepare slides and Excel files that people may or may not read, then you can think about creating a separate business partnering team.?
He would argue that by separating them, you're leaving a lot of value on the table because the way modern companies work, and certainly, Unilever P&G and Squarespace, larger companies that he’s worked in, look at FP&A differently. They see them as a strategic partner to the business that sits embedded. This means that most FP&A roles include business partnering responsibilities; there are just very few exceptions.
Business Partnering skills like challenging assumptions and influencing your cross-functional teams to remove silos, creating better visibility of business performance to help your cross-functional partners in making better decisions, or running joint forecasting processes where everyone pitches in with their knowledge. creates a much better, more effective forecast.?
Some modern companies choose to have one or two roles that don't include business partnering, but those are typically tasked with consolidation. The company may have a number of different FP&A teams that are partnering with the business. Then they may also have one or two analysts who take the information from them and consolidate it to tell the corporate story.?
If all a finance team member does is consolidate spreadsheets and crunch numbers, it's not as interesting as this interpersonal aspect of influencing people having an impact on the business. Finance leaders are realising that these roles are not very rewarding for the people in them. What some companies do is either rotate people in and out of these positions or eliminate them in favor of business-facing roles and automate the consolidation process in the back end.
Embracing the Future: Navigating Transformative Shifts in Finance with FP&A Excellence
As we look to the future, transformative shifts are anticipated in the finance realm! Projections indicate that by 2030, an impressive 30% of finance positions will be oriented towards tasks related to Financial Planning & Analysis (FP&A).
This shift may require finance teams to equip themselves with new skills and strategies.
So, it's time to ask some critical questions:
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1. Is our FP&A process agile enough to adapt swiftly to dynamic business landscapes?
2. Are we leveraging data analytics effectively for precise forecasting and insightful analysis?
3. Do our budgeting and planning processes align with our organization's goals and objectives?
4. How can we enhance collaboration between finance and other departments for improved FP&A?
The answers to these questions could be the key to unlocking the next level of success for your team. Let's embrace the change and shape the future of finance together!
FP&A Boot Camp - Transform your FP&A team!
Join our FP&A Boot Camp, launching on January 23, 2024. This immersive program is designed to equip you with the latest tools and strategies in Financial Planning & Analysis. Seize this opportunity to enhance your skills, collaborate with industry experts, and shape the future of finance.
The FP&A boot camp is delivered online, here’s the time table:
Instead of the regular price of $1295 / ￡995 / €1150, we are offering you the chance to join the Boot Camp for just $955 / ￡750 / €870!?
As a special bonus, we're including our popular Fundraising Simulator, valued at $1270 / ￡995 / €1165, absolutely FREE!
To take advantage of this offer, simply select your preferred currency option below:
Finance pro | Health & Wellness Coach | I help high achievers leverage their body intelligence to move, feel, and perform better so they can unlock their full potential.
1 å¹´Thanks for sharing your insights, Dan Wells . Tech-savviness isn't an 'extra' anymore - it's a must-have. It's like driving a car without GPS - sure you can do it, but why would you want to? Automation in accounting is our GPS - guiding us to more efficient and effective financial planning.
Unleashing the Untapped Potential of Individuals, Companies, Organizations, and Communities through Inspired Ideation and Creativity | Chief Dream Officer at Web Collaborative ??
1 å¹´Excited to dive into the latest trends in FP&A! ??
Guaranteed Identification of Hidden Risks & Untapped Potential in 28 Days—Or Your Money Back | 20+ Years Driving Corporate Change | An Expert Who Speaks | Trainer & Coach
1 å¹´Absolutely, the evolution of FP&A is fascinating! It's great to see how it's becoming a strategic partner in driving business success. Looking forward to gaining more insights!?
CFO and FP&A for Private Equity portfolio brands | Transforming financial chaos into strategic growth
1 年Agreed Dan Wells - I was talking to someone else last week on this as well. I’m seeing the CFO’s that have mastered accounting and FP&A and embrace automation and accounting will be in high demand. The CFO’s who only come to the table with one core skill will be less and less in demand. The profression of technology will be a “required†lever before long
Head of Finance - Financial Services @ Nottinghamshire Healthcare | ACCA qualified
1 å¹´With advances within technology, Its clear to me that its more important that a business reduces its manual processes and embraces more automation. With this in mind it allows the focus to be on the analytical side to see what story the numbers are telling you within your business and how that relates to your budget / forecast. This then can change the build up of your team making it more analytically focused and less input focused.