In this episode of Planning Aces, Jack Sweeney and Brett Knowles discuss the evolving role of FP&A professionals, emphasizing the importance of relationship-building and strategic collaboration within organizations. As summer ends and fall approaches, Brett predicts a surge in business activity, particularly as companies rush to meet year-end objectives. The conversation highlights the decline in travel post-COVID, with more business being conducted via web meetings, though these are often less effective than in-person interactions. Brett underscores the need for FP&A teams to prepare thoroughly for meetings and to foster diverse thinking to achieve better outcomes. The episode also explores the challenges of integrating acquisitions, the significance of continuous improvement, and the evolving responsibilities of FP&A leaders. Ultimately, the discussion centers on the importance of strategic relationships, effective communication, and adaptive leadership in navigating today’s complex business environment.
CFO Todd Patriacca of BVI Medical discusses BVI’s monthly review process, known as Site week, which includes financial and operational reviews. The company has enhanced standard reports to ensure consistent data across regions. Working capital has been a significant focus, with the implementation of standard AP and AR dashboards to track DPO, DSO, and lever terms. Patriacca highlights the importance of making customer holds and credit limits more visible to the sales team to improve payment collection. The company aims to standardize cash application processes and is energized by the opportunities for improvement, including automation, to reduce costs and enhance team scalability for future growth.
CFO Eric Emans of Nintex, emphasizes the importance of a leader’s ability to assess a team and make necessary changes. He believes in the concept of “net positive” and “net negative” when evaluating team members. Emans values his head of finance and controller as his right and left hands, stressing the need for talented individuals who can contribute diverse perspectives. He has experienced turnover due to various reasons, including a desire for more in-person collaboration and better alignment with the company’s culture. Emans focuses on building from existing talent, particularly in financial operations, data, and analytics, and has seen positive changes in the finance and accounting side.
CFO Clemente Cohen of PG Forsta reveals details behind the hiring of a skilled individual with a background in analytics and architecture to integrate data from various sources, enabling better decision-making on product investments and portfolio management. CFO Cohen emphasizes the importance of developing relationships with the team to understand their needs and preempt questions, showing appreciation for their efforts despite the challenges of using suboptimal systems. The conversation underscores the value of cross-functional collaboration and the significance of making data accessible to business leaders for informed decision-making.
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