1. Nominate the best of the best in the CFO's Office 2. Translating Finance Insights for Effective Decision-Making with Herman Kastroll 3. FP&A Today When AI Outperformed Financial Analysts – Alex Kim 4. Meme of the Week Catch your weekly (super digestible) Datarails summary
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Do your data visualizations tell compelling stories? Simple tactics such as colorful visualizations and dynamic charts can help capture trends and aid decision-making. Join us in Part 2 of FP&A at the Forefront for expert insights on making your models user-friendly and efficient. #DataVisualization #FinancialAnalysis #DecisionMaking #FinancialModeling https://bit.ly/4dCuoL2
FP&A at the Forefront (Part 2)
corporatefinanceinstitute.com
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As a CEO, the Tyms CFO dashboard is a page I can’t do without visiting every day. It gives me an in-depth view of my company's financial health and position. I don’t need an accountant sending me a bulky spreadsheet to start analyzing the 3 financial statements for 12 months or 2 years. The trends alone and comparison with the previous period let me know if we are ascending or descending financially. All eyes on the runway, all eyes on the cash burn and what is the real revenue? (not the vanity revenue). I still respect CEOs and founders who just build and sell without a standard accounting system in place, it is a confidence I don’t have. One interesting thing is that the admin dashboard your developers built internally to show you revenue from your platform sales could be wrong! You will be surprised when an accountant or an accounting system like Tyms shows you it is a facade and you have not been making even the least gross profit not to talk of a net profit. Numbers can be funny, which is why I respect the accounting space, you will think you've done the math but the accountant will tell you no, you've done nothing. I can’t wait to see how Tyms expands the capacity of this CFO dashboard as it means a lot to both accountants and non-accountants for strategic decisions. Full demo video out soon, follow Tyms on LinkedIn for updates. Visit https://lnkd.in/g5Mv2AVW to schedule a demo. #tyms #cfo #accounting #accountant #finance #ceo #analytics #ai #dashboard #kpi #metrics
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Helping FP&A Professionals provide value to their businesses | Founder of The FP&A Guy | Host of 3 popular Finance podcasts | Microsoft MVP
An awesome schedule of events is upcoming, something for all the finance nerds among us. What are you waiting for sign up for free today to learn from some of the best and brightest minds in FP&A. Let me know in the chat what event interests you most and why? 👉 How to Incorporate AI In Your Planning Join me as I chat with Justin C., the author of a whitepaper on how to incorporate AI and ML into the planning process. I will be interviewing him to discuss how companies are incorporating AI and ML into the planning process, and how things have changed with the rise of Generative AI. When: Thursday, May 16th - 11:00 AM MST Link to Join: https://lnkd.in/gRJXMx4z 👉 Strategic Pricing: The Critical Role of FP&A in Strategic Pricing Join me for the first-ever FP&A Tomorrow, LinkedIn Live event as I chat with Karan Sood and Nate Kaemingk about pricing and how FP&A can play a critical role in ensuring the business has a successful pricing strategy. When: Tuesday, May 21st - 11:00 AM MSGT Link to Join: https://lnkd.in/gNTESQA9 👉 The Runway Origin Story and what Makes them Unique Join me as I chat with Siqi Chen the highly successful entrepreneur and founder of Runway. Siqi has been a CEO of multiple successful businesses and today he is bringing his knowledge and learnings to the FP&A space. Join me as I chat with him about the Runway Origin story and what makes the unique. Then join us on the 30th at the 3rd Gen FP&A Tools Showcase for a live demo of the tool. When: Tuesday, May 28th - 1:00 PM MST Link to Join: https://lnkd.in/gFeUjJdG 👉 The 3rd Gen FP&A Tools Showcase Join me to see the best and brightest FP&A tools, learn how they are developing software to improve the lives of FP&A professionals and hear from three industry experts on how they think AI could change the world of FP&A. (Ernie Humphrey, Wouter Born, Glenn Hopper) When: Thursday May 30th - Activities all day Link to Join: https://lnkd.in/gY2PQCRd 👉 Finance & Technology Expo Join me and The CFO Leadership Council for a couple of days in New York City. If you have struggled with figuring out what is the right finance tech stack with nearly 70 vendors and 1,000 participants, this event is for you. I have been chatting with RD Whitney, and I can promise you this is one event you will not want to miss. And who can beat free? When: October 29th - 30th, 2024 Use code to join for free asy469 to join the conference for free. Link to Join Event: https://lnkd.in/gXzun5Xd
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💡 Ever feel like your #financial #forecasting is more guesswork than strategy? Have you found yourself spending countless hours trying to predict your company's financial future, only to find yourself caught off guard by unexpected changes? We’ve all been there, right? 🔄 But what if we told you there’s a way to eliminate that uncertainty? At Precanto, we've reimagined how FP&A teams predict their financials. No more relying on outdated spreadsheets or waiting for the month to close. Now, with the power of #AI and #ML, you can predict your Cash Flow, Balance Sheet, and Income Statement with incredible precision—before those crucial decisions need to be made. 🚀 Here’s something to be excited for: Our new Predicted Financial Statements don’t just show you where you’ve been; they guide you on where to go next. Predicted Income Statements: Know your profitability outlook in advance and make strategic decisions proactively. Predicted Balance Sheets: Anticipate future assets and liabilities, ensuring your financial stability is never left to chance. Predicted Cash Flow Statements: Stay ahead of your liquidity needs and optimize your working capital for growth. 📈 This isn’t just about numbers—it's about transforming how businesses plan, invest, and grow. With Precanto, you’re not just predicting the future; you’re shaping it. Our AI-driven insights empower you to turn ‘what-if’ scenarios into actionable strategies. 💥 Want to learn more? Check out our blog post or DM ‘Demo’ in the comments! 👇 https://lnkd.in/gR9a2Krd
How Precanto: Predicts Financial Statements | Precanto
precanto.com
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Group FP&A Manager at Matrix Pack | Strategic Finance & Instructor - Lecturer | Results-Driven MBA Professional | Coaching & Mentoring
Every great FP&A team is doing the following activities monthly: 1. Reporting 2. Analysis 3. Forecasting 4. Consulting (with business partners and key stakeholders) But often these activities don’t have a concrete end in themselves. For example, you may kick off an analysis to diagnose a declining revenue trend. And that analysis can drag on for months as you continue to discover more nuances to your revenue trends. Similarly, an FP&A team who does a rolling forecast may feel the need to continue tinkering with their forecast and taking in feedback from business partners all month. In both cases there is no closure or specific progress made. *That’s where a forecast review meeting helps* It creates a line in the sand where you make a decision if the analysis will be included in the forecast this month. It gives clarity to FP&A and the rest of the organization on exactly what's in, and what's not. If you run an FP&A team and don't have a forecast review meeting on the calendar, try it out and see how valuable it is.
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The latest issue of the Finance & Accounting Tech Briefing is here! 📰 A Heidrick & Struggles survey of C-Suite executives found that most CFO respondents indicated their organizations have yet to use AI in crucial areas like auditing, accounting, financial reporting or FP&A. Click below to read the full newsletter! Subscribe to get the next issue directly sent to your inbox. 🔗 https://lnkd.in/eyy3hKpw Finance, Accounting & Technology Expo (FATE) StrategicCFO360 #FinTech #FinanceLeader #TechStack
A Heidrick & Struggles survey of C-Suite executives found that most CFO respondents indicated their organizations have yet to use AI in crucial areas
news.financeaccountingtech.com
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3 Tips for More Accurate Financial Forecasting Accurate financial forecasting is the backbone of strategic decision-making. Without a reliable forecast, businesses can face cash flow issues, missed growth opportunities, or costly missteps. Here are three tips to help improve the accuracy of your financial forecasts: Use Historical Data Wisely: Your past financial performance holds valuable insights into your future. Analyzing trends from historical data can help you predict future performance, but it’s important to adjust for anomalies. Unexpected events like one-time sales spikes, market downturns, or significant economic shifts can skew your data, leading to inaccurate predictions. Always account for these anomalies by normalizing your data or excluding outliers when necessary. Regularly Update Your Forecasts: The financial landscape is constantly evolving. What was accurate six months ago might no longer reflect your current situation. By regularly updating your forecasts—ideally on a monthly or quarterly basis—you can adjust for new information, such as changes in revenue, expenses, or market conditions. This also helps you stay responsive to economic shifts, allowing you to refine your business strategies accordingly. Leverage Technology and AI: Financial forecasting doesn’t have to rely solely on manual data crunching. With the rise of AI-powered tools, businesses can now automate the forecasting process and get real-time insights. AI helps you analyze massive datasets in seconds, identify trends you might have missed, and make predictions based on current conditions, rather than just past performance. This leads to more dynamic, responsive, and accurate forecasts that keep your business ahead of the curve. 🔑 Pro Tip: Using AI-driven analytics tools, like FigureFlow’s AI-powered analytics, can dramatically improve the accuracy and speed of your forecasts by automating data analysis and removing human error. #FinancialForecasting #BusinessGrowth #AIinFinance #DataDriven #FinanceTips #TechInFinance
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Did You Know? Fun Facts for FP&A Nerds: 1. Predicting the Future Through Coffee Grounds: Forget crystal balls, FP&A pros use data visualization! Turns out, charts and graphs are way more reliable than reading coffee grinds (and much less messy). 2. Sleepless Nights for Superpowers: While the rest of the world slumbers, FP&A warriors pull all-nighters to build epic financial models. These models, fueled by caffeine and determination, unlock superpowers like predicting future profits and spotting hidden opportunities. 3. Spreadsheet Samurai: Their weapon of choice? Excel. Their battle cry? VLOOKUP! FP&A masters wield complex formulas and macros with the skill of a samurai, slicing through data mountains with precision and speed. 4. Financial Jedi Mind Tricks: Negotiation skills? Persuasion mastery? FP&A pros are Jedi in disguise. They can convince even the most stubborn stakeholders to embrace cost-saving initiatives with their masterful communication and data-driven arguments. 5. Budget Benders, Not Rule Breakers: Budgets may seem rigid, but FP&A masters are the benders, not the breakers. They understand the delicate balance between adherence and flexibility, adapting to market changes without abandoning financial discipline. 6. Forecasting Fortunes with Tea Leaves (of Data): Forget tea leaves, FP&A uses market trends and historical data to brew prophetic forecasts. These forecasts, served piping hot to executives, help guide the company's voyage through uncertain economic waters. 7. The Whisperers of Numbers: Numbers may not talk, but FP&A pros understand their language. They listen to the patterns, trends, and anomalies, translating their whispers into actionable insights that drive impactful decisions. 8. Champions of Collaboration: FP&A isn't a solo act, it's a harmonious ensemble. They bridge the gap between finance and other departments, conducting brainstorming sessions with the grace of orchestra conductors and the finesse of diplomats. 9. Masters of the "What If" Dance: Unexpected twists and turns? No problem! FP&A are the masters of the "what if" dance. They build and analyze countless scenarios, ensuring the company is prepared for whatever the market throws its way. 10. Future CFOs in the Making: FP&A is the training ground for future financial heroes. With every budget cycle, forecast analysis, and cost-saving initiative, they hone their skills and gain the wisdom to lead the finance world tomorrow. Please share these "Did You Know?" facts with your team! Spread the FP&A love and celebrate the unique quirks and superpowers that make your profession so awesome. Remember, FP&A is more than just crunching numbers, it's an adventure filled with challenges, triumphs, and endless possibilities. Embrace the fun, the quirks, and the power you hold as an FP&A warrior! What are your secret modeling tips? #fpa #cfo #ceo #budgeting #exceltricks #didyouknow
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Finance Director @ Allstate Insurance • I help FP&A teams become proactive by transforming their operating system
Every great FP&A team is doing the following activities monthly: 1. Reporting 2. Analysis 3. Forecasting 4. Consulting (with business partners and key stakeholders) But often these activities don’t have a concrete end in themselves. For example, you may kick off an analysis to diagnose a declining revenue trend. And that analysis can drag on for months as you continue to discover more nuances to your revenue trends. Similarly, an FP&A team who does a rolling forecast may feel the need to continue tinkering with their forecast and taking in feedback from business partners all month. In both cases there is no closure or specific progress made. *That’s where a forecast review meeting helps* It creates a line in the sand where you make a decision if the analysis will be included in the forecast this month. It gives clarity to FP&A and the rest of the organization on exactly what's in, and what's not. If you run an FP&A team and don't have a forecast review meeting on the calendar, try it out and see how valuable it is.
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FP&A thoughts: "You have to do what you need to do before you can do what you want to do." You need to try to complete the "boring" but essential tasks as quickly as possible so you have enough time for the "interesting" strategic tasks that can move the needle in the long term. Essential but less interesting tasks include the month-end close, doing basic variance analysis, preparing standard reports, creating visualizations, and writing variance commentary. If you automate that as much as possible, you'll have more time to do strategic work, such as: * developing your business understanding * helping your cross-functional business partners reach their goals * testing a new forecasting technique * removing bottlenecks in your data collection processes * or doing a deep-dive analysis into one of the larger variances of the last period.
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