Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.
The title sponsor for this week’s episode of FP&A Tomorrow is Abacum, the leading mid-market FP&A solution trusted by hundreds of companies to eliminate the spreadsheet struggle. https://www.abacum.io
In today’s episode, Paul engages in a conversation with Richard Tame, to discuss the essential elements that define excellent financial planning and analysis.
Richard, CFO of Coeus Institute, with over 25-plus years of experience in finance across various sectors, including his significant role at Aurora, brings a wealth of knowledge and a unique perspective to the evolving landscape of FP&A.
Key takeaways from this week's episode include: :
Here is a concise summary of the key points from the discussion:
- FP&A is rooted in having the right team. The focus is on hiring the right people with the necessary skills and ensuring they work well together.
- FP&A teams are not just about number crunching, they should also influence business decisions. The ability of FP&A to be involved in strategic discussions varies by company culture, from being central to decision-making to being viewed as a back-office function.
- FP&A professionals adapt their strategies to fit the culture of the company, whether it's a traditional corporation or a fast-paced tech startup.
- It is important to prepare an organization structurally and financially for potential public offerings or other major corporate transitions.
Quotes:
Here are a few relevant quotes from the episode about FP&A mastery:
"I've been in companies whereby finance has a really strong seat at the table and you know, you can't blow your nose unless finance is holding the handkerchief. Then I've been in companies where finance is seen as an inconvenience at best."
"You have to make the relationships not about you. You're there to partner with the business, and invariably the business knows more about the business. You need to have a relationship such that you can influence them. You're serving them."
We had built the company in a way that we would have expected to go public at some point, and one of the things that I'd seen at Lyft, for example, I joined Lyft the day after the IPO, and it became clear that perhaps they hadn't built the infrastructure in the way that they could of to make life easier and that was very messy."
Follow Richard:
- LinkedIn - https://www.linkedin.com/in/richardtame
- Website - https://coeus.institute
Follow Paul:
- Website - https://www.thefpandaguy.com
- LinkedIn - https://www.linkedin.com/in/thefpandaguy
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions. For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details.
