Karl Kern has a BBA degree in Accounting from Temple University, and an MBA degree with a concentration in Finance from Babson College. After graduating from Temple University Karl started a career where he has established a reputation as a problem solver. Karl’s reputation as a problem solver is based on his ability to create as well as implement initiatives that have helped organizations increase revenues, decrease expenses, and improve cash flows.Making assessments is one part of an FP&A practitioner’s work. The purpose of assessments is to stimulate learning about the relationship between processes and outcomes. How can an FP&A practitioner give meaning to assessments?
There is no lack of discussion about the skill sets that FP&A professionals need throughout their careers to be successful; even a cursory search on the Internet would provide a wealth of resources. Broadly speaking, those articles focus on four areas of skills:
One of the biggest transformations in the finance departments recently, has been the shift for an Accountant to move from a compliance and governance based individual, to an insight driven value added business partner. In the past, accountants could get by doing monthly reporting, statutory accounts and tax returns and justify their role within an organisation.
By Andrew Codd, Founder and Lead Producer The Strength In The Numbers Show
The author Andrew Codd is the producer of the Strength in the Numbers Podcast which interviews real finance practitioners to break down their hard-won lessons and deconstruct their practical methods that work on the job and which you won't typically find in textbooks or exams so that we create more influential finance professionals worldwide who solve meaningful problems for their organisations and in return have fun, rewarding and successful careers in finance. FP&A teams have been growing in popularity because they have always known about one big thing that drove and accelerated value better than anything else, which other functions and teams sometimes forget. This is why organisations then, and even those today, need a FP&A team. So what is this one big thing?
I was recently invited to join FP&A-Trends’ Artificial Intelligence/Machine Learning (AI/ML) Committee by Larysa Melnychuk, managing director. The AI/ML committee is comprised of finance practitioners and data-management/science experts. This blog is based on the committee’s first two meetings in 2018.
Statistical approaches to forecasting can provide a framework for creating rolling budgets to which analytical skills and judgment can be applied in supporting a sound budgeting process.