Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.

The title sponsor for this week’s episode of FP&A Tomorrow is the Third Generation FP&A Tools Showcase. Join the Showcase and see the latest technology in FP&A planning software. Register for free today at https://www.accelevents.com/e/fpatoolsshowcase

In today’s episode, Paul Barnhurst engages Trevor Anthony, for a fascinating discussion on the evolution of financial planning and analysis (FP&A) and how artificial intelligence (AI) is shaping its future.

Trevor, a seasoned Chief of Staff at FranConnect, excels in transforming FP&A roles into powerful business partnerships that drive organizational success. With a rich background in private equity-backed software companies, Trevor is known for his expertise in creating simple and impactful financial models, he simplifies complex financial data into actionable intelligence.

Key takeaways from this week's episode include: :

Here is a concise summary of the key points from the discussion:

How AI could significantly reduce costs and streamline operational processes, positioning FP&A to be more efficient and strategically integral to businesses.

The importance of mastering the skill of creating clean and straightforward financial models for FP&A professionals. By prioritizing simplicity and clarity, these models become crucial tools for delivering precise financial data for business insights.

The value of experience, mentorship, and strategic thinking in the evolution of FP&A professionals. It stresses how these elements help transition from traditional analytical roles to more influential positions.

How private equity (PE) impacts FP&A operations, setting high expectations for teams to act as the definitive source of truth within companies.

The discussion highlights how PE firms demand thorough, detailed financial reporting and forecasts, reflecting their reliance on FP&A teams to provide thorough insights and accurate analysis to guide investment decisions and business strategies.

The discussion also highlights the anticipation of a future where AI not only supports but enhances the FP&A functions across various industries.

Quotes:

Here are a few relevant quotes from the episode about the strategic thinking around technology investment, the value of networking, the importance of responsiveness in professional settings, and the encouragement for community engagement:

"The best FP&A groups, I've seen, have solidified themselves as a mission-critical function, not just to check the box type of group."

"First and foremost, keep it simple. I think in the sales process, they demo flashy things... focus on what the tool does."

"The beginning of what I'd call a business partnering relationship was when I'd sit down with the business owner and have to intimately understand their business and their financials."

“Dealing with ambiguity, especially when you're working with senior leaders, they constantly vaguely describe things. You, as a professional, need to understand what that means.”

“If you're like a traditional corporate FP&A person or you're just a data analyst, find those opportunities."

Follow Trevor:

How FP&A Expertise Paves the Way for Becoming a Chief of Staff with Trevor Anthony

FP&A Unlocked