Navigating Technology Challenges in FP&A

In this episode, Paul Barnhurst dives deep into practical frameworks and leadership strategies for finance professionals with guest Brett Hampson. Brett discusses what he believes constitutes great FP&A and how grassroots finance transformations, rather than top-down technology implementations, can foster a proactive, value-creating FP&A culture.

Brett Hampson has spent over a decade in corporate FP&A, working with some of the world’s largest companies. He is the author of The FP&A Operating System, a book that outlines his approach to establishing a high-functioning FP&A department. Brett is also the founder of Forecasting Performance, a platform that promotes best practices in financial analysis and forecasting.

Expect to Learn

• What grassroots finance transformation entails and why it’s preferable to technology-centric approaches.
• How to implement Brett’s FP&A Operating System and FP&A Flywheel framework to drive efficiency and value.
• The importance of setting a clear vision and objectives for FP&A teams to move from reactive to proactive operations.
• How to leverage attribution analysis and storytelling to enhance FP&A’s influence on business decisions.
• Tips on creating a culture of continuous improvement within FP&A by focusing on people, processes, and technology in that order.

Here are a few relevant quotes from the episode:

• “Grassroots finance transformation happens when each person on the team has their own vision and works towards solving specific challenges.” - Brett Hampson
• “Technology alone doesn’t solve problems. It might fix one, but often creates new ones if cultural issues aren’t addressed first.” - Brett Hampson
• “Our greatest challenge in FP&A is often ourselves – we need to avoid being too introspective and focus on the business.” - Brett Hampson

With insights into creating effective FP&A systems and teams, Brett Hampson provides a refreshing perspective on FP&A transformation. He highlights the importance of people, process, and then technology, in that order, as the foundation for a high-performing FP&A team.

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Website - https://bretthampson.gumroad.com/l/proactive

LinkedIn - https://www.linkedin.com/in/brett-hampson/

Newsletter - https://blog.forecastingperformance.com/subscribe

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Website - https://www.thefpandaguy.com

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Earn Your CPE Credit

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

In Today’s Episode

[02:12] - Brett’s Background and Introduction

[05:17] - The Creation of The FP&A Operating System

[08:04] - Developing a Proactive FP&A Culture

[13:22] - Grassroots FP&A Transformation

[16:32] - People and Process Before Technology

[29:28] - Building the Right Team and Culture

[35:11] - Establishing Efficient Processes with the FP&A Flywheel

[39:52] - Case Study: Turning Around Forecast Accuracy

[52:16] - Final Advice and Wrap-Up