The FP&A Guy Network

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.
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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 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:

• Great FP&A is about collaboration across all entities within a business. Understanding and addressing the bottlenecks in each area is crucial for driving meaningful business change.

• Discussion on the necessity for mid-market companies to upgrade their legacy systems to leverage the full value of future FP&A. He highlights the challenges and the importance of investing in technology to streamline data and improve decision-making.

• The episode delves into the ongoing supply chain issues post-COVID. Ken explains how these challenges necessitate holding more inventory, which impacts cash flow and requires careful management of cash conversion cycles.

• The discussion highlights how Gen Z's expectations for efficient and advanced systems are pushing companies to invest in better technology. This shift is essential for retaining top talent and staying competitive in the market.
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• Ken stresses the importance of understanding the broader picture of the business and continuously learning. Whether it's through different industries or new technologies, staying adaptable and informed is key to succeeding in FP&A.

Quotes:

Here are a few relevant quotes from the episode 

• "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.”
• 
  
• “When I'm in mid-market companies, I feel like that when you're helping out or you're driving decision-making, you see that impact on the bottom line. When I was with large companies I would see a strategy that would come down from the corporate office, but didn't understand how what I did fed into that strategy.”

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 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

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:

• The great FP&A professionals go beyond just reporting numbers—they anticipate future trends and needs. This proactive approach is crucial for providing real value to the organization.
• Transitioning from a focus on being right to being effective is vital. Andrew shares his personal journey of learning to communicate better and build stronger relationships within the business.

• Business partnering involves working cohesively with other departments to solve real business problems and achieve strategic goals. Andrew outlines a framework for becoming an effective business partner, emphasizing understanding the business, effective communication, and building strong relationships.

• Time management, perception of finance, and systems and processes are common barriers to effective business partnering. Andrew provides practical advice on how to navigate and overcome these challenges.

• Mental Health and Work-Life Balance and the importance of seeking professional help. This episode highlights the need for self-awareness and taking care of one's mental health to maintain a successful career in finance.

Quotes:

Here are a few relevant quotes from the episode 

• "You do have time. What you've got to decide is what you choose to do at that time.”-Andrew Jepson
• "It's not what you say, it's how you say it. Your energy, all that sort of stuff."-Andrew Jepson
• "I think FP&A has a spectrum from average to really good. I think the average FP&A person is generally just pumping out numbers to their organization."-Andrew Jepson

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

TLDR: Jim O'Neill, co-founder of SaaSWorks, discusses the critical role of AI in modern finance, emphasizing the importance of clean data, the convergence of AI with other technologies, and the need for businesses to adapt to an AI-driven landscape.

These show notes were written by Claude.AI Sonnet LLM Model. 

Dive into the Future of Finance with AI Pioneer Jim O'Neill

Are you ready to revolutionize your business with AI? Join us as we explore the cutting edge of financial technology with Jim O'Neill, co-founder of SaaSWorks and former HubSpot executive. In this eye-opening episode, Jim unveils the secrets to harnessing AI's power in finance and beyond.

Key Insights:

1. The make-or-break factor for AI success: pristine data
2. AI's game-changing fusion with quantum computing, nanotech, and gene editing
3. Why your company needs an AI budget – now
4. Navigating the ethical minefield of AI advancement
5. Cultivating an AI-driven culture of innovation

Don't miss Jim's invaluable wisdom on preparing your business for the AI revolution. Learn how to stay ahead in a rapidly evolving technological landscape and transform your financial operations.

Follow Jim:

LinkedIn: https://www.linkedin.com/in/jim-oneill/

Website: https://www.saasworks.com/

Join hosts Glenn and Paul as they unravel the complexities of AI in finance. 

Follow them on LinkedIn:

Glenn: https://www.linkedin.com/in/gbhopperiii 

Paul: https://www.linkedin.com/in/thefpandaguy

Sponsored by QFlow.ai – Revolutionizing B2B revenue planning and analysis. Learn more at Qflow.ai/future-finance.

In honor of having the show notes written by AI we have added the below sonnet as Claude.AI, Sonnet model wrote the notes. 

Sonnet:

In finance's realm, where numbers reign supreme, A new force rises, born of silicon, Artificial minds, a waking dream, O'Neill speaks of change that's just begun.

Clean data's key, the lifeblood of AI, As quantum leaps with nano-innovations dance, In gene-spliced futures, new worlds we'll spy, While ethics guard our technological advance.

Businesses must adapt or fade away, Embracing risk and AI's transformative might, O'Neill's wisdom lights the coming day, Where human and machine in harmony unite.

So heed this call, let Future Finance guide, To prosperous tides on which we'll proudly ride.

In today's episode:

[00:52] - Episode Overview and Sponsorship

[01:38] - Monologue

[07:31] - Your Job is Safe

[08:56] - Importance of clean data for effective AI implementation

[09:58] - Guest Introduction

[15:30] - Founding SaaSWorks and its mission

[18:11] - Common issues with spreadsheets and data management

[21:09] - Discussion on generative AI in business operations

[25:55] - Using AI for innovative and unexpected solutions

[29:11] - Recommendations for companies adopting AI

[32:07] - Discussion on AI adoption and Excel parallels

[32:37] - Random AI-Generated get to know you questions

[36:08] - Conclusion

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.

George Mount, Excel MVP and data analytics expert, with an extensive background in finance and data science, shares his insights into the evolution of Excel, the integration of Python, and the importance of data analytics for financial modelers.

Key takeaways from this week's episode include:

• Excel's flexibility is both its greatest strength and weakness. While it allows for complex modeling, this same flexibility can lead to chaotic and error-prone spreadsheets if not managed properly.

• Today's Excel is vastly different from the Excel of a decade ago. With features like Dynamic Arrays, Power Query, and the integration of Python, Excel has become a powerful tool for modern data analysis and financial modeling.

• Python’s capabilities in handling time series analysis, data visualization, and complex computations complement Excel’s functionalities, making it a valuable skill for modelers.

• Excel excels in prototyping and wireframing due to its immediate data visibility and user-friendly interface. This makes it ideal for quickly iterating models and understanding data before moving on to more complex tools when necessary.

• George shares advice on how to get started learning Python and other analytical tools to take your analysis and modeling to new heights. 

• A core principle for George is the importance of sharing what you know about Excel and data analytics. He emphasizes building a culture of knowledge sharing to foster growth and efficiency within teams.

Quotes:

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

"Excel’ greatest strength and weakness is its flexibility.”-George Mount

“Excel is not the Excel of ten, 15 years ago. I often like to kind of think of it as modern Excel with Power

"Query, Power Pivot, now Python, Dynamic Arrays, LAMBDA, LET, and other things.”-George Mount

“The first rule of knowing Microsoft Excel is not to tell anyone that you're good at it.”-George Mount

In this enlightening episode, George Mount provides valuable insights into the evolving world of Excel and data analytics. By integrating new tools like Python and embracing the advanced features of modern Excel, financial modelers can significantly enhance their analytical capabilities.

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 George:

• LinkedIn - https://www.linkedin.com/in/gjmount/

 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:

[01:06] - Introduction;

[02:14] - Worst spreadsheet model horror story

[04:49] - Importance of achievable modeling in Excel

[05:16] - Guest Backgrounds

[08:57] - Combining data science and data analytics in Excel

[11:01] - Necessity of learning Python and R

[17:19] - Recommended resources for learning Python

[20:27] - Exciting new features in Excel

[22:25] - AI's role in Excel and financial modeling

[25:55] - Favorite function in Excel

[29:00] - Rapid fire;

[37:08] - Get to know the guest and Conclusion

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 Bonnie Tomei, in the discussion on what makes great FP&A, the future of AI in finance, and key strategies for aspiring CFOs.

Bonnie, the CFO of Salience Labs and Chief Strategy Officer for K2X, has a wealth of experience in finance, strategic planning, and M&A activities, including being the former CFO of Spectra7, where she was voted Woman CFO of the Year for smaller public companies by FBI Silicon Valley.

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

FP&A professionals should act as strategic partners to executives, helping them achieve financial roadmaps and objectives. Understanding both internal and external factors is crucial for effective financial planning and analysis.

AI and software are transforming FP&A roles, pushing analysts to mature faster and providing deeper insights. Despite the rise of AI, the need for human intelligence to interpret data and make strategic decisions remains critical.

FP&A is a strong pathway to becoming a CFO, but professionals need to understand the technical accounting side and have business acumen. Building strong relationships with the executive team and demonstrating strategic thinking are essential for aspiring CFOs.

FP&A teams play a vital role in M&A activities, particularly in modeling and due diligence. Professionals should volunteer for tasks and demonstrate business intelligence to stay relevant during acquisitions.

Technical skills like Excel are fundamental, but equally important are soft skills such as emotional intelligence (EQ) and effective communication.

Understanding and defining key performance indicators (KPIs) is crucial for measuring success and aligning with strategic goals.

Quotes:

Here are a few relevant quotes from the episode

"Every time they come up with something new I've always fallen back to the good old days of that quick shortcut the ctrl+C, ctrl+V anyway.”-Bonnie Tomei

“Getting involved and understanding how you can help in looking at all of that and being a trusted advisor from a financial standpoint would help tremendously.”-Bonnie Tomei

In this episode, Bonnie Tomei provides a comprehensive look at the evolving landscape of FP&A, emphasizing the importance of strategic partnership, the impact of AI, and the essential skills needed to excel in the field. Bonnie's insights offer valuable guidance on navigating the complexities of financial planning and analysis. Stay curious, be proactive, and focus on building strong professional relationships to thrive in your FP&A career.

Link to courses:

FP&A Business Partnering (thinkific.com)

Modern Microsoft Excel (thinkific.com)

Follow Bonnie:

LinkedIn - https://www.linkedin.com/in/bonnie-tomei-a288b91/

Website - https://saliencelabs.ai/

Follow Paul:

Website - https://www.thefpandaguy.com

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

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:

[01:01] - Introduction

[01:43] - Guest Introduction

[03:35] - Defining Great FP&A

[05:21] - Future Changes in FP&A

[07:00] - Career Progression to CFO

[11:07] - Advice for FP&A During M&A Activities

[13:19] - Transition to CFO

[16:27] - FP&A as a Pathway to CFO

[27:35] - Skills for Aspiring CFOs

[30:55] - Being More Strategic in FP&A

[34:02] - Rapid Fire Session

[37:34] - Contact Information of the Guest

[39:10] - Final Advice and Conclusion

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.

Raphael Benhamou, an independent consultant and fractional CFO explores the art and science of financial modeling. Raphael shares his experiences, insights, and a few horror stories from his extensive career, highlighting the importance of operational understanding and the advantages of using modern tools like Causal for financial modeling.

Sample Causal Financial models if you want to review how Causal works:

• Subscription Model - https://www.benhamouconsulting.com/subscription-saas-revenues

• Pipeline Model - https://www.benhamouconsulting.com/pipeline-saas-revenues

Key takeaways from this week's episode include:

• Raphael emphasizes the critical need for regular audits of financial models to prevent errors and ensure accuracy. He shares a horror story about a model that wasn't audited for five years, leading to significant financial discrepancies.

• While Excel is known for its flexibility, Raphael discusses the trade-offs of using more structured tools like Causal, which can help reduce errors and provide more insightful analysis through its object-oriented approach and natural language variables.

• The importance of integrating operational data with financial models to provide actionable insights. He stresses that understanding business operations is crucial for building effective and useful models.

• Raphael shares his journey from using traditional Excel spreadsheets to adopting Causal, a modern financial modeling tool. He explains how Causal's dynamic dashboarding, probability distribution modeling, and seamless integration with other systems offer significant advantages over Excel.

• The discussion focuses on the potential of AI in financial modeling, Raphael notes that while AI can build models, the real question is whether it should. He also touches on the importance of human judgment and expertise in interpreting and using these models effectively.

Quotes:

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

"My perspective on this is what I was saying earlier about operating connecting to finance. I think to be a good financial modeler, you need to have a good understanding of what what's going on in the business as well, not just at the finance level.”- Raphael Benhamou

“It gave me a great grounding in best practices for modeling across all modeling platforms, especially Excel. Because one of my big nitpicks with Excel and Google Sheets is that it's too freeform.”- Raphael Benhamou

This episode provides valuable insights into the evolving landscape of financial modeling. The discussion sheds light on the benefits of modern financial modeling tools like Causal, the necessity of regular audits, and the critical role of understanding business operations. Whether you're a seasoned financial modeler or just starting, this episode offers practical advice and thought-provoking perspectives on how to enhance your financial modeling practices.

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 Raphael:

• LinkedIn - https://www.linkedin.com/in/raphaelmibenhamou/
• Website - https://www.benhamouconsulting.com/

 Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy  
• TikTok - https://www.tiktok.com/@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:

[00:03] - Introduction

[01:01] - Guest Introduction

[03:47] - Key Takeaways from the Horror Story

[04:55] - Guests’ Background

[07:13] - Introduction to Causal

[08:03] - Transition to Finance

[12:29] - Love for Modeling

[14:00] - Early Career and Tools

[17:46] - Flexibility vs. Structure

[23:50] - Types of Models Built in Causal

[39:43] - Rapid-Fire Session

[48:12] - Get to know the guest

[49:46] - Conclusion

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 an insightful roundtable discussion with Michael Dion on how FP&A goes beyond numbers and reports, focusing on collaboration and leveraging cutting-edge technology like generative AI to drive business success.

Michael, a seasoned finance professional and senior manager at a Fortune 100 company, is passionate about storytelling and presentations, transforming traditional financial reviews into engaging, story-based approaches. As a finance leader with extensive experience in media and entertainment, his innovative use of generative AI and dedication to continuous learning set him apart as a visionary in the FP&A field.

Key takeaways from this week's episode include:

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

• Great FP&A emphasizes collaboration across departments, enabling informed decision-making rather than merely generating reports and numbers. This approach fosters a more integrated and strategic business environment.

• Future FP&A professionals need to be technically proficient with tools like Python and generative AI. These technologies are crucial for handling and processing large data sets efficiently, enhancing overall effectiveness.

• Implementing automation and AI can streamline FP&A processes, increasing efficiency and productivity. This allows FP&A professionals to focus on more strategic tasks, driving greater impact within their organizations.

• Moving from traditional, number-heavy presentations to story-based approaches that incorporate insights from various departments can make financial reviews more engaging and actionable, leading to better business outcomes.

• Strong relationships with business partners are essential for FP&A professionals. These relationships enable them to provide valuable support and drive strategic decisions, ultimately benefiting the entire organization.

• Continuous learning and adapting to new technologies are critical for FP&A professionals to stay relevant. Embracing technological advancements ensures they can meet the evolving demands of the industry.

• Proactively providing useful insights and well-prepared reports can make life easier for business partners and managers. This approach fosters better collaboration, enhances strategic decision-making, and supports career growth for FP&A professionals.

Quotes:

Here are a few relevant quotes from the episode 

• "We need to almost be pseudo IT professionals just like how you had to learn and transition into Excel 20 years ago”-Michael Dion

• “AI is going to make us in some ways more technical, not less.”-Michael Dion

• “I'm all about efficiency, and I've been using the generative AI to teach myself Python by learning its functionality by reviewing libraries of code.”-Michael Dion

• “My goal going in was to just engage people and make them, dare I say, excited about finance.” -Michael Dion

This discussion with Michael Dion focuses on the evolving role of financial planning and analysis (FP&A) in modern organizations. Key topics include the importance of collaboration, the integration of advanced technologies, and practical strategies for FP&A professionals to enhance their effectiveness and impact.

Exciting Announcement

I am excited to share my two new digital FP&A Courses with you FP&A Business Partnering, and Modern Excel. They just launched and I am excited to offer a 20% discount to my listeners using code PODCAST.

Link to courses: 

FP&A Business Partnering (thinkific.com)

Modern Microsoft Excel (thinkific.com)

Follow Michael:

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

Website - https://www.f9finance.com/

Follow Paul:

Website - https://www.thefpandaguy.com 

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

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:

[01:20] - Introduction

[02:00] - Guest Introduction

[03:05] - Integrating Consumer Insights

[04:44] - Preparing for Technological Changes

[05:30] - How technology enhances the abilities of FP&A professionals

[11:30] - Media Industry Passion

[15:30] - Amortization of Film Costs

[18:00] - Response to F9 Finance

[24:00] - Transforming Business Reviews

[28:34] - Advice for Story-Based Reporting

[38:00] - Career Advice

[39:00] - Rapid Fire Session

[41:07] - Use of Generative AI

[45:00] - Business Partnership

[46:14] - Contact Information of the Guest

[47:00] - Conclusion