Exploring Excel and Personal Passions in Finance

Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.

In today’s episode, Paul engages with Bonnie Tomei, in the discussion on what makes great FP&A, the future of AI in finance, and key strategies for aspiring CFOs.

Bonnie, the CFO of Salience Labs and Chief Strategy Officer for K2X, has a wealth of experience in finance, strategic planning, and M&A activities, including being the former CFO of Spectra7, where she was voted Woman CFO of the Year for smaller public companies by FBI Silicon Valley.

Here is a concise summary of the key points from the discussion:

FP&A professionals should act as strategic partners to executives, helping them achieve financial roadmaps and objectives. Understanding both internal and external factors is crucial for effective financial planning and analysis.

AI and software are transforming FP&A roles, pushing analysts to mature faster and providing deeper insights. Despite the rise of AI, the need for human intelligence to interpret data and make strategic decisions remains critical.

FP&A is a strong pathway to becoming a CFO, but professionals need to understand the technical accounting side and have business acumen. Building strong relationships with the executive team and demonstrating strategic thinking are essential for aspiring CFOs.

FP&A teams play a vital role in M&A activities, particularly in modeling and due diligence. Professionals should volunteer for tasks and demonstrate business intelligence to stay relevant during acquisitions.

Technical skills like Excel are fundamental, but equally important are soft skills such as emotional intelligence (EQ) and effective communication.

Understanding and defining key performance indicators (KPIs) is crucial for measuring success and aligning with strategic goals.

Quotes:

Here are a few relevant quotes from the episode

"Every time they come up with something new I've always fallen back to the good old days of that quick shortcut the ctrl+C, ctrl+V anyway.”-Bonnie Tomei

“Getting involved and understanding how you can help in looking at all of that and being a trusted advisor from a financial standpoint would help tremendously.”-Bonnie Tomei

In this episode, Bonnie Tomei provides a comprehensive look at the evolving landscape of FP&A, emphasizing the importance of strategic partnership, the impact of AI, and the essential skills needed to excel in the field. Bonnie's insights offer valuable guidance on navigating the complexities of financial planning and analysis. Stay curious, be proactive, and focus on building strong professional relationships to thrive in your FP&A career.

Link to courses:

FP&A Business Partnering (thinkific.com)

Modern Microsoft Excel (thinkific.com)

Follow Bonnie:

LinkedIn - https://www.linkedin.com/in/bonnie-tomei-a288b91/

Website - https://saliencelabs.ai/

Follow Paul:

Website - https://www.thefpandaguy.com

LinkedIn - https://www.linkedin.com/in/thefpandaguy

For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions. For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details.

In today's episode:

[01:01] - Introduction

[01:43] - Guest Introduction

[03:35] - Defining Great FP&A

[05:21] - Future Changes in FP&A

[07:00] - Career Progression to CFO

[11:07] - Advice for FP&A During M&A Activities

[13:19] - Transition to CFO

[16:27] - FP&A as a Pathway to CFO

[27:35] - Skills for Aspiring CFOs

[30:55] - Being More Strategic in FP&A

[34:02] - Rapid Fire Session

[37:34] - Contact Information of the Guest

[39:10] - Final Advice and Conclusion