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FP&A Today
How CFOs build a Goldilocks “just-right” budget – Jeff Epstein ex-CFO of Oracle
Dec 12, 2023
Jeff Epstein, former CFO of Oracle, discusses the skills needed to be a top CFO and the different routes to becoming one. He shares insights on budget setting, including the right percentage of time to hit budget goals and balancing between aggressive and conservative targets. Epstein also talks about the critical role of FP&A in making strategic decisions and revisiting processes during mergers. The podcast covers topics such as the importance of forecasting accuracy, managing expectations with Wall Street guidance, and focusing on key drivers and metrics in budgeting.
54:06
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Quick takeaways
- Budgeting should be based on probabilities and incorporate different scenarios and likely outcomes.
- FP&A plays a critical role in driving strategic decisions and resource allocation within an organization.
Deep dives
Understand the importance of aligning budgets with probabilities
Budgeting and forecasting should be based on probabilities and not just single-point estimates. It is essential to have a clear understanding of the business and its key drivers to make accurate forecasts. Consider scenarios and the likely outcomes based on different levels of aggressiveness or conservatism in your budget. Communication and alignment with key stakeholders, such as the CEO and the board, are crucial. Regularly review and update your forecast to ensure accuracy and learn from your past performance to continuously improve your forecasting abilities.
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