Have you thought of becoming an FP&A professional? When I was studying for my accounting qualification, I assumed I would become a traditional accountant. I did not know then how wrong this assumption would prove to be. This article gives an insight to my path in becoming an FP&A professional and short guide on how to become one.
By FP&A suite, we shall understand here the different elements that are needed to manage a given business. Obviously, industry is a keep differentiator but how does this reflect in practice? What are the key elements that needs to be in the suite and on what basis shall it be customised?
What are the latest FP&A trends in Australia? Recently, Larysa Melnychuk, the founder and MD of The International FP&A Board has opened new chapters in Perth, Melbourne and Sydney.
This article gives insights on the latest FP&A trends and challenges: how they evolve globally and how they are perceived locally, on Australian continent.
The Value Cycle is our approach at redefining FP&A’s role in the organization. To take a leadership position influencing the direction and outcome. It is our role to help facilitate this process by taking the insight that we have generated and converting this into more long-term strategic thinking.
A purpose of FP&A is to help people acquire insight into how organizations function. People acquire insight from a variety of sources; they can acquire insight by reading reports, talking to people, or walking through facilities. A reason people choose a certain source to acquire insight is accessibility and as a result FP&A practitioners should make their insight accessible.
In his book THINKING, FAST AND SLOW Daniel Kahneman describes two schools of psychology within the study of decision making. Clinical psychologists advocate the use of methods like heuristics (rules of thumb) and intuition for making decisions. Statistical psychologists, on the other hand, advocate the use of methods like simple algorithms or formulas for making decisions.