Communication is a key soft skill that FP&A professionals should master. Getting it right the first time enables FP&A professionals to be more effective and efficient. What are the top 10 considerations for effective FP&A communication?
Will You Be a Relevant FP&A Professional 5-10 Years from Now?
Yes, you will stay relevant by keeping your employer relevant. Now work backwards which comes instinctively natural for you — how will you do that?
By Karl Kern, Accountant / Lecturer / Writer
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.Prediction is an important work that FP&A practitioners do. This work has many challenges. One way to address these challenges is by maximizing the positive. There are three steps in maximizing the positive.
In a rapidly changing business environment, the traditional, out-dated budgeting mentality is being challenged more and more. While the process of moving away from a traditional budgeting mentality is painful and slow, it is happening around the globe. The question is, are we ready to abandon the traditional budget completely?
Many will still argue that target setting works. “What gets measured gets done”. Yes, targets do work. That is actually the problem. Managers hitting their target is, however, no guarantee whatsoever that this was their best possible performance, given the circumstances.
The future of IBP will be to plan across the whole value chain. A final step in IBP scope will be to understand and incorporate constraints to create a global view.