Finance leaders know their numbers inside and out. The Board, however, does not. Even more than that, they don’t care to know the numbers as intimately as finance leaders do. Instead, what they want is a perfect summary of everything they need to know in as few words as possible.
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The financial planning and analysis (FP&A) function has undergone a dramatic transformation and re-modelling around the globe over the last decade to help it to provide these predictive capabilities. New technologies and ‘big data’ software interrogation tools mean that numbers can be crunched and accurate scenarios run thanks to the rise of cheap ‘big computing’ power.
Like every other industry today, finance is evolving. Rising expectations of the function mean that finance leaders must find ways to deliver more with less, all while maintaining stricter controls and keeping up with a changing and turbulent environment.
Despite its powerful capabilities, for finance teams working with Excel is far from perfect. Here are some things that can go wrong, and what you can do about it.
We are no longer in an era of change, but a change of era.
– Andy Stalman
What do younger generations expect, what are the characteristics of the modern workplace, and what do employers- including finance executives- need to know and take into account?
Moving too slowly can be all that it takes for competitors to surpass a business. To avoid being left behind in the dust, companies need to do whatever it takes to stay relevant. Oftentimes, this means beating the competition by simply moving quickly.
From startups to factories, every type of organization relies on data. Business plans, strategies, and major decisions are made based on data collected and managed over a certain period of time. For all of these organizations, the quality of their information is vital.
Accounting is more than financial statements and tax returns- accounting is the study of transactions. Transactions are the primary element in thinking and learning about how companies accumulate wealth, so here are the three areas of accounting that FP&A professionals should know how to incorporate in their work.