E30: Paul Barnhurst (The FP&A Guy) on What CEOs Want from FP&A
Oct 31, 2024
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In this discussion, Paul Barnhurst, a dedicated FP&A educator and founder of several podcasts, sheds light on the role of Financial Planning and Analysis in modern business. He emphasizes the need for effective communication and strategic budgeting techniques, especially with the integration of AI tools like ChatGPT. Paul also discusses the shift in FP&A education and the importance of storytelling for clarity in data visualization. He highlights the evolving partnership between CEOs and FP&A professionals in navigating challenges and enhancing financial outcomes.
FP&A professionals must focus on the actionable insights of data to drive informed investment decisions rather than just approval seeking.
Emerging FP&A courses emphasize the need for a blend of technical financial skills and effective communication to enhance business partnerships.
Deep dives
Launch of New Publication and Early Access Offerings
A new publication is being launched, featuring contributions from top hosts and expert guests to provide valuable insights and content. The initiative aims to use group chats for generating content inspiration, fostering engagement among listeners. An early access offer is available for those interested, highlighting the network's efforts to expand its reach and provide exclusive content to its audience. Listeners are encouraged to subscribe via email to receive updates and previews of the publication.
Importance of FP&A in Business Decision Making
The role of Financial Planning and Analysis (FP&A) professionals is emphasized as critical to understanding business operations beyond mere reporting. A focus on the 'so what' of data emphasizes the significance of making informed investment decisions rather than simply seeking approval for proposals. Effective FP&A practices prioritize smart decision-making, ensuring that financial insights are meaningful and actionable. By understanding the intricacies of investment processes, FP&A professionals can contribute significantly to a company's success.
Evolution of FP&A Education and Training
New FP&A courses have been developed to address the growing need for professionals to enhance their skills in financial storytelling and business partnering. These courses target both foundational and advanced topics, emphasizing the value of effective communication of financial insights to drive business results. Participants learn to balance technical financial skills with the necessity of relationship-building and collaboration within organizations. By focusing on both technical proficiency and interpersonal skills, FP&A professionals can better position themselves as key business partners.
Future of FP&A Software and Data Visualization
The future of FP&A software lies in evolving technology that enhances data visualization and facilitates better decision-making processes. Excel remains a dominant tool in the industry, although FP&A software is gaining traction as organizations seek to improve their planning and budgeting processes. The conversation highlights the need for effective data storytelling and visualization techniques to ensure complex data is easily understood by stakeholders. As generative AI continues to develop, it is seen as a valuable tool in transforming how FP&A professionals analyze and present financial data.
In this episode of Turpentine Finance, host Sasha Orloff sits down with Paul Barnhurst, a passionate FP&A educator and content creator who shares insights on financial planning & analysis, teaching methodologies, and the evolution of financial tools. For full show notes, visit: https://highlightai.com/share/1823b417-abe8-49bb-8f00-d673e24077b1
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