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You're making great strides! Next steps: Tear down silos through deeper cross-functional collaboration and implement xP&A best practices that combine financial and operational data. Keep reading to learn more.
Ready to take things to the next level? To elevate your team, focus on three key areas: First, strengthen partnerships across departments by integrating operational data. Second, adopt advanced planning techniques that incorporate sophisticated analytics and robust data management. Lastly, streamline your performance tracking processes by implementing standardized, automated systems.
Work closely with other departments beyond just reporting. This will help you understand what drives the business better, give more strategic insights, and make finance a key partner in the company.
Ditch the siloed number-crunching and manual reporting. Integrate operational and financial data from across the business into a unified view. Then leverage advanced modeling to drive smarter decision-making.
Create clear processes, templates, and use automation to simplify data gathering, forecasting, and reporting. This will save time, cut costs, and improve accuracy.
Laying groundwork
Iterative improvements
Holistic FP&A
Optimized XP&A
XP&A mastery
The proactive anticipation of future financial trends and challenges, enable companies to make informed decisions and strategic plans. This principle emphasizes the use of data analytics, scenario planning, and forecasting techniques to predict potential outcomes and mitigate risks.
Financial strategies and goals should closely align with your business objectives and operational plans. Strategic leaders foster collaboration across departments, ensuring everyone works towards a common mission.
Storytelling in FP&A transforms complex financial data and analyses into compelling narratives that stakeholders can easily understand and act upon. Effective storytelling bridges the gap between financial experts and non-financial stakeholders, facilitating better decision-making.
FP&A involves managing the trade-offs between short-term financial performance and long-term strategic goals. Careful evaluation of risks and opportunities is a heavy weight on a finance leader’s shoulders. By striving for balance, organizations can navigate financial complexities while achieving both immediate and future objectives.
“I think being a human in finance is a sometimes forgotten skill.”
Julia Coto
CFO, Chartspan Medical Technologies
"Human error is going to create mistakes. You can’t audit every line."
Amanda Hoppe
Director of Finance & Adminstration, Freedom Games
“The CFO is much more of a strategic role nowadays, and that extends down into finance and FP&A.”
Allen Michaelis
Senior Director of Finance, Bluewind Medical
“I think being a human in finance is a sometimes forgotten skill.”
Julia Coto
CFO, Chartspan Medical Technologies
"Human error is going to create mistakes. You can’t audit every line."
Amanda Hoppe
Director of Finance & Adminstration, Freedom Games
“The CFO is much more of a strategic role nowadays, and that extends down into finance and FP&A.”
Allen Michaelis
Senior Director of Finance, Bluewind Medical
Strategic planning
Learn all about extended planning and analysis (xP&A), or the new FP&A: holistic financial planning. Curious about what sets it apart?
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Professional development
Learn how CFOs are making the transition from number-crunchers to strategic leaders.
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Budgeting & Forecasting, Ebook
Discover how to transition from day-to-day financial tasks to becoming a driver of business strategy.
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