How to never be left out of the conversation again in FP&A - with Airbase CFO Aneal Vallurupalli
Oct 24, 2023
auto_awesome
CFO of Airbase, Aneal Vallurupalli, discusses the challenges of spend management, building credibility and relationships, the importance of understanding context, the evolution of finance research, and the ease of finding information online.
Controlling spend through consolidation and automation allows companies to have greater control over their financial operations and make more strategic decisions.
Building credibility as an FPA partner by understanding stakeholder pain points and providing valuable insights and support is crucial for becoming a valued collaborator in decision-making processes.
Deep dives
The Importance of Controlling Spend
Anil, the CFO of Airbase, discussed the significance of controlling spend as a means to control a company's destiny. He emphasized that Airbase's solution, which consolidates and automates non-payroll spend into one software platform, allows companies to achieve spend enlightenment. By consolidating spend and providing a centralized platform, Airbase enables companies to have greater control over their financial operations and make more strategic decisions.
Building Credibility as an FPA Partner
Anil highlighted the importance of building credibility as an FPA partner. He mentioned that FPA professionals should focus not only on technical skills but also on developing strong relationships across the organization. By understanding the pain points of stakeholders and providing valuable insights and support, FPA professionals can establish trust and become valued collaborators in decision-making processes.
The Impact of AI on FinTech and Procurement
In regard to the impact of AI on FinTech and procurement, Anil expressed the view that while AI can automate certain rudimentary tasks, it is unlikely to replace jobs that require logic, business understanding, and strategic decision-making. He noted that AI is still evolving and facing challenges such as accuracy, bias, and privacy concerns. While AI can be leveraged for efficiency and insights, human expertise and judgment remain essential in finance and FPA roles.
The Power of Insights in Driving Change
Anil shared an example of leveraging insights to drive positive change within an organization. By analyzing customer data, his team identified a segment with the highest retention rates, win rates, and net retention rates, indicating strong product-market fit. These insights enabled them to align the company's focus and resources, leading to more efficient and effective growth strategies. The ability to uncover and act upon strategic insights is crucial for driving positive outcomes in a dynamic business environment.
Airbase, a spend management company currently processes over $5 billion of annual payments on behalf of finance teams. It is a pain point Vallurupalli is all too aware of. "Moving to Airbase solved a challenge I had personally experienced at previous companies were there were 65 or 70 physical [credit]cards in a 300 person company and spend was not controlled. There was no way to forecast when someone was thinking of using a physical card, which was for anything at that time".
CFO Aneal Vallurupalli joins Paul, on Datarails' podcast FP&A Today, to talk about what CFOs increasingly require from the best in FP&A, his experiences of financial planning and analysis at previous companies, stretching from investment banking to series A companies and public companies.
In this episode:
• The importance of understanding the context and priorities when coming into a new company or role. There's always a rationale for why things were done a certain way before.
• Building credibility and relationships across the organization by understanding pain points, providing value , and conveying industry expertise.
• Moving from growth at all costs in SaaS to revenue growth
• Why he has no single favorite financial metric to analyze a business. The most important metric is often "not financial" and varies by company.
• How AI will displace some repetitive, manual tasks but not logic-based and contextual decision making which is core to finance roles.
• Why having a hunger for knowledge as the most crucial way to win in your FP&A career - with most technical skills being "table stakes"