Intro

In this episode of FP&A Tomorrow, host Paul Barnhurst welcomes Adam Rakich, founder and Consulting Director at Northexis, to discuss why the budgeting process is universally loathed and how to fix it. Drawing from decades of experience implementing planning and consolidation systems, Adam shares strategies to transform budgeting from a burdensome task into a strategic advantage. With humor, insight, and plenty of real-world experience, Adam breaks down common pitfalls and offers practical, actionable advice for finance professionals at every level.

Adam Rakich has spent over a decade streamlining finance processes across industries, working with top software platforms like Adaptive Insights, Workday, and OneStream. As the author of The Business User’s Guide to Data Integration, he is known for making complex finance concepts accessible, especially to non-technical professionals. At Northexis, Adam helps organizations build better, more collaborative FP&A functions without the pain.

Expect to Learn:

• Why most budgeting processes are broken and how to shift the mindset to fix them.
• The importance of soft skills in elevating finance's strategic impact.
• How to avoid the "Jurassic Park" trap of doing more just because you can.
• The value of driver-based planning and why simplicity often beats complexity.
• The "James Bond Philosophy" of budgeting: when to seduce and when to take a firmer stance.

Here are a few quotes from the episode:

• "The James Bond approach to budgeting: seduce when you can, shoot when you have to metaphorically, of course." - Adam Rakich
• "Pick your battles. If you ask for everything, people will tune out and give you nothing." - Adam Rakich
• "Budgeting works best when it’s not adversarial. Finance shouldn’t be the department of ‘no’." - Adam Rakich

Adam shared valuable insights into why budgeting processes often fall short and how a shift in mindset can make all the difference. He emphasized the power of simplicity, the role of soft skills in finance, and the importance of involving stakeholders in meaningful ways. His practical advice on driver-based planning, managing expectations, and building strong business relationships offers key takeaways for finance professionals looking to lead more effective and collaborative FP&A functions.

Corporate Finance Institute:

You know the numbers. Now it’s time to own the story.

The new FP&A Professional (FPAP) Certification from CFI is built for finance professionals who want to lead with insight-not just report the data.

Learn more at: https://corporatefinancialinstitute.pxf.io/c/6003589/3067930/23723

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LinkedIn - https://www.linkedin.com/company/northexis/

Website - https://northexis.com/

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Earn Your CPE Credit

For CPE credit, please go to earmarkcpe.com, listen to the episode, download the app, answer a few questions, and earn your CPE certification. To earn education credits for the FP&A  Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.

In Today’s Episode

[01:29] - Guest’s Background

[04:06] - Defining Great FP&A

[07:58] - Why People Hate Budgeting Process

[09:28] - 10 Ways to Fix Budgeting

[19:51] - Driver Tree and Revenue Impact

[23:39] - Jurassic Park Hubris and Budgeting

[30:23] - Accountant vs. FP&A Professional

[43:42] - James Bond Philosophy & Budgeting

[46:51] - No.1 Technical Skill

[52:17] - Superhero of Choice