In this episode of the "Financial Modelers Corner," host Paul Barnhurst welcomes Gilbert Hangartner, a financial modeler with a background in science. The discussion delves into the intricacies of financial modeling, the importance of simplicity in model construction, and the application of Monte Carlo simulations to understand risk. Gilbert shares his insights on how to approach financial modeling by asking the right questions rather than having complex formulas.

Gilbert Hangartner is a seasoned financial modeler who transitioned from a career in science, specializing in chemistry and physics, to financial modeling and risk analysis. His scientific training gives him a unique perspective on financial modeling, treating it as both a creative process and a technical discipline. Gilbert emphasizes the importance of simplicity and clarity in building effective models and is an advocate for using models as tools for communication and strategic decision-making.

Key takeaways from this week's episode include:

• Understanding the importance of simplicity in modeling 
• The debate on whether financial modeling is more of an art or a science
• Simplifying a problem and understanding the question before diving into model building.
• Introduction to Monte Carlo simulations for risk management
• A discussion on the limitations of Excel and future of financial modeling

Here are a few quotes from Gilbert Hangartner:

• "A good model is not about complexity; it's about clarity and answering the right question." - Gilbert Hangartner
• "For me, modeling is a creative act, much like writing a song or painting a picture." - Gilbert Hangartner
• "Multi-dimensional modeling is key; real-world problems are never just two-dimensional." - Gilbert Hangartner
• "The future of financial modeling lies beyond Excel; it’s time for more advanced, structured tools." - Gilbert Hangartner

In this episode, Gilbert Hangartner offers a fresh perspective on the world of financial modeling and challenges the conventional wisdom that financial models must be complex to be effective. Whether you're a seasoned modeler or just starting out, Gilbert's insights on Monte Carlo simulations provide valuable guidance on how to enhance your modeling skills and approach.

Follow Gilbert:

• LinkedIn - https://www.linkedin.com/in/gilbert-hangartner-71754047/

 Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 

In today’s episode:

[01:16] - Introduction to the episode and the guest, Gilbert Hangartner

[01:57] - The worst financial model horror story shared by Gilbert

[04:42] - Discussion on the importance of simplicity in financial modeling

[06:10] - Gilbert explains his transition from science to financial modeling

[10:11] - Art or Science? The nature of financial modeling

[13:45] - Strategies for asking the right questions when building a model

[17:16] - An overview of Monte Carlo simulations for risk modeling

[28:31] - The advantages of Quantrix over Excel 

[44:47] - A contrarian view on the future of Excel in financial modeling

[47:48] - Closing Remarks and Contact Information

In this episode of Financial Modelers Corner, host Paul Barnhurst is joined by Giles Male, who brings his unique perspective on the rapidly changing landscape of financial modeling. Together, they explore how the latest advancements in Excel—such as dynamic arrays and Lambda functions—are revolutionizing the way financial models are built and used. Giles also provides invaluable advice on the importance of simplicity, adaptability, and effective communication in modeling.

Giles Male is a CMA-qualified accountant and a seasoned financial modeler with extensive experience in bid analysis and complex financial modeling. As a co-founder of Full Stack Modeler, Giles is passionate about training and mentoring the next generation of financial modelers. He holds the prestigious Master Financial Modeler (MFM) accreditation from the Financial Modeling Institute, making him one of only seven individuals worldwide to have achieved this honor. Giles brings a wealth of knowledge on modern Excel and its application in financial modeling.

Key takeaways from this week's episode include:

• The importance of embracing modern Excel techniques, including dynamic arrays and Lambda functions.
• Insights into the changing landscape of financial modeling and why simplicity is often more effective than complexity.
• The challenges and rewards of transitioning from traditional modeling methods to modern approaches.
• How Giles's experiences in ultra-marathon running have influenced his approach to problem-solving and pushing beyond perceived limits in both personal and professional contexts.
• Practical advice on maintaining model integrity, including the use of structured standards like FAST or SMART while adapting to specific project needs.

Here are a few quotes from Giles Male:

• "Simplicity is the biggest lesson I’ve learned in my career. Complex models might seem impressive, but they’re often impractical." - Giles Male
• "A good financial model should be as complex as it needs to be, but as simple as possible." - Giles Male
• "There’s a visibility fog when reviewing your own models. Stepping away and coming back later is essential." - Giles Male

In this episode, Giles Male offers a wealth of insights into the evolving world of financial modeling. He emphasizes the importance of simplicity, the transformative power of modern Excel, and the critical need for clear communication in model design. As the industry continues to evolve, Giles’s focus on adaptability, continuous learning, and user-centric design serves as a guide for both seasoned professionals and newcomers alike.

Follow Giles:

• Website - https://www.fullstackmodeller.com/
• LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
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Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 

In today’s episode:

[01:18] - Introduction to the topic and guest Giles Male

[05:31] - Lessons from complex models

[07:12] - Giles shares his career journey into financial modeling

[16:10] - Achieving master financial modeler accreditation

[17:19] - Giles shares practical project insights

[28:42] - Defining advanced modeling skills

[34:00] - The future of excel and financial modeling

[41:50] - Excel shortcuts and best practices

[47:47] - Conclusion and contact information

In this episode of Financial Modelers Corner, Paul Barnhurst dives into the intricacies of financial modeling, focusing on cash flow forecasting and continuous planning with FP&A expert Randy Brown. Randy shares his unique journey from music school to becoming a financial consultant and emphasizes the importance of practical financial strategies, especially in volatile markets.

Randy Brown is a seasoned financial consultant with a rich background in FP&A, corporate finance, and financial modeling. After initially pursuing a career in music, Randy transitioned into finance, where he has built a successful career, particularly in cash flow management and continuous planning. His approach blends technical financial skills with real-world business acumen, making him a sought-after consultant in the industry.

Key takeaways from this week's episode include:

• The critical importance of cash flow forecasting for business stability.
• Practical steps to build a 13-week cash flow forecast.
• Why continuous planning is more effective than traditional annual budgeting.
• Common pitfalls in financial modeling, including the dangers of circular references and external workbook links.
• Randy’s insights on managing finances for small to medium-sized businesses, especially in distressed situations.

Here are a few quotes from Randy Brown:

• "The minute you create a budget, it’s meaningless. The business environment changes too fast for a static plan." - Randy Brown
• "For cash flow forecasting, it’s all about identifying your sources and uses of cash and laying them out on a calendar." - Randy Brown
• "The flexibility of working from home and being my own boss was the number one driver for becoming an independent consultant." - Randy Brown
• "Learn relational data structures; understanding how data relates will improve every analytical task you do." - Randy Brown

In this insightful episode, Randy Brown shared his wealth of knowledge on financial modeling, continuous planning, and the critical importance of cash flow forecasting. His emphasis on the importance of relationships, the simplicity of effective cash forecasting, and the pitfalls of traditional budgeting methods offers a fresh perspective for financial professionals striving to improve their modeling practices.

Follow Randy:

• Website - https://www.instagram.com/randy_brown/
• LinkedIn - https://www.linkedin.com/in/randyjbrown/ 

Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
• Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  

In today’s episode:

[01:28] - Introduction to the episode and guest Randy Brown

[07:27] - Insights into Randy’s background and career journey

[13:17] - Continuous planning vs. annual budgeting

[20:36] - The benefits of fractional consulting

[23:37] - The Importance of cash flow forecasting

[28:01] - Building a 13-Week Cash Flow Forecast

[34:53] - Key considerations for cash flow management

[42:48] - Rapid fire financial modeling questions

[48:28] - Final advice and closing thoughts

In this episode of Financial Modelers Corner, host Paul Barnhurst delves into the intricacies of financial modeling in the e-commerce industry with guest Drew Fallon, a seasoned e-commerce entrepreneur and co-founder of Iris, a cutting-edge FP&A tool for e-commerce businesses. The discussion offers valuable insights into the unique challenges of financial modeling in a rapidly evolving digital landscape, particularly in direct-to-consumer (DTC) businesses.

Drew Fallon is an experienced entrepreneur in the e-commerce and CPG sectors. He began his career in equity research, working on high-profile IPOs like Airbnb and Corsair. Drew later co-founded and served as CFO for Mad Rabbit, an e-commerce brand that achieved significant growth under his leadership. Currently, he is the co-founder and CEO of Iris, a financial modeling platform that integrates AI to help e-commerce businesses automate their financial forecasting and analysis.

Key takeaways from this week's episode include:

• The key components of effective financial modeling for e-commerce businesses.
• How cohort forecasting and customer retention play crucial roles in revenue prediction.
• The importance of understanding fulfillment costs and their impact on gross margins.
• Why many e-commerce brands fail due to poor financial modeling and how tools like Iris can help.
• Insights into Drew's journey from equity research to building successful startups in the e-commerce space.

Here are a few quotes from Drew Fallon:

• "The number one thing to focus on with these e-comm businesses is the returning revenue number. If you mess up the forecast for your returning customer, it's the easiest way to mess up the gross profit forecast." - Drew Fallon
• "E-commerce is a tough business on working capital. It can be really challenging if you don't model out your cash flow accurately." - Drew Fallon
• "If you get the gross profit wrong, then you get the CAC wrong. And then all of a sudden you're losing money, and you die." - Drew Fallon

In this insightful episode, Drew Fallon emphasizes the critical importance of precise financial modeling in the e-commerce sector, particularly in managing customer retention, fulfillment costs, and the dynamics of working capital. His experience in scaling e-commerce brands and developing Iris underscores the need for specialized tools and methodologies to navigate the complexities of this industry. Whether you're an entrepreneur, financial modeler, or simply interested in the intersection of finance and technology, this episode offers valuable lessons on how to build sustainable, profitable e-commerce businesses.

Follow Drew:

• Website - https://www.irisfinance.co/
• LinkedIn - https://www.linkedin.com/in/drew-f-74947b117/ 

Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true 
• Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  

In today’s episode:

[01:10] - Introduction to the episode and guest Drew Fallon.

[04:44] - Drew’s background and E-commerce journey

[11:52] - Discussion on Drew’s passion for startups and its challenges and rewards

[17:04] - Key elements of financial modeling specific to e-commerce

[28:16] - Operational metrics and cost assumptions and how they affect overall financial health.

[35:06] - The advantages of using Iris in e-commerce financial modeling.

[41:53] - Quick insights into Drew's financial modeling preferences

[47:08] - Drew’s advice for aspiring financial modelers

[49:30] - Final thoughts and how to connect with Drew

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode, Paul Barnhurst delves into the intricate world of data integration, especially within financial modeling and FP&A. The discussion revolves around the practical challenges and solutions for accessing and automating data flows, a topic crucial for finance professionals who often grapple with multiple data sources and complex modeling tasks. The episode offers insights into the evolving landscape of data management tools and how they can streamline processes for businesses.

Adam Rakich, a seasoned expert in the world of FP&A tools and data integration, joins the show. With a diverse background spanning social media marketing software, FP&A consultancy, and leadership roles at companies like Workday and OneStream, Adam now focuses on making data integration more accessible through his work at Data Blend. His deep understanding of the challenges accountants and financial modelers face with data management makes him a valuable resource for listeners looking to optimize their processes.

Key takeaways from this week's episode include:

• The common pitfalls and solutions in financial modeling and data integration.
• When and why businesses should transition from spreadsheets to specialized planning tools.
• Practical strategies for automating data workflows, even when dealing with outdated or diverse systems.
• The importance of understanding APIs, SQL, and other technical aspects of data integration.
• How to build a business case for investing in data integration solutions.

Follow Adam:

• LinkedIn - https://www.linkedin.com/in/rakich/
• Click the link below to claim your free book (For a limited time only): The Business User’s Guide to Data Integration
• https://www.amazon.com/Business-Users-Guide-Data-Integration-ebook/dp/B0CMBMDCJ2/
• https://www.amazon.co.uk/dp/B0CMBMDCJ2/

Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
• Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register. 

In today’s episode:

[01:30] - Introduction and worst financial model experiences

[07:18] - Adam shares his career path from economist to data integration expert

[09:38] - Transitioning from spreadsheets to planning tools

[16:56] - The challenges of data integration

[26:01] - Hybrid approaches to data automation

[28:55] - Tools and strategies for freelancers and small businesses

[37:46] - Adam talks about his book and the key takeaways for readers.

[44:32] - Rapid fire questions on financial modeling tools and techniques.

[52:47] - Final thoughts and contact information

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode of Financial Modelers Corner, host Paul Barnhurst sits down with David Benaim, an Excel MVP and data consultant based in Cambodia. They delve into a comparative analysis of two of the most popular spreadsheet tools—Excel and Google Sheets. The discussion covers the strengths and weaknesses of each platform, providing listeners with insights into when and how to use these tools effectively in their financial modeling and data analysis work.

David Benaim is a chartered accountant and Excel MVP who has made a name for himself as an expert in both Excel and Google Sheets. Originally from the UK, David now runs a data consulting firm in Cambodia, where he specializes in Excel training and data solutions. With a deep passion for spreadsheets, David is uniquely positioned to discuss the nuances of both platforms, making this episode a must-listen for anyone looking to optimize their use of Excel or Google Sheets.

Key takeaways from this week's episode include:

• Key differences between Excel and Google Sheets, including tables, functions and data entry features.
• The strengths of Google Sheets in collaborative environments and its data validation capabilities.
• How to decide whether to use Excel or Google Sheets for different types of projects.
• Insights into the new table features in Google Sheets and how they compare to Excel’s tables.
• David’s tips on getting started with Google Sheets for those accustomed to Excel.

Follow David:

• Website - https://www.xlconsulting-asia.com/
• LinkedIn - https://www.linkedin.com/in/davebenaim/

 Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
• Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  

In today’s episode:

[01:21] - Introduction to the episode and guest David Benaim.

[03:52] - David shares his unique global background and career journey from Deloitte to founding his own firm in Cambodia.

[07:00] - Discussion about David’s transition from working at Deloitte to starting his own business in Cambodia and the challenges he faced.

[14:38] - In-depth comparison of functions unique to Google Sheets, like “COUNTUNIQUE”, “FLATTEN”, and others not found in Excel.

[23:35] - Criteria and scenarios where Google Sheets is the better tool, particularly in collaborative environments and data entry tasks.

[30:25] - A look at the newly implemented table features in Google Sheets and how they stack up against Excel’s tables.

[38:54] - David shares his decision-making process for choosing between Excel and Google Sheets based on project needs.

[43:56] - Quick-fire questions where David shares his preferences on various Excel and Google Sheets functionalities.

[49:31] - Tips and resources for users looking to improve their skills in Google Sheets.

[50:47] - Final thoughts and how to connect with David Benaim.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode of the Financial Modelers Corner, host Paul Barnhurst delves into the intricate world of financial modeling with returning guest Christopher Reilly. The conversation centers around what is necessary to build robust financial models, highlighting the importance of three-statement models and cash flow forecasting. The episode is filled with practical insights, advanced techniques, and professional experiences that underscore the significance of simplicity, accuracy, and best practices in financial modeling.

Christopher Reilly is a seasoned financial modeler with extensive experience in consulting, private equity, and financial modeling education. Starting his career during the financial crisis, Christopher worked on high-profile bankruptcies such as Lehman Brothers and Rescap. His journey took him from a senior analyst role at Hilton Worldwide to middle-market private equity, and eventually to founding his own financial modeling education business. Today, he focuses on teaching and building financial models, with his work being featured by Wharton Online, Wall Street Prep, and LinkedIn Learning among others.

Key takeaways from this week's episode include:

• The importance of simplicity in financial models and how over-complicating can hinder their effectiveness.
• Practical steps and considerations for building robust three-statement financial models.
• Tips for auditing models to ensure accuracy and integrity.
• How to use advanced Excel functions and shortcuts to enhance modeling efficiency.
• Insights into the role of AI in financial modeling and how it may shape the future of the profession.

Follow Christopher:

• Website - https://www.financialmodelingeducation.com/
• LinkedIn - https://www.linkedin.com/in/chris-reilly-mission-capital/ 

 Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  

Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  

In today’s episode:

[01:11] - Paul introduces the episode and welcomes back Christopher Reilly.

[02:31] - Christopher shares a story about a complex healthcare deal model that required significant simplification.

[03:55] - Discussion on the importance of keeping models simple and useful.

[05:01] - Christopher talks about his career journey and experiences over the past year.

[08:31] - Christopher explains why he is passionate about teaching financial modeling.

[11:43] - Why every finance professional should understand how to build a three-statement model.

[14:20] - Steps to take when beginning to build a three-statement model.

[22:17] - Tips on structuring models vertically and building essential checks to ensure accuracy.

[28:07] - How to effectively use support schedules and detailed assumptions in modeling.

[32:36] - Essential tips for error checking, building support schedules, and maintaining model integrity.

[39:10] - Key Excel formulas and functions necessary for building financial models.

[46:58] - Discussion on the potential impact of AI on financial modeling and its future integration.

[49:53] - Final thoughts and details on Christopher Reilly’s courses and where to find them.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

In this episode, Paul Barnhurst sits down with Ken Puls, a renowned expert in financial modeling and Excel. The discussion delves into the intricacies of financial modeling, the evolution of tools like Power Query and PowerPivot, and how they are revolutionizing data management and reporting. Ken shares insights from his extensive experience and offers practical advice for both novice and seasoned financial modelers.

Ken Puls is a Chartered Professional Accountant (CPA) and a Microsoft Excel MVP. He is the founder of Excel Guru, a platform dedicated to Excel-based solutions, and the co-founder of Skill Wave Training, which offers comprehensive courses on Power Query, PowerPivot, and Power BI. With a career that bridges both finance and IT, Ken has become a leading voice in the world of financial modeling and data analysis.

Key takeaways from this week's episode include:

• Ken's personal journey and how he became a leading figure in Excel and financial modeling.
• The importance of simplifying data entry and reducing errors through automation.
• Key features and benefits of Power Query and PowerPivot.
• Practical tips for financial modelers, including the use of VBA and dynamic arrays.
• Insights into the future of AI in financial modeling and its current limitations.
• 
  

Follow Ken:

• Website - http://www.excelguru.ca/
• LinkedIn - https://www.linkedin.com/in/kenpuls/
• Level up Your Skill with Ken’s book - https://excelguru.ca/master-your-data/

 Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• YouTube - https://www.youtube.com/@thefpaguy8376  

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
• Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984
• 
  

In today’s episode:

[01:15] - Introduction to the show 

[01:55] - Welcome to the guest

[02:15] - Horror Stories in Financial Modeling: Ken and Paul share their worst financial modeling experiences.

[04:50] - Lessons Learned: Key takeaways from those early modeling experiences.

[06:02] - Ken’s Background: Detailed overview of Ken’s career and expertise.

[08:24] - Current Projects: Ken discusses his current ventures, including Excel Guru and Skill Wave Training.

[12:14] - Technology in Accounting: How being tech-savvy has benefited Ken in his accounting career.

[16:04] - Discovery of Power Query: Ken shares how he first learned about Power Query and its impact on his work.

[26:04] - Getting Started with Power Query: Recommendations for beginners on how to learn and use Power Query.

[29:00] - Building Financial Statements with PowerPivot: Overview of Ken’s course and its benefits.

[37:46] - Rapid Fire Questions: Ken answers quick questions about financial modeling preferences.

[46:47] - AI and Financial Modeling: Discussion on the role of AI in the future of financial modeling. 

[48:59] - Conclusion: Final thoughts and where to find more information about Ken’s work.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.

Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.

Lyndsey Weber, a seasoned expert in financial and supply chain modeling join us this week for a lively conversatio on both financial and supply chain modeling. She recounts her experience with some of the worst models she has encountered, the lessons learned, and the importance of organization and design in creating effective models.

Lyndsey shares her journey from ExxonMobil to Quantrix, offering a deep dive into the art and science of financial modeling.

Key takeaways from this week's episode include:

Having a well-defined structure and approach is crucial for creating and maintaining effective financial models. Poorly organized models can lead to significant challenges and inefficiencies.

A horror story about inheriting a model filled with bad practices, including hidden reference cells and broken VBA code. The experience teaches her the value of starting over and building a model from scratch with best practices.

The importance of understanding stakeholder needs, both emotional and practical, and designing models that cater to these needs. This approach helps in building models that are not only functional but also user-friendly.

The benefits of using Quantrix over traditional Excel, highlighting features like always-on pivoting, natural language formulas, and role-based access, which enhance efficiency and collaboration.

One of Lyndsey's key pieces of advice is to prototype models on paper before building them. Mapping out inputs, outputs, and key calculations in plain English helps in creating a clear and effective model structure.

Quotes:

Here are a few relevant quotes from the episode on financial analysis and modeling:

"This model that I inherited had, I feel every bad practice in the book, I vividly recall a couple of formulas where they just pointed to what I would call a cell island.”-Lyndsey Weber

“Having a defined structure and approach that can be repeated, I think is essential.”-Lyndsey Weber

In this episode, Lyndsey provides valuable insights into the complexities of financial and supply chain modeling. She sheds light on the best practices and tools that can make a significant difference in model-building. This episode will help you enhance your modeling skills and create more effective and user-friendly models.

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register. 

Follow Lyndsey:

LinkedIn - https://www.linkedin.com/in/lyndsey-weber/

Follow Paul:

Website - https://www.thefpandaguy.com  

LinkedIn - https://www.linkedin.com/in/thefpandaguy 

YouTube - https://www.youtube.com/@thefpaguy8376 

Follow Financial Modeler's Corner 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true 

Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

In today’s episode:

[00:55] - Introduction;

[03:57] - Worst spreadsheet model horror story

[04:43] - Key takeaway: Importance of organization in modeling

[06:57] - Guest Backgrounds

[12:10] - Evolution of modeling roles at ExxonMobil

[14:20] - Differences between supply chain and financial modeling

[20:30] - Overview of Quantrix as a modeling tool

[22:00] - Advantages of Quantrix over Excel

[28:40] - Areas for improvement in Quantrix

[35:27] - Considerations for scalability and collaboration in modeling

[38:50] - Excel Discusssion

[44:58] - Rapid Fire Section

[52:23] - Importance of prototyping models

[53:00] - Get to know our guests personally and Conclusion

Welcome to a special episode of Financial Modeler’s Corner! Today, we're thrilled to bring you an exciting Podswap from FP&A Tomorrow. Stay tuned for an engaging conversation with Carl Seidman that you won't want to miss. Here are the show notes from our previous episode.

Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst. 

In today’s episode, Paul engages in a conversation with Carl Seidman to discuss why mastering presentation skills, and understanding the needs of the audience is crucial for excelling in your FP&A career.

Carl is a premier FP&A and Fractional CFO expert, providing financial advisory and leadership development services to top companies including Deloitte, Verizon, and Walmart. Carl is known for his impactful training programs and advisory work that drive success in financial planning and analysis.

Key takeaways from this week's episode include: :

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

In FP&A, the ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.

The ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.

FP&A isn't just about numbers, it's about storytelling with data, painting a vivid picture of the financial landscape that guides strategic decisions and drives organizational success

Anticipating potential disruptions or changes in the business environment is a fundamental aspect of FP&A. By identifying risks and developing strategies to mitigate them, FP&A professionals can help the organization stay ahead and adapt effectively.

Quotes: 

Here are a few relevant quotes from the episode about FP&A mastery:

"You're not going to go to a nice restaurant and pay a lot of money for a delicious dish, and then have it be delivered in a greasy brown paper bag. Right. So the deliverable matters a whole lot. It can actually significantly dismiss the credibility or value of everything that came up before at that point in time."-Carl Seidman

"I think that Great FP&A looks like a team of people who are equipped, from a technical standpoint, to be able to execute the kinds of requests that are being asked of them."-Carl Seidman

“The demands in business, the increasingly fast-moving environment, competition, the risks of getting some of this planning wrong are pushing the need of FP&A to be a whole lot more proactive, a lot more agile, a lot more well rounded and thinking instead of just being about financial planning and reporting."-Carl Seidman

Follow Carl:    

LinkedIn - https://www.linkedin.com/in/carlseidman

Website - https://seidmanfinancial.co

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. 

In today’s episode:  

[01:25] Carl introduction;

[02:42] Changing FP&A trend over the next five years:

[10:00] Carl’s background:

[12:05] Carl’s passion for presenting and communication

[15:44] Favorite voice Carl can impersonate?

[20:42] Becoming better speakers and why presentation matters

[33:44] How you can be better at influencing

[40:44] Most important skills for FP&A professionals

[45:00] Carl’s LinkedIn learning course

[47:15] Rapid Fire

[51:35] Carl’s book recommendation

[55:51] Parting words