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By Paul Barnhurst
5
1111 ratings
The podcast currently has 26 episodes available.
In this episode of FP&A Tomorrow, host Paul Barnhurst is joined by Jim Caltabiano, a seasoned finance leader with over 30 years of experience in financial planning and analysis (FP&A) across various industries, including consumer packaged goods and food and beverage. The discussion centers around the evolving role of FP&A, the importance of insights over data, and strategies for building effective finance teams that can drive business value.
Jim Caltabiano brings a wealth of knowledge from his extensive career in FP&A and finance leadership roles at major companies such as Procter & Gamble, General Mills, Campbell Soup Company, Ajinomoto Foods, and Del Monte Foods. With a background in both finance and marketing, Jim offers a unique perspective on how FP&A professionals can go beyond traditional financial functions to become true business partners.
Expect to Learn:
Here are a few relevant quotes from the episode:
In this episode, Jim Caltabiano shares valuable insights on the evolving role of FP&A professionals in today's dynamic business environment. By adopting a holistic approach to data, leveraging multiple data sources, and focusing on active listening, FP&A professionals can elevate their role from number crunchers to strategic business partners. This episode is a must-listen for anyone looking to sharpen their FP&A skills and drive meaningful impact within their organization.
Follow Jim:
LinkedIn - https://www.linkedin.com/in/jimcaltabiano/
Email - [email protected]
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup now: https://bit.ly/4decOf3
Enroll for Financial Planning & Analysis Certificate Program:
Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46 Use Code: THEFPAGUY300 to save $300.
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[01:24] - Introduction to the episode and the guest, Jim Caltabiano
[02:38] - Defining great FP&A and the importance of insights
[04:50] - Jim’s career journey and professional background
[07:12] - Jim’s philosophy of business first, function second
[12:19] - Strategy for learning new businesses as an FP&A professional
[17:06] - Techniques for FP&A professionals to provide insights beyond reports
[25:00] - Managing data quality issues and incomplete information
[28:11] - Insights from Jim’s tenure as Chief Technology Officer
[38:27] - Discussion on the use of generative AI in FP&A
[40:51] - Quick insights on essential technical and soft skills
[49:30] - Closing thoughts and how to connect with Jim
In this episode of FP&A Tomorrow, we dive into the evolving landscape of Financial Planning & Analysis (FP&A) with a focus on finance transformation. Leslie Stuart, a seasoned expert in FP&A and finance transformation, shares her insights on how modern finance functions are adapting to new technologies, data management practices, and process improvements to drive better business outcomes.
Leslie Stuart is the Director of Financial Planning & Analysis at Walmart Canada and a certified CPA. With a robust background in accounting, auditing, and operational finance, Leslie has been at the forefront of finance transformation, leading initiatives that integrate cutting-edge technology with traditional finance functions. Her career journey from external audit to leading finance transformations offers valuable lessons for anyone involved in or aspiring to drive financial excellence.
Expect to Learn:
Here are a few relevant quotes from the episode
In this insightful episode, Leslie Stuart takes us through the intricate process of finance transformation, emphasizing the importance of data quality, the role of technology, and the critical need for effective communication and process management. Her practical advice and personal experiences offer a roadmap for those looking to navigate the complexities of modern FP&A.
Follow Leslie:
LinkedIn - https://www.linkedin.com/in/leslie-stuart/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup now: https://bit.ly/4decOf3
Enroll for Financial Planning & Analysis Certificate Program:
Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46 Use Code: THEFPAGUY300 to save $300.
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[01:31] - Introduction to the episode
[02:17] - Leslie’s career journey and background
[02:46] - Discussion about evolution of FP&A
[08:07] - Leslie explains her transition from audit to FP&A
[12:35] - Managing large-scale finance transformations
[20:18] - Project management approaches in finance transformations
[31:14] - The Role of AI in FP&A
[37:06] - Continuous evolution in finance
[49:13] - Final thoughts and conclusion
In this insightful episode of FP&A Tomorrow, host Paul Barnhurst dives into the future of Financial Planning and Analysis (FP&A) with Dr. Liran Edelist, a seasoned expert with over 30 years of experience in finance and technology. The discussion focuses on the importance of modernization, the role of technology, and how FP&A professionals can better align their tools and processes with the needs of the business.
Dr. Liran Edelist, referred to as "The Doctor" by Paul, is a distinguished professional with a PhD in Business Administration. Originally from Israel, Liran now operates out of the Greater Boston area and has extensive experience in consulting, technology, and business leadership. With a career spanning nearly three decades, including a presidency at Jedox Americas and a role as an adjunct professor at Boston University, Liran brings a wealth of knowledge on the intersection of finance, technology, and business processes.
Expect to Learn:
Quotes:
Here are a few relevant quotes from the episode
In this episode, Dr. Liran Edelist emphasizes the importance of modernization in FP&A, urging professionals to adopt a mindset of continuous improvement rather than relying on outdated methods. This episode underscores FP&A’s vital role as a strategic partner in guiding organizations toward a more data-driven and forward-thinking future.
Follow Dr. Liran:
Website - https://www.topit.biz/
LinkedIn - https://www.linkedin.com/in/drliranedelist/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup now: https://bit.ly/4decOf3
Enroll for Financial Planning & Analysis Certificate Program:
Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46 Use Code: THEFPAGUY300 to save $300.
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[01:35] - Introduction to the episode and guest, Dr. Liran
[02:57] - What defines great FP&A?
[04:24] - Critical balance between people, processes, and technology
[09:18] - Key considerations for selecting the right FP&A tools
[15:06] - Trends in FP&A technology
[23:32] - The Role of AI in FP&A
[26:00] - FP&A as the front office of organization
[28:46] - The Plan Buddies community
[33:23] - Implementing FP&A tools successfully
[45:27] - Conclusion and closing remarks
In this episode of FP&A Tomorrow, host Paul Barnhurst, aka "The FP&A Guy," dives into the intricacies of financial planning and analysis (FP&A) with Renato Villanueva, CEO of Parallel, a startup FP&A tool for early-stage founders. They discuss what makes great FP&A, the journey from risk management to FP&A, and the challenges of scaling a startup while maintaining financial discipline.
Renato Villanueva is an accomplished finance professional and the CEO of Parallel, a company providing innovative financial modeling and forecasting solutions for startups. With a finance degree from Utah Valley University, Renato's experience spans multiple high-profile companies, including Qualtrics, American Express, and Divvy. His deep understanding of FP&A and his entrepreneurial spirit drive the conversation as he shares valuable insights from his career and current ventures.
Expect to Learn:
Quotes:
Here are a few relevant quotes from the episode
Renato's journey from risk management to becoming the CEO of Parallel offers valuable lessons in persistence, adaptability, and the power of understanding the big picture. Tune in for expert insights as we continue to explore the evolving landscape of FP&A.
Follow Renato:
LinkedIn - https://www.linkedin.com/in/villanuevar/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup now: https://bit.ly/4decOf3
Enroll for Financial Planning & Analysis Certificate Program:
Level up your career and build skills for financial planning and analysis. Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46 Use Code: THEFPAGUY300 to save $300.
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[01:32] - Introduction to the topic and guest Renato Villanueva
[02:35] - Renato shares his views on what constitutes great FP&A.
[03:29] - Discussion of Renato's career journey
[05:46] - Renato explains how persistence and networking led to his role at Divvy
[14:12] - A look at the key metrics Renato focused on while scaling Divvy
[24:05] - The evolution of the budgeting and forecasting process at Divvy
[26:19] - Tips on how finance professionals can build strong relationships with other departments
[33:10] - Renato shares insights into his current venture, Parallel, and the rewarding experience of building a company from the ground up.
[39:24] - Renato answers quick questions about key FP&A skills
[48:17] - Final thoughts and how to connect with Renato
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 this episode of FP&A Tomorrow, host Paul Barnhurst dives into the evolving role of FP&A (Financial Planning & Analysis) within organizations. The discussion focuses on the shift towards a more strategic and operations-focused approach to finance, exploring how modern finance professionals can become indispensable business partners. The conversation also touches on the concept of a "finance athlete" and the importance of being versatile and adaptable in today's dynamic business environment.
This week’s guest is Zach Rial, the Senior Director of Finance and Strategy at Peak, a travel company based in Salt Lake City, Utah. With a background in finance, holding a bachelor's degree from Utah State and an MBA from the University of Utah, Zach brings a unique perspective to FP&A, blending operational insights with financial strategy. Known for his hands-on approach to finance, Zach shares his journey from operations to senior finance roles, emphasizing the importance of understanding the business from the ground up.
Here is a summary of the key points from the discussion:
Quotes:
Here are a few relevant quotes from the episode
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup below: https://bit.ly/4decOf3
Follow Zach:
LinkedIn - https://www.linkedin.com/in/zacharyrial/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
Enroll for Financial Planning & Analysis Certificate Program:
Level up your career and build skills for financial planning and analysis. Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In today's episode:
[01:36] - Paul Barnhurst introduces the episode and the guest, Zach Rial.
[02:27] - Overview of Zach Rial’s background and his approach to FP&A.
[04:46] - Discussion about Zach’s unique path from operations to finance.
[11:05] - Explanation of the "finance athlete" concept and its significance.
[15:29] - Exploration of how modern CFOs are becoming more like CEOs, blending operations with finance.
[26:34] - The role of finance in RevOps and how these functions can collaborate effectively.
[34:37] - Zach shares his approach to handling difficult discussions in the workplace.
[39:26] - Quick insights into essential skills and the future of FP&A.
[42:52] - Personal insights into Zach’s hobbies, favorite books, and life philosophies.
[46:44] - Final thoughts and closing remarks from Paul Barnhurst.
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 this episode of FP&A Tomorrow, host Paul Barnhurst dives into the world of growth equity investing with Ryan Sanders, a seasoned investor from Mercato Partners. The conversation explores the critical role of FP&A (Financial Planning and Analysis) in supporting growth-stage companies, the nuances of growth equity investing, and how entrepreneurs can best position themselves for success. Ryan shares insights from his extensive experience, offering valuable lessons on what it takes to scale companies in today's competitive market.
Ryan Sanders is a growth investor at Mercato Partners, a growth equity firm based in Salt Lake City, Utah. With a background in finance and an MBA in entrepreneurship from the University of Texas, Ryan has a deep understanding of what it takes to support and scale innovative companies. His career spans various roles in investment, and he is known for his strategic approach to partnering with entrepreneurs. Ryan also recently completed the Kauffman Fellows program, which has further enriched his expertise in venture capital and growth investing.
Expect to Learn:
Quotes:
Here are a few relevant quotes from the episode
In this insightful episode, Ryan Sanders shared invaluable lessons on growth equity investing and the critical role of FP&A in supporting successful business scaling. From the importance of curiosity, comparison, and completeness in FP&A to the strategic decision-making processes that drive value in growth-stage companies, Ryan’s expertise offers a roadmap for professionals and entrepreneurs alike. Whether you're an FP&A professional, an entrepreneur, or an investor, Ryan's experiences and advice provide actionable takeaways that can help you navigate the complexities of business growth.
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup now: https://bit.ly/4decOf3
Follow Ryan:
LinkedIn - https://www.linkedin.com/in/sandersryan23/
Website - https://www.mercatopartners.com/
Kauffman Fellows Program - https://www.kauffmanfellows.org/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
Enroll for Financial Planning & Analysis Certificate Program:
Level up your career and build skills for financial planning and analysis. Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling: https://bit.ly/4debs46
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In Today’s Episode
[01:15] - Paul introduces the podcast and guest, Ryan Sanders.
[02:26] - Ryan's background and career path
[07:03] - The role of FP&A in growth investing
[10:26] - The benefits of focusing on customer-driven, organic growth strategies over acquisitions.
[14:51] - Insights into the technical and soft skills that FP&A professionals should develop
[24:48] - Strategic decision making and financial planning & how FP&A can support this process.
[35:20] - Kauffman Fellows Program Experience
[41:30] - The Impact of generative AI on finance
[51:10] - Conclusion and contact information about Ryan
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 this episode of FP&A Tomorrow, host Paul Barnhurst delves into the dynamic world of financial planning and analysis (FP&A). He is joined by Josh Aharonoff, an experienced finance professional who has navigated the complexities of FP&A, accounting, and entrepreneurship. The conversation offers insights into the current state of FP&A and its evolving future, with practical advice for both aspiring and seasoned finance professionals.
Josh Aharonoff is a seasoned finance expert with a background in accounting and a wealth of experience in both big four accounting and startups. After obtaining his CPA and working in global banking services, Josh ventured into entrepreneurship, co-founding a startup and later establishing his own firm, Mighty Digits, specializing in outsourced finance and accounting services. Josh is also a prominent figure on LinkedIn, with nearly 400,000 followers, and runs a popular daily newsletter and YouTube channel.
Here is a summary of the key points from the discussion:
Quotes:
Here are a few relevant quotes from the episode
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup below:
https://bit.ly/4decOf3
Follow Josh:
LinkedIn - https://www.linkedin.com/in/joshaharonoff/
Website - https://www.mightydigits.com/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
Enroll for Financial Planning & Analysis Certificate Program:
Level up your career and build skills for financial planning and analysis. Sign up for the 8 week online financial planning & analysis certificate program by Wharton Online and learn the art of forecasting, analysis, business partnering and financial storytelling:
https://bit.ly/4debs46
Earn Your CPE Credit
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.
In today's episode:
[01:38] Introduction to the show and welcoming the guest
[02:14] Josh shares his perspective on what constitutes great financial planning and analysis.
[02:44] Josh discusses his career journey, from big four accounting to starting his own firm.
[05:31] Josh explains why he enjoys working with startups and the unique challenges they present.
[06:54] Josh shares memorable experiences with clients, particularly with the company Chili Piper.
[09:25] Josh reflects on why big four accounting wasn’t the right fit for him and what he learned from the experience.
[15:51] Discussion on the biggest challenges of working with startups, including fundraising and constant evolution.
[21:48] Josh offers advice for those looking to start their own advisory services.
[26:05] Josh talks about his favorite aspects of working in FP&A.
[34:55] Josh shares his journey of growing a significant following on LinkedIn and being recognized as a top voice.
[40:12] Josh discusses his recent recognition by Microsoft and what it means to him.
[41:25] Quick insights into Josh’s technical and soft skills, favorite tools, and personal preferences.
[50:53] Information on how listeners can reach out to Josh and learn more about his offerings.
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 this episode of FP&A Tomorrow, host Paul Barnhurst explores the evolving landscape of Financial Planning and Analysis (FP&A) with expert insights from Ron Monteiro. The discussion centers on the crucial role of FP&A in shaping business strategies, driving financial performance, and fostering cross-functional collaboration within organizations.
Ron Monteiro is a seasoned FP&A professional with extensive experience in the consumer goods industry. Having worked with major brands like Kraft Foods, Campbell Soup, and Kruger Products, Ron brings a wealth of knowledge in financial analysis, business partnership, and strategic decision-making. He now runs his own training business, helping finance teams worldwide enhance their skills and impact.
Here is a summary of the key points from the discussion:
Follow Ron:
LinkedIn - https://www.linkedin.com/in/ronmonteiro18/
Website - https://www.kictinc.com/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25%. What are you waiting for signup below:
The FP&A Guy (thefpandaguy.com)
Wharton FP&A Certificate Program
FP&A Tomorrow Listeners are eligible to receive $300 off tuition for the FP&A Certificate Program from Wharton Online and Wall Street Prep.
Learn More (use discount code THEFPAGUY300)
The FP&A Certificate Program is a self-paced rigorous online program for professionals pursuing careers in corporate finance.
PROGRAM AT A GLANCE
Enrollment is currently open for the September 2024 cohort. Please note that the program is limited and filled on a first-come, first-served basis.
In today's episode:
[01:36] - Paul Barnhurst introduces the podcast and welcomes Ron Monteiro to the show.
[02:17] -Ron shares some light-hearted and embarrassing stories about Paul.
[03:43] - Discussion on what makes FP&A great and its role in business involvement.
[04:35] -Ron talks about the importance of trust and getting involved with other business functions.
[05:26] - Ron shares his career journey from the University of Toronto to his current role in training.
[09:11] - Ron reflects on his time in the consumer goods industry and memorable product launches.
[11:38] - The critical operational metrics in consumer goods and their significance.
[14:40] - Challenges and advice for moving from accounting to an FP&A role.
[27:28] - Ron's journey from being terrified of presenting to becoming a confident presenter, with tips for others.
[33:23] - Why FP&A departments should invest in training and continuous learning.
[38:03] - Insight into Ron’s upcoming book and its focus on finding joy and passion in your career.
[41:01] - Quick answers on technical and soft skills, forecasting methods, and more.
[46:20] - Final tips on being better business partners and embracing a growth mindset.
[47:08] - Information on how listeners can reach out to Ron Monteiro.
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 Barnhurst is joined by Ken Lane, to discuss what makes great FP&A, the challenges and opportunities in mid-market companies, and the impact of technology and AI on finance.
Ken, a seasoned financial controller and FP&A professioal from Ontario, provides valuable guidance about the importance of collaboration, the role of AI and technology, and why he feels mid-market companies allow you to make a bigger difference in the work you are doing.
Here is a summary of the key points from the discussion:
Quotes:
Here are a few relevant quotes from the episode
Follow Ken:
LinkedIn - https://www.linkedin.com/in/kennethlane/
Website - https://smoothaccounting.ca/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
World-class Digital FP&A Course Bundle:
Signup for over ten hours of video content with 4 different courses and 8 modules on FP&A topics including: Business Partnering, Data Analysis, Financial Modeling Design Principles, and Modern Excel. Use code Podcast to save 25% . What are you waiting for signup below:
The FP&A Guy (thefpandaguy.com)
In today's episode:
[00:00] - Introduction
[00:47] - Guest Introduction
[02:01] - Anticipating Changes in FP&A
[02:40] - The Challenge of Legacy Systems
[03:35] - Guest’s Career Journey
[06:51] - Impactful Mid-Market Examples
[08:52] - Attraction to Manufacturing
[09:57] - Key Metrics in Manufacturing
[12:12] - Transition to FP&A
[15:50] - Managing Technology on a Limited Budget
[17:47] - Choosing the Right ERP Partner
[20:19] - Real-Time Decision Making with AI
[23:02] - Investing in Tech to Retain Talent
[24:55] - Rapid Fire Session
[25:57] - Role-Level Headcount Planning
[27:10] - Importance of Clean Data
[29:20] - Get to Know the guest
[32:20] - Advice for Better Business Partnering
[32:55] - Conclusion and Contact Information
Full Show Transcript:
Host: Paul Barnhurst:: Hello, everyone. Welcome to FP&A Tomorrow, where we delve into the world of financial planning and analysis, examining its current state and future prospects. I'm your host, Paul Barnhurst, guiding you through the evolving landscape of FP&A. Each week, we're joined by thought leaders, industry experts, and practitioners who share their insights and experiences helping us navigate today's complexities and tomorrow's uncertainties. Whether you're a seasoned professional or just starting your FP&A journey, this show has something for everyone. This week, I am thrilled to welcome to the show Ken Lane. Ken, welcome to the show.
Guest: Ken Lane:: Oh, thank you for having me, Paul.
Host: Paul Barnhurst:: Yes, excited to have you. So just a little bit of background about Ken and I'll allow him to introduce himself further in a few minutes. But he comes to us from Ontario, Canada. He is a financial controller. He spent most of his career either working as a controller or manager, finance, or accounting, and he spent most of it in the mid-market, in several different industries. So, Ken, we like to start the show with this question for all our guests? From your viewpoint, what does grade FP&A look like?
Guest: Ken Lane:: For me, the great FP&A is a collaboration with all the entities within your business. Because the goal of FP&A is to drive business change. So you need to understand the bottlenecks in each area. If those people feel heard, they'll buy into what you're delivering.
Host: Paul Barnhurst:: I would agree with that. So it's around collaboration and making sure the business feels heard.
Guest: Ken Lane:: Correct.
Host: Paul Barnhurst:: What are your thoughts? What do you expect it to look like in the next 3 to 5 years? Do you think what grade FP&A is going to change with everything that's going on with technology and other things?
Guest: Ken Lane:: I do, I think it will. I think in large companies it's going to change faster than in smaller mid-market companies. The reason is I think a lot of mid-market companies still have a lot of legacy systems or multiple legacy systems within a business, and they're going to need to upgrade and change those to get the full value of the future of FP&A.
Host: Paul Barnhurst:: We're not speaking from experience, having worked with a lot of mid-markets by chance, are we?
Guest: Ken Lane:: Not at all.
Host: Paul Barnhurst:: I'm sure you could tell me some data horror stories. That's probably what I should start off with. Tell me your worst data horror story. I keep that in mind for future episodes. Tell me a little bit about yourself and your background.
Guest: Ken Lane:: Yes. So I'm here in southern Ontario. Been in accounting now for 20-plus years. To be honest, went through school, came out with a computer science degree, and then fell into accounting and then worked my way up, worked with some great mentors, then went back and took some university courses for management, accounting, financial accounting, all those key things. But it never worked my way through to get licensed as a CPA. Then I've transitioned from working across a whole variety of industries, some of those interesting enough to progress and take a step up. Then even in some of those took a step back because a job or role had skills that maybe I didn't have yet. So went back in pay, went back maybe in leadership to eventually elevate myself later.
Host: Paul Barnhurst:: Got it. What led to accounting if you started with computer science? Maybe dig into that a little. I'm curious how the switch happened.
Guest: Ken Lane:: Sure. I got my first job with a finance organization, a financial banking organization, and they were looking for someone who both understood the business and understood IT. I fit that role. Growing up, my parents had multiple small businesses, and my mom always did the accounting, so I was always around it. So it wasn't brand new to me. I'd been around it. It comes naturally to me to a certain extent. So I'd seen it growing up using original ledger books writing it in pencil and putting everything in the ledger books and sawing all that, seeing all that. Then when I went to this finance institution, I did both for a while and then they opted, they felt that I gave them more value on the accounting side and then kept pushing me to progress and progress and progress. I just realized that I did enjoy it. Then started taking additional courses and doing everything to get certifications to move on.
Host: Paul Barnhurst:: So you grew up around it. They want someone on the business side, found you, liked it, and figured you'd get some more education in the area.
Guest: Ken Lane:: Correct.
Host: Paul Barnhurst:: Got it. So I know you spent pretty much your entire career working in the mid-market. Why? Why mid-market companies? What is it you like so much about them?
Guest: Ken Lane:: I like the fact that you get to. I feel like you make an impact. So when I'm in mid-market companies, I tend to find that most of those are still family-owned companies, maybe multi-generational companies as opposed to large ones. I did spend some time at some very large companies, but most of it was in the mid-market. I feel like that when you're helping out or you're driving decision-making, you see that impact on the bottom line. You see that impact on the family that helps them. When I was with large companies, sometimes I was I'd see a strategy that would come down from the corporate office, but didn't understand how what I did fed into that strategy.
Host: Paul Barnhurst:: So you mentioned one can make a bigger difference. You feel more involved than sometimes the big, huge companies. If anyone's worked in one, sometimes you feel a little bit like a cog or can't see how everything relates. So I'm curious, can you share an example where you felt like your work made a big difference in the mid-market, where you've seen that direct impact of what you were doing?
Guest: Ken Lane:: Sure. One of the companies I've worked for, they've acquired other companies over time. They had this nice small portfolio of companies that were doing very well. Somebody in their field became available. So what I was able to do then was forecast out all their portfolio of companies, do the FP&A, and do the forecast for the next so many years. Then with that work, were able to get them preferential financing from the banks to acquire that company that they later acquired and has been growing since.
Host: Paul Barnhurst:: Thanks. I appreciate you sharing that. It sounds like that's one opportunity that you're proud of and made a big difference. So that's always fun to have. Speaking of making a big difference, do you feel like it's hurt you in any way that you've worked for so many different industries, or do you think it helps you when you go to a different industry, having worked in several I think you've worked manufacturing, automotive, cannabis, commercial property, and I know different areas within manufacturing. So maybe talk a little bit about that.
Guest: Ken Lane:: It's a two-edged sword. It can help you. It can hurt you. For me, it helped me. One of the reasons is accounting is different based on what company or industry that you're in. So I've worked with people that is like, oh I spent four years getting an accounting degree. I got my CPA and I realized I hate accounting. you go, do you hate accounting or do you hate the field that you're in because you're not relating to what you're doing, what you're working on, the business that you're in, it doesn't speak to you. So I've tried a variety of different industries to see where I enjoy my fit. I always tend to come back to manufacturing, and that's where I am now. I enjoy it. I enjoy a company that manufactures something to go out. They tend to be complex. you have a lot of inventory, a lot of a lot of things to work on, a lot of different. You're working with sales across a variety of spectrum. Spectrums. So I ended up finding that manufacturing is the niche I like working in, but going across those industries allowed me to figure that out.
Host: Paul Barnhurst:: And what is it about manufacturing that you enjoy? What is it that makes that fun compared to other industries?
Guest: Ken Lane:: For me, it's the complexity of it, especially since post-COVID, the complexity of the supply chain just in time, other than maybe the Ford, GM, and Chrysler's the world. It doesn't exist anymore. You still have supply chain problems. You're still having problems bringing stuff in from China. You have to look at the macro environment as well. There are a lot of things that come into China in all of North America. What happens with the relationships between the government and all these things? You have to take into your forecast and that and go, what if scenarios and things like that. So for me manufacturing, there's just so many moving parts versus let's say, a service business that I just enjoy seeing all those different things come together and able to deliver a product to the market that the market wants.
Host: Paul Barnhurst:: Got it. That makes a lot of sense. What are the maybe the key metrics you like to look at in a manufacturing industry? What are those maybe those key operational metrics that you feel help you have a good understanding of is the business doing well or is it struggling or hey, there's a sign something may be going wrong?
Guest: Ken Lane:: Yes. The big thing for manufacturing is your cash conversion, making sure that you're turning that inventory over on a regular basis to bring the cash in for your operating cash flow. It's easy right now. I'm finding this with businesses right now, what they're doing is in order to make sure that they have a safety stock to get things out because the just-in-time isn't there anymore. They're holding more and more inventory, which is tying up dollars. But then you're watching that bank account drop, drop, drop because you got more going out than coming in. So it's watching that turnover ratio, as well as working closely with the supply chain to make sure that you have what you need, that you can get what you need, but you're not harming the business cash wise.
Host: Paul Barnhurst:: So it sounds like you're still dealing with a lot of supply chain issues. So companies are holding on to longer supply and inventory. So you got to manage that because that's cash, which isn't surprising. I mean at the end of the day, doesn't matter how profitable you are, if you have no cash in the bank, you have a problem. Makes a lot of sense there. How did you transition from accounting to more of an FP&A role, and how did that come about?
Guest: Ken Lane:: So for me, right from the beginning of my career, I guess I have a different, slightly different, different definition of accounting. To me, FP&A is a subset of accounting. Accounting is the overarching umbrella all the way from the bookkeeping, which is all the recordings and now most certified bookkeepers will take you right to the financials and then your FP&A. So every corporation I've been part of, we've had to whether I've had the title of cost analyst, you have to understand your business. You have to understand the cost and the drivers. You have to understand your sales, and what the variances are. Is it a mix, a pricing, and what is going on? So it's always been part of my role from day one. It's never been just recording. It's always been part of it.
Host: Paul Barnhurst:: And I think that makes a lot of sense being in smaller mid-market companies to have that because I've seen some of the bigger companies I work in where some people's roles are just recording and I've been in an FP&A role. I've done some accounting, not a lot, but I booked some journal entries here and there and helped with all those things. So I get it. There's some overlap between the two. Interesting perspective. I don't think I've ever thought of FP&A, including accounting. I've generally thought of them differently, so I appreciate you sharing a different perspective there. It's always good to see how people think about it. Any advice you'd offer for someone who they've been in just heavy accounting roles, and wants to make that change to FP&A. How do you think they go about that?
Guest: Ken Lane:: A couple of ways. The first way is understanding your business. So again, what are the drivers in your business to do FP&A? I think to do very well at FP&A, you have to understand everything on the accounting side, especially the cost drivers and things that are driving those bottom numbers. you have to understand your purchasing department, what is cost avoidance versus cost savings, and things like this. So get to know all the different individual areas of the company, and how they impact the company, so that you can start thinking, how does this work as a whole? And I think that's what you need to do because when you're in sometimes just in an accounting role, you're looking at one small section versus looking at the broader picture. So you need to understand that broader picture. I think when you're looking to move over when you get interviewed, you can start expressing, hey, this is how the broader picture is impacting you. I see that I can help you there.
Host: Paul Barnhurst:: Got it. I would agree with that. Starting to understand the broader picture of the business is one of the most important things you have to do. I want to switch gears here a little bit. I know when you and I chatted,As we talked quite a bit about technology, and you mentioned how SMBs and mid-markets, from your perspective, will need to invest more in tech going forward. Why is that?
Guest: Ken Lane:: As I alluded to before, a lot of these companies have multiple legacy systems. A lot of SMBs will...
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 with Andrew Jepson, to discuss the world of Financial Planning and Analysis.
Andrew, founder of the FBPteam, has over 20 years of experience in financial planning and analysis, starting his career as an auditor and evolving into a sought-after business partner and trainer. As a passionate advocate for professional development, Andrew has authored a book on business partnering, facilitated numerous training programs worldwide, and is dedicated to elevating the capabilities of finance professionals.
Here is a concise summary of the key points from the discussion:
Quotes:
Here are a few relevant quotes from the episode
In this episode, Andrew shares his journey from auditor to business partner and offers valuable insights into the evolving landscape of FP&A. Remember to prioritize your mental health and continuously seek ways to improve your processes and time management.
Link to courses:
FP&A Business Partnering (thinkific.com)
Modern Microsoft Excel (thinkific.com)
Follow Andrew:
LinkedIn - https://www.linkedin.com/in/financebusinesspartnering/
Website - https://www.thefbpteam.com/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
In today's episode:
[01:01] - Introduction
[01:43] - Guest Introduction
[02:35] - Defining Great FP&A
[03:34] - Anticipation in FP&A
[05:21] - Andrew’s Career Journey
[08:10] - Importance of Business Partnering
[11:45] - Key Skills for FP&A Professionals
[15:45] - Transitioning from Being Right to Being Effective
[28:10] - Common Themes in FP&A Struggles
[43:17] - Rapid Fire Session
[50:01] - Get to know the Guest
[53:15] - Conclusion
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