Financial Modeler's Corner

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.In this episode, Paul Barnhurst delves into the intricate world of data integration, especially within financial modeling and FP&A. The discussion revolves around the practical challenges and solutions for accessing and automating data flows, a topic crucial for finance professionals who often grapple with multiple data sources and complex modeling tasks. The episode offers insights into the evolving landscape of data management tools and how they can streamline processes for businesses.Adam Rakich, a seasoned expert in the world of FP&A tools and data integration, joins the show. With a diverse background spanning social media marketing software, FP&A consultancy, and leadership roles at companies like Workday and OneStream, Adam now focuses on making data integration more accessible through his work at Data Blend. His deep understanding of the challenges accountants and financial modelers face with data management makes him a valuable resource for listeners looking to optimize their processes.Key takeaways from this week's episode include:The common pitfalls and solutions in financial modeling and data integration.When and why businesses should transition from spreadsheets to specialized planning tools.Practical strategies for automating data workflows, even when dealing with outdated or diverse systems.The importance of understanding APIs, SQL, and other technical aspects of data integration.How to build a business case for investing in data integration solutions.Follow Adam:LinkedIn - https://www.linkedin.com/in/rakich/Click the link below to claim your free book (For a limited time only): The Business User’s Guide to Data Integrationhttps://www.amazon.com/Business-Users-Guide-Data-Integration-ebook/dp/B0CMBMDCJ2/https://www.amazon.co.uk/dp/B0CMBMDCJ2/Follow Paul: Website - https://www.thefpandaguy.com   LinkedIn - https://www.linkedin.com/in/thefpandaguy  YouTube - https://www.youtube.com/@thefpaguy8376  Follow Financial Modeler's Corner  LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  In today’s episode:[01:30] - Introduction and worst financial model experiences[07:18] - Adam shares his career path from economist to data integration expert[09:38] - Transitioning from spreadsheets to planning tools[16:56] - The challenges of data integration[26:01] - Hybrid approaches to data automation[28:55] - Tools and strategies for freelancers and small businesses[37:46] - Adam talks about his book and the key takeaways for readers.[44:32] - Rapid fire questions on financial modeling tools and techniques.[52:47] - Final thoughts and contact information

David Benaim, an Excel MVP and data consultant from Cambodia, shares his expertise on spreadsheet tools. He compares Excel and Google Sheets, highlighting their unique strengths and weaknesses. The discussion includes best practices for data consistency and the importance of choosing the right tool for financial modeling. David emphasizes Google Sheets' collaborative advantages and offers insights on enhancing spreadsheet skills. Listeners will appreciate his personal anecdotes that illustrate effective data management strategies.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.In this episode of the Financial Modelers Corner, host Paul Barnhurst delves into the intricate world of financial modeling with returning guest Christopher Reilly. The conversation centers around what is necessary to build robust financial models, highlighting the importance of three-statement models and cash flow forecasting. The episode is filled with practical insights, advanced techniques, and professional experiences that underscore the significance of simplicity, accuracy, and best practices in financial modeling.Christopher Reilly is a seasoned financial modeler with extensive experience in consulting, private equity, and financial modeling education. Starting his career during the financial crisis, Christopher worked on high-profile bankruptcies such as Lehman Brothers and Rescap. His journey took him from a senior analyst role at Hilton Worldwide to middle-market private equity, and eventually to founding his own financial modeling education business. Today, he focuses on teaching and building financial models, with his work being featured by Wharton Online, Wall Street Prep, and LinkedIn Learning among others.Key takeaways from this week's episode include:The importance of simplicity in financial models and how over-complicating can hinder their effectiveness.Practical steps and considerations for building robust three-statement financial models.Tips for auditing models to ensure accuracy and integrity.How to use advanced Excel functions and shortcuts to enhance modeling efficiency.Insights into the role of AI in financial modeling and how it may shape the future of the profession.Follow Christopher:Website - https://www.financialmodelingeducation.com/LinkedIn - https://www.linkedin.com/in/chris-reilly-mission-capital/  Follow Paul: Website - https://www.thefpandaguy.com   LinkedIn - https://www.linkedin.com/in/thefpandaguy  YouTube - https://www.youtube.com/@thefpaguy8376  Follow Financial Modeler's Corner  LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true   Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.  In today’s episode:[01:11] - Paul introduces the episode and welcomes back Christopher Reilly.[02:31] - Christopher shares a story about a complex healthcare deal model that required significant simplification.[03:55] - Discussion on the importance of keeping models simple and useful.[05:01] - Christopher talks about his career journey and experiences over the past year.[08:31] - Christopher explains why he is passionate about teaching financial modeling.[11:43] - Why every finance professional should understand how to build a three-statement model.[14:20] - Steps to take when beginning to build a three-statement model.[22:17] - Tips on structuring models vertically and building essential checks to ensure accuracy.[28:07] - How to effectively use support schedules and detailed assumptions in modeling.[32:36] - Essential tips for error checking, building support schedules, and maintaining model integrity.[39:10] - Key Excel formulas and functions necessary for building financial models.[46:58] - Discussion on the potential impact of AI on financial modeling and its future integration.[49:53] - Final thoughts and details on Christopher Reilly’s courses and where to find them.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.In this episode, Paul Barnhurst sits down with Ken Puls, a renowned expert in financial modeling and Excel. The discussion delves into the intricacies of financial modeling, the evolution of tools like Power Query and PowerPivot, and how they are revolutionizing data management and reporting. Ken shares insights from his extensive experience and offers practical advice for both novice and seasoned financial modelers.Ken Puls is a Chartered Professional Accountant (CPA) and a Microsoft Excel MVP. He is the founder of Excel Guru, a platform dedicated to Excel-based solutions, and the co-founder of Skill Wave Training, which offers comprehensive courses on Power Query, PowerPivot, and Power BI. With a career that bridges both finance and IT, Ken has become a leading voice in the world of financial modeling and data analysis.Key takeaways from this week's episode include:Ken's personal journey and how he became a leading figure in Excel and financial modeling.The importance of simplifying data entry and reducing errors through automation.Key features and benefits of Power Query and PowerPivot.Practical tips for financial modelers, including the use of VBA and dynamic arrays.Insights into the future of AI in financial modeling and its current limitations.Follow Ken:Website - http://www.excelguru.ca/LinkedIn - https://www.linkedin.com/in/kenpuls/Level up Your Skill with Ken’s book - https://excelguru.ca/master-your-data/ Follow Paul: Website - https://www.thefpandaguy.com   LinkedIn - https://www.linkedin.com/in/thefpandaguy  YouTube - https://www.youtube.com/@thefpaguy8376  Follow Financial Modeler's Corner  LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984In today’s episode:[01:15] - Introduction to the show [01:55] - Welcome to the guest[02:15] - Horror Stories in Financial Modeling: Ken and Paul share their worst financial modeling experiences.[04:50] - Lessons Learned: Key takeaways from those early modeling experiences.[06:02] - Ken’s Background: Detailed overview of Ken’s career and expertise.[08:24] - Current Projects: Ken discusses his current ventures, including Excel Guru and Skill Wave Training.[12:14] - Technology in Accounting: How being tech-savvy has benefited Ken in his accounting career.[16:04] - Discovery of Power Query: Ken shares how he first learned about Power Query and its impact on his work.[26:04] - Getting Started with Power Query: Recommendations for beginners on how to learn and use Power Query.[29:00] - Building Financial Statements with PowerPivot: Overview of Ken’s course and its benefits.[37:46] - Rapid Fire Questions: Ken answers quick questions about financial modeling preferences.[46:47] - AI and Financial Modeling: Discussion on the role of AI in the future of financial modeling. [48:59] - Conclusion: Final thoughts and where to find more information about Ken’s work.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.Lyndsey Weber, a seasoned expert in financial and supply chain modeling join us this week for a lively conversatio on both financial and supply chain modeling. She recounts her experience with some of the worst models she has encountered, the lessons learned, and the importance of organization and design in creating effective models. Lyndsey shares her journey from ExxonMobil to Quantrix, offering a deep dive into the art and science of financial modeling.Key takeaways from this week's episode include:Having a well-defined structure and approach is crucial for creating and maintaining effective financial models. Poorly organized models can lead to significant challenges and inefficiencies. A horror story about inheriting a model filled with bad practices, including hidden reference cells and broken VBA code. The experience teaches her the value of starting over and building a model from scratch with best practices.The importance of understanding stakeholder needs, both emotional and practical, and designing models that cater to these needs. This approach helps in building models that are not only functional but also user-friendly.The benefits of using Quantrix over traditional Excel, highlighting features like always-on pivoting, natural language formulas, and role-based access, which enhance efficiency and collaboration.One of Lyndsey's key pieces of advice is to prototype models on paper before building them. Mapping out inputs, outputs, and key calculations in plain English helps in creating a clear and effective model structure.Quotes:Here are a few relevant quotes from the episode on financial analysis and modeling:"This model that I inherited had, I feel every bad practice in the book, I vividly recall a couple of formulas where they just pointed to what I would call a cell island.”-Lyndsey Weber“Having a defined structure and approach that can be repeated, I think is essential.”-Lyndsey WeberIn this episode, Lyndsey provides valuable insights into the complexities of financial and supply chain modeling. She sheds light on the best practices and tools that can make a significant difference in model-building. This episode will help you enhance your modeling skills and create more effective and user-friendly models.Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.  Follow Lyndsey:LinkedIn - https://www.linkedin.com/in/lyndsey-weber/ Follow Paul: Website - https://www.thefpandaguy.com   LinkedIn - https://www.linkedin.com/in/thefpandaguy  YouTube - https://www.youtube.com/@thefpaguy8376  Follow Financial Modeler's Corner  LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984In today’s episode:[00:55] - Introduction;[03:57] - Worst spreadsheet model horror story[04:43] - Key takeaway: Importance of organization in modeling[06:57] - Guest Backgrounds[12:10] - Evolution of modeling roles at ExxonMobil[14:20] - Differences between supply chain and financial modeling[20:30] - Overview of Quantrix as a modeling tool[22:00] - Advantages of Quantrix over Excel[28:40] - Areas for improvement in Quantrix[35:27] - Considerations for scalability and collaboration in modeling[38:50] - Excel Discusssion[44:58] - Rapid Fire Section[52:23] - Importance of prototyping models[53:00] - Get to know our guests personally and Conclusion

Welcome to a special episode of Financial Modeler’s Corner! Today, we're thrilled to bring you an exciting Podswap from FP&A Tomorrow. Stay tuned for an engaging conversation with Carl Seidman that you won't want to miss. Here are the show notes from our previous episode.Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst. In today’s episode, Paul engages in a conversation with Carl Seidman to discuss why mastering presentation skills, and understanding the needs of the audience is crucial for excelling in your FP&A career.Carl is a premier FP&A and Fractional CFO expert, providing financial advisory and leadership development services to top companies including Deloitte, Verizon, and Walmart. Carl is known for his impactful training programs and advisory work that drive success in financial planning and analysis.Key takeaways from this week's episode include: :Here is a concise summary of the key points from the discussion:In FP&A, the ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.The ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.FP&A isn't just about numbers, it's about storytelling with data, painting a vivid picture of the financial landscape that guides strategic decisions and drives organizational successAnticipating potential disruptions or changes in the business environment is a fundamental aspect of FP&A. By identifying risks and developing strategies to mitigate them, FP&A professionals can help the organization stay ahead and adapt effectively.Quotes: Here are a few relevant quotes from the episode about FP&A mastery:"You're not going to go to a nice restaurant and pay a lot of money for a delicious dish, and then have it be delivered in a greasy brown paper bag. Right. So the deliverable matters a whole lot. It can actually significantly dismiss the credibility or value of everything that came up before at that point in time."-Carl Seidman"I think that Great FP&A looks like a team of people who are equipped, from a technical standpoint, to be able to execute the kinds of requests that are being asked of them."-Carl Seidman“The demands in business, the increasingly fast-moving environment, competition, the risks of getting some of this planning wrong are pushing the need of FP&A to be a whole lot more proactive, a lot more agile, a lot more well rounded and thinking instead of just being about financial planning and reporting."-Carl SeidmanFollow Carl:    LinkedIn - https://www.linkedin.com/in/carlseidmanWebsite - https://seidmanfinancial.coFor CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions.  For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details. In today’s episode:  [01:25] Carl introduction;[02:42] Changing FP&A trend over the next five years:[10:00] Carl’s background:[12:05] Carl’s passion for presenting and communication[15:44] Favorite voice Carl can impersonate?[20:42] Becoming better speakers and why presentation matters[33:44] How you can be better at influencing[40:44] Most important skills for FP&A professionals[45:00] Carl’s LinkedIn learning course[47:15] Rapid Fire[51:35] Carl’s book recommendation[55:51] Parting words

Excel MVP George Mount discusses the evolution of Excel, integration of Python, and importance of data analytics. Excel's flexibility can lead to errors. Python complements Excel for time series analysis. Excel excels in prototyping. Advancements in modern Excel and AI integration. Importance of Python skills in financial modeling.

Raphael Benhamou, independent consultant, discusses the importance of regular audits in financial models to prevent errors. He highlights the benefits of using structured tools like Causal for more insightful analysis. Integration of operational data with financial models is crucial for actionable insights.

Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.In today’s episode, Paul engages in a conversation with Brian Vaddan.Brian Vaddan is a distinguished financial modeler with a rich background in investment banking and financial engineering. His emphasis on intellectual curiosity, the need for simplicity, and the creative nature of financial modeling provide listeners with a fresh perspective on the discipline.Key takeaways from this week's episode include:A distinction between those who use spreadsheets casually and those who build models as a core discipline. He emphasizes the importance of creating models that are understandable and usable by others, akin to the difference between a sketch artist and an architect.Intellectual curiosity, an almost obsessive desire to solve problems, and the ability to bring structure out of chaos are highlighted as key traits for successful financial modelers. Brian stresses that these traits are more critical than technical skills alone.One of the profound insights shared is the importance of simplifying complex problems. Brian believes that the true measure of a modeler’s intellect is their ability to present complex ideas in a straightforward and understandable manner.Financial modeling is described as a deeply creative exercise. Brian compares it to art, where each model reflects the modeler’s thought process and experiences, much like an artist’s painting.Brian shares his experience transitioning from being a modeler to managing a team. He discusses the challenges of letting go and empowering others, and the iterative learning process involved in both building and reviewing models.Quotes:Here are a few relevant quotes from the episode on financial analysis and modeling:"I guess, the easiest way for me to describe it is the difference between somebody who sketches on paper and someone who's an architect, or someone who has a hammer and someone who's an actual carpenter.”- Brian Vaddan“One of the primary differences is that you will do it for someone else. So when I built a lot of the initial models from the earlier part of my career, it was for me. It was to derive an answer that I needed to a question that was asked of me.”- Brian Vaddan“The way you display the depth of your intellect, to me, is not the complexity in the formula that you build, but how you take that complex formula and simplify it into a manner that anyone with just a basic understanding can understand.”- Brian Vaddan“Never stop learning and don't quench that intellectual curiosity that will make your modeling experience and career so much richer and so much more rewarding.”- Brian VaddanIn this engaging episode of Financial Modeler's Corner, Brian Vaddan shares his insights on the intricacies of financial modeling. He recounts his journey from investment banking to EY, emphasizing the importance of intellectual curiosity and perseverance. He advises aspiring modelers to maintain a growth mindset and continually seek learning opportunities, providing valuable insights into the discipline of financial modeling.Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.  Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit. View and download the Financial Modeling Code at financial-modelling-code.ashx (icaew.com)Follow Brian:LinkedIn - https://www.linkedin.com/in/brian-vaddan-62ba7325/Follow Paul: Website - https://www.thefpandaguy.com   LinkedIn - https://www.linkedin.com/in/thefpandaguy  TikTok - https://www.tiktok.com/@thefpandaguy  YouTube - https://www.youtube.com/@thefpaguy8376  Follow Financial Modeler's Corner  LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984In today’s episode:[00:03] - Introduction[01:00] - Guest Introduction[01:14] - Horror Story[03:40] - Rule of Thumb[04:10] - Guests’ Background[06:28] - Spreadsheets vs. Modeling[10:16] - Essential Traits for Modelers[13:30] - Modeling as a Discipline[19:00]  - Simplicity in Complexity[24:00] - Modeling as a Creative Exercise[28:10] - Transition to Team Leadership[33:00] - Rapid-Fire Session and Guests’ Contact Information[38:10] - Conclusion

Welcome to a special episode of our podcast! Today, we're thrilled to bring you an exciting Podswap. Stay tuned for an engaging conversation you won't want to miss. Here are the show notes from our previous episodes.TLDR: These show notes were optimized using Claude AI Haiku and are designed to make you listen to the full episode. We even asked Haiku to provide a Haiku summarizing the show notes for your reading pleasure.Haiku:Finance takes new shape,AI-driven transformation,Shaping the future. Prepare to be captivated as hosts Paul Barnhurst and Glenn Hopper welcome Sasha Orloff, CEO of Puzzle, to uncover the technological advancements reshaping the world of finance and accounting. In this eye-opening episode, you'll discover:- How generative AI is seamlessly integrating into everyday software, automating tasks and delivering data-driven insights.- The rise of "AI agents" in 2024 - advanced systems designed to autonomously process complex problems and provide tailored solutions.- Sasha's visionary project, Puzzle, modernizing accounting software with real-time, flexible financial data processing.- The transformative potential of blockchain technology to enhance transparency and traceability of financial transactions.- The future of finance is reimagined through AI and predictive analytics, empowering more precise forecasting and strategic decision-making.Sasha shares his insightful perspective:- "I'm building Puzzle, which is modern accounting software for growing companies."- "We may not yet be at a point where AI is going to take our jobs, but the future will be divided into two camps: people who use AI and those who don't. One of these groups is going to be left behind."Don't miss this captivating conversation that explores the intersection of finance, technology, and AI. Gain invaluable insights to stay ahead of the curve and thrive in the rapidly evolving world of corporate finance.Follow the Conversation:Glenn Hopper (LinkedIn: https://www.linkedin.com/in/gbhopperiii)Paul Barnhurst (LinkedIn: https://www.linkedin.com/in/thefpandaguy)Sasha Orloff (LinkedIn: https://www.linkedin.com/in/saor/)Puzzle (LinkedIn: https://www.linkedin.com/company/puzzlefin, Website: https://puzzle.io)Future Finance is sponsored by Qflow.ai. Learn more at Qflow.ai/future-finance.Financial Modeler’s Corner is sponsored by the Financial Modeling Institute. Learn more at https://fminstitute.com/podcast/.In today's episode:[01:52] Introduction[03:30] The latest phase of the AI revolution[04:49] Pros and cons of chatbots and the rise and evolution of AI agents[09:15] Recent updates about AI[12:51] Guest’s background[14:00] Insights from guest’s career[16:35] Introduction of Puzzle and future of general ledger in accounting[25:10] How blockchain can be an effective tool for accounting[30:22] How AI and predictive analytics can change finance in upcoming years[34:32] Democratization of data science and various uses of machine learning[39:05] Lighting Round Questions