“That’s the way we’ve always done it.” Seven words that threaten the livelihood of any business. That was the prevailing mindset at Blockbuster, Kodak, Radio Shack, Tower Records, and Sears, even as the world changed dramatically around them.
The signs were there. All they had to do was adapt.
But they looked to the past for answers rather than looking forward, and they went bankrupt.
The Storm Brewing in Finance, Accounting, and FP&A
Every business that does financial planning is now at a juncture where a decision has to be made.
Financial planning and analysis (FP&A) is changing. Companies are dealing with events no forecaster could have anticipated. Supply chain issues. Exorbitant costs of raw materials. Transportation challenges. Employee shortages.
Frantic adaptation has become standard as our industry struggles to predict the future. What Anders knows is that:
- Finance teams are overwhelmed and underserved by data in its current form.
- Business leaders need answers immediately to handle the speed of change.
- Business owners want more insight into what the future could hold.
Traditional FP&A no longer works.
Previously serving as a back-office function, finance teams are now being looked at as strategic business partners. Processing historical financial data is no longer enough to answer pressing business questions. Traditionally structured FP&A teams weren’t designed for this speed of change.
In fact, the entire business world is under pressure to reimagine the roles of finance and accounting. Your business is crying for data-driven decision-making. You must solve future problems if you want to stay relevant.
Adapting Next-Gen FP&A Requires a Shift in Thinking
Instead of thinking of FP&A as financial planning and analysis, replace the “A” with the word “analytics.” Financial analytics is where the worlds of finance and data intersect; a modern solution for a modern problem.
Rather than having the value of data buried deep in systems and structures, modern analytics can “mine” all relevant data sources and extract what’s valuable.
Financial analytics can rapidly surface insights that even the best teams couldn’t unearth because of the sheer massive quantities of data.
Integrating financial analytics will be key to every company’s future success, and it’s not optional if you want to grow.
The New FP&A Roadmap is Here
Together with our partner, Onebridge, Anders CPAs + Advisors has created an open-access white paper as a resource for financial and accounting professionals who are actively doing the work of modernizing FP&A methods and teams. Here’s what to expect:
- The top seven problems you’re dealing with today and how they threaten growth.
- A solution. The steps you need to take to get to next-generation FP&A.
- Real-world examples of companies like yours that have put the new FP&A roadmap into action.
Don’t stay trapped in the current chaos that traditional FP&A methods created. Access the information you need to move forward with confidence rather than trepidation.
Download our Next-Generation FP&A White PaperAll Insights