How can an FP&A practitioner assess the effectiveness of financial reporting processes? This article describes five tips that could be used in order to establish a starting point in the process.
Karl Kern
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.
Karl’s ability to create as well as implement initiatives is due to being a well-read individual with exceptional organizational skills and passion. It is Karl’s passion that guides him to improve the lives of not only himself but also those around him.
Author's Articles
Financial planning can help financial reporting develop insights into profitability, liquidity, and solvency through a chart of accounts. In other words, it helps to assess financial health. The foundation in this effort is a chart of accounts. The effectiveness of a chart of accounts can be achieved by the role of financial planning.
FP&A is a process of thinking and learning about how companies earn income and generate cash flows. In order for this process to be effective a bridge between planning and analysis is necessary. I learned about the importance of this bridge early in my professional life.
How should the role of chance influence the work of FP&A practitioners?
Intentions may lead to results that were not intended. There are times in which good intentions may lead to bad results or an idea that is designed to accomplish one task may succeed by performing a completely different task. As a result, FP&A practitioners should recognize the role of chance in FP&A.