Excel is still a popular tool when it comes to preparing financials or analysis. However, we often hear financial professionals complaining about how inadequate Excel can be. So why have we not “rid” ourselves of this seemingly “inadequate” tool. This article explores the pros and cons of using spreadsheets. There are a few best practice tips that may be helpful to the vast majority of spreadsheet users.
This article explores the attributes of Big Data and considers whether having more data is always good. First, let's get back to the basics. What is Big Data? Put simply, big data refers to a vast variety of data with which an organisation can engage. The aim is to use big data to improve business performance. This is applicable to profit and non-profit organizations, financial and operational measures.
In a recent ACCA survey about the future of the accountancy professional, digital is listed as one of the 7 quotients for success. ACCA defines digital as “the awareness and application of existing and emerging digital technologies, capabilities, practices, strategies and culture”. One of the more talked about area in technology is artificial intelligence. This article attempts to explore whether artificial intelligence can replace people in the FP&A arena.
FP&A professionals have various desirable attributes. This article looks at these attributes from a diamond perspective – cut, colour, clarity and carat – plus culture.
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?
FP&A does not work in the finance silo of providing backward looking analysis of what has happened. They arm themselves and their operational and departmental leaders with the “why” of the performances and develop insights on trends. In the leading state of the FP&A Business Partnering Maturity model, FP&A is a credible partner that the business leaders can rely on when developing a sound strategy.
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Computer simulations allow us to play out various scenarios repeatedly and assess the outcomes. It is also true for computer simulations that are used in finance. Through scenario analysis, we can gain some comfort and assurance that the decision taken is the right one given the circumstances. However, there are a few considerations with the use of artificial intelligence (AI).
We often hear organisations hail the move from traditional annual budgeting to rolling forecast as a great improvement. However what makes rolling forecast great? Is rolling forecast the answer to ease the pain of budgeting? This article explores what rolling forecast is, it’s pros and cons, some best practice times and if rolling forecast can ease the pain of budgeting.
The role of FP&A is becoming more important than ever. FP&A is seen as instrumental in helping organisation formulate strategy and drive performance. However, how does FP&A function go about building its brand?
When we talk about performance measurement, KPIs are a common tool. It can be a financial measure or an operational measure. However, in recent years, KPIs seem to have fallen out of favour because it fails as a useful indicator of business performance. Should we abandon KPI? This article looks at the importance of designing and defining appropriate KPIs in performance measurement.