"Rise Above The Numbers" by FP&HEY

Today's episode is on FP&A's favorite topic: Financial Close 😉

We'll focus on how to slash your close time to prevent FP&A burnout with tips and tricks.

Show Notes

▪️ 0:20 - What the financial close is all about

▪️ 1:00 - Our experiences with the close

▪️ 2:30 - How collaboration improves the close process

▪️ 4:50 - Don’t fling spreadsheets around to check boxes

▪️ 7:45 - Treat the close like a sport

▪️ 9:30 - Review your board decks to learn your business

▪️ 11:30 - Create a list of questions to ask the business

▪️ 12:50 - Taylor Swift is awesome

▪️ 13:30 - The big “close”

What is the Financial Close?

The financial close process produces your financial (and non-financial) results.

Think of it like the scoreboard of your company.

Your friendly neighborhood accountants are the primary owners of this process.

🔥TIP: Accountants make great FP&A professionals too.

And it generates results…and some surprises.

Why the Financial Close Matters

Results are best served with actionable insights from your amazing FP&A team.

But most FP&A teams have ZERO time because of fire drills related to surprises.

Time to go on offense and make sh#t better.

How to Improve the Financial Close Process

Your goal is to save precious time.

So you can do actionable analysis.

And maybe get home on time for once in the thick of quarter end.

#1 Be Fast in Excel

Excel is your work surface in FP&A.

Lose the mouse.

🔥TIP: Learn Excel shortcuts to crush your FP&A requests

#2 Communicate with Accounting

Accountants are the keepers of journal entries.

Learn and understand what they mean.

Teach them the Excel skills you’ve acquired as well.

#3 Perform Daily Variance Analysis

Don’t call us insane.

We explain in more detail in the podcast.

It helps a ton in speeding up the close.

🔥TIP: Learn how to perform variance analysis here.

Conclusion: Your Close Doesn’t Have to be a Time Suck

Get the close done faster.

While increasing the quality (aka no errors and last-minute surprises).

It will help you prevent FP&A career burnout.

Keep learning and having fun.

Resources

▪️ Follow us on LinkedIn here

▪️ Email us your burning FP&A questions at info [at] fpandhey.com

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit fpandhey.substack.com