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 the Third Generation FP&A Tools Showcase. Join the Showcase and see the latest technology in FP&A planning software. Register for free today at https://www.accelevents.com/e/fpatoolsshowcase

In today’s episode, Paul Barnhurst engages Trevor Anthony, for a fascinating discussion on the evolution of financial planning and analysis (FP&A) and how artificial intelligence (AI) is shaping its future.

Trevor, a seasoned Chief of Staff at FranConnect, excels in transforming FP&A roles into powerful business partnerships that drive organizational success. With a rich background in private equity-backed software companies, Trevor is known for his expertise in creating simple and impactful financial models, he simplifies complex financial data into actionable intelligence.

Key takeaways from this week's episode include: :

Here is a concise summary of the key points from the discussion:

• How AI could significantly reduce costs and streamline operational processes, positioning FP&A to be more efficient and strategically integral to businesses.

• The importance of mastering the skill of creating clean and straightforward financial models for FP&A professionals. By prioritizing simplicity and clarity, these models become crucial tools for delivering precise financial data for business insights.

• The value of experience, mentorship, and strategic thinking in the evolution of FP&A professionals. It stresses how these elements help transition from traditional analytical roles to more influential positions.

• How private equity (PE) impacts FP&A operations, setting high expectations for teams to act as the definitive source of truth within companies.

• The discussion highlights how PE firms demand thorough, detailed financial reporting and forecasts, reflecting their reliance on FP&A teams to provide thorough insights and accurate analysis to guide investment decisions and business strategies.

• The discussion also highlights the anticipation of a future where AI not only supports but enhances the FP&A functions across various industries.

Quotes:

Here are a few relevant quotes from the episode about the strategic thinking around technology investment, the value of networking, the importance of responsiveness in professional settings, and the encouragement for community engagement:

"The best FP&A groups, I've seen, have solidified themselves as a mission-critical function, not just to check the box type of group."

"First and foremost, keep it simple. I think in the sales process, they demo flashy things... focus on what the tool does."

"The beginning of what I'd call a business partnering relationship was when I'd sit down with the business owner and have to intimately understand their business and their financials."

“Dealing with ambiguity, especially when you're working with senior leaders, they constantly vaguely describe things. You, as a professional, need to understand what that means.”

“If you're like a traditional corporate FP&A person or you're just a data analyst, find those opportunities."

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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 Wharton Online, one of the world's leading business schools. The gateway to mastering financial planning and analysis through a rigorous, comprehensive curriculum crafted by industry experts is only a click away- https://wallstreetprep.wharton.upenn.edu

In today’s episode, Paul Barnhurst engages Christian Wattig on the journey into the evolving world of financial planning and analysis.

Christian Wattig, a seasoned FP&A professional and educator. As the program director for the Wharton Online and Wall Street Prep FP&A Certificate, Christian brings a wealth of experience and innovative strategies to the table. He shares how AI and technology are transforming the field.

Key takeaways from this week's episode include: :

Here is a concise summary of the key points from the discussion:

• How excellent FP&A practice hinges on making solid business recommendations from detailed analysis and storytelling, emphasizing the importance of implementing and monitoring these recommendations for impactful outcomes.

• The discussion is on how AI and new planning tools are revolutionizing FP&A by streamlining data collection and reporting, thus allowing analysts to concentrate more on strategic analysis and business partnerships.

• Insights into a career that transitioned from major corporations to spearheading an FP&A education venture, sharing valuable lessons from varied professional experiences.

• Introduction to a new certificate program that merges technical FP&A skills with interpersonal development, designed to equip professionals with comprehensive financial planning and analysis expertise.

• The discussion highlights the importance of digging beyond the surface of financial data to find actionable insights and the art of crafting these insights into stories that drive strategic business decisions.

• The reflection on the personal gratification from teaching and mentoring in FP&A, and anticipation of the future developments in the field as technology and analytical methods advance.

Quotes:

Here are a few relevant quotes from the episode about FP&A skills and making concrete, impactful business recommendations:

"FP&A is at its best when you make a concrete recommendation that helps the business move forward."

"With AI and not just with AI, but also with FP&A and planning tools and software, it will be possible that you don't have to pull data from lots of different sources."

"When you're just taking people and walking them step by step through how I build a financial model from scratch, it's a different way of teaching."

“Give them those metrics, those insights, or you can get them something that gets them at least halfway there. By doing that, you can demonstrate that you want to do more than just cutting budgets and updating forecasts.”

Follow Christian:

• LinkedIn - https://www.linkedin.com/in/christian-wattig/
• Website - https://wallstreetprep.wharton.upenn.edu/

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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 with Tom Schultz, Paul had an insightful conversation about the evolving landscape of financial planning and analysis (FP&A) and its implications for fractional CFOs.

Tom Schultz, founder and CFO of NextGen CFO, sheds light on the crucial skills behind successful financial analysis and the evolving role of technology in finance. From his extensive experience, Tom shares invaluable insights into transitioning from traditional FP&A roles to becoming a sought-after fractional CFO.

Key takeaways from this week's episode include: :

Here is a concise summary of the key points from the discussion:

• Professionals in financial planning and analysis are tasked with translating real-world events into financial data, forecasting, and modeling these numbers to plan for future outcomes strategically.
• The discussion concerns how advancements like AI and prebuilt dashboards might impact the depth of learning traditionally required in FP&A roles. Integrating new technologies poses challenges and opportunities for professionals in the field.
• The evolution of a career in finance, emphasizing the shift towards providing strategic fractional CFO consultancy.
• With the increasing demand for fractional CFOs, there's a spotlight on the advantageous position of FP&A professionals looking to transition into these roles.
• The intent is to offer a comprehensive resource for those interested in the niche, inspired by numerous informal mentorship interactions.
• The strategic adoption of technology in financial practices, highlighting the importance of aligning technology use with client needs and exploring the capabilities of generative AI to streamline writing and documentation processes in finance.

Quotes:

Here are a few relevant quotes from the episode about FP&A and CFO insights:

"A great FP&A person in my mind is someone who knows what's behind the numbers."

"It's more in private companies that are slow to hire a professional CFO. I think if you're out there fundraising and I've seen pre-revenue hire a fractional CFO just because they need navigation for investors."

"The young people coming into this profession, I'm concerned that they'll take that stuff for granted and learn down to the root that we learned."

"If you look at the CFO in the finance department, the controller and everyone below them tend to look backward in history. The CFO tends to look forward, so the FP&A person is more forward-looking than anyone else in the finance department."

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