Defining exactly what Financial planning and analysis (FP&A) does has always been tough.
Most people place FP&A in the Office of the CFO, and that makes sense, for many of us have certainly played the role of CFO a time or two, but as business partners, strategists and advisors, that is also not necessarily a perfect fit and as our roles continue to expand to become the central hub of corporate analytic and reporting this categorization may change.
According to the recent survey by the Argyle Forum, 40% of the companies that are looking to transform their FP&A model stated that increasing collaboration between the finance team and other departments is the most common end goal. Why is that? Is it because when Finance is involved, better decisions are made, costs are controlled and growth initiatives are enacted? Possibly?
Below I have provided 3 common traps and 5 tips to help you increase collaboration between finance and other parts of your organization.
As the founder of Pierce The Fog, my mission is to help those in the world of corporate finance find answers, make decisions and move businesses forward.
With a background in accounting, management consulting, financial reporting, corporate finance and investing, I write from the perspective of a battle tested corporate insider that utilizes the knowledge gained from years of experience working in the internal operations of various companies helping them turn their business ideas into reality in order to provide actionable insight to readers.
Look for my commentary to be insightful and clear, helping readers decode the complex world of finance and distil it into readable, actionable knowledge.
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