The Collaborative Finance Function with Zack McCarty, Director of FP&A at Qwick
Aug 28, 2023
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Zack McCarty, Director of FP&A at Qwick, discusses the importance of collaborative planning and stakeholder buy-in in the food and beverage industry. He highlights the challenges and strategies of planning for a two-sided marketplace, managing expenses across different departments, and the importance of financial transparency. McCarty also emphasizes the need for understanding basic company finances and setting responsible financial goals.
Collaborative planning and stakeholder buy-in are crucial in driving valuable change within a company.
Collaboration in finance can face challenges, but smaller companies have an advantage in involving all stakeholders and fostering collaboration.
Deep dives
The Importance of Collaboration in the Finance Org
Collaboration is crucial in establishing trust within a company, especially in finance. By involving all stakeholders in the planning process and sharing financial information, people gain a better understanding of the company's financial health and can make more informed decisions. Collaboration allows for better communication between finance, accounting, and other teams, leading to more educated spending decisions. This collaborative approach fosters trust and alignment within the organization.
Challenges of Collaborative Finance
Collaboration in finance can face challenges, especially in larger organizations or teams with specialized skill sets. Historic views of finance as a closed-off back-office function can limit collaboration. Different skill sets and metrics between finance and other departments can create barriers to effective communication. However, smaller companies and startups have an advantage in fostering collaboration due to their adaptability and willingness to involve all stakeholders in the finance process.
Examples of Collaborative Finance in Action
Implementing collaborative finance practices has led to positive outcomes in various areas. In the planning process, involving all stakeholders from different departments and seeking their input has resulted in a more comprehensive and inclusive plan. Through collaboration, finance teams gain a better understanding of expenditures, allowing for more educated decision-making. For example, collaboration in marketing led to adjusting the referral program to optimize acquisition costs. Collaborative finance also enables the building of strong relationships in areas such as pricing, commission structures, and accountability for goals and initiatives.
Future Focus: Accountability and ROI Tracking
Moving forward, building accountability and tracking return on investment (ROI) are the next steps in developing a collaborative finance culture. Implementing processes for holding teams accountable and assessing performance based on established goals is crucial. Additionally, creating a framework for ROI tracking will enable the evaluation of past investments and inform future decision-making. By setting responsible and evidence-based financial goals, leaders can foster a culture of intentionality and empower teams to make informed financial decisions.
In this episode of The Role Forward, Joe Michalowski hosts Zack McCarty, Director of FP&A at Qwick. McCarty shares insights on the importance of collaborative planning and stakeholder buy-in in the food and beverage industry. He emphasizes the transformative power of basic financial information in driving valuable change within a company.
McCarty discusses the challenges and strategies of planning for Qwick, a two-sided marketplace for on-demand staffing. He highlights the necessity of balancing the onboarding of workers and businesses, and the seasonal nature of their business. He also delves into the complexities of managing expenses across different departments, including marketing, sales, and engineering.
Lastly, McCarty underscores the importance of transparency in financial information. However, he also cautions against the potential for misunderstanding or panic when context is not provided. The episode concludes with McCarty expressing excitement about the future as stakeholders seek deeper analytics and understanding of the fundamentals.
Guest-at-a-Glance 💡 Name: Zack McCarty 💡What they do: Director of FP&A 💡Company: Qwick 💡Noteworthy: McCarty is an early member of Qwick, having served in various roles including Director of Marketing. He brings a unique perspective on the importance of financial transparency and collaborative planning in a rapidly evolving marketplace. 💡 Where to find them: LinkedIn
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