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FP&A done right

Why FP&A Needs a “Quarterback” Mindset Now

October 6, 2025 by Revelwood

Financial Planning and Analysis (FP&A) leaders have long aspired to be a strategic asset, but that change has been slow to happen—until now. In a GENCFO Talks session, FP&A experts discussed evolving business complexity and rapid technological shifts demand it’s time for FP&A to stop “standing on the sidelines” and claim their seat as strategic MVPs.

Overview

  • For decades, FP&A’s role as a strategic partner remained more a vision than a reality. So why is 2025 different? The answer, as Revelwood’s Dino Daddona and other panelists emphasized, lies in the intersection of mindset, skillset, and toolset. COVID, artificial intelligence (AI), and data democratization have brought FP&A to the forefront, challenging old routines and raising expectations for involvement in big-picture decisions.
  • The panel agreed that board-level adoption and flexible finance career paths are now essential. CFOs increasingly come from FP&A backgrounds because businesses need finance leaders who can “see around corners” and anticipate and shape business strategy, not just report on outcomes.
  • Technology serves as the bridge, not the endgame. Advanced tools and automation free up capacity, but the shift to a “quarterback” role depends just as much on curiosity, storytelling, and business acumen as technical prowess.

Panel Wisdom
“If you have a best-in-class FP&A team, your company performs better” was a recurring theme—underscoring that FP&A is no longer just about the numbers but about influencing outcomes and coaching the business to success.

Want to hear real-life stories and practical solutions from Dino Daddona and top industry experts, including The FP&A Guy Paul Barnhurst, Barry Payne, Regional VP, Americas at AICPA, and Christopher Argent, Founder and MD of GENCFO? Watch the full GENCFO Talks webinar replay to see how FP&A can truly become a strategic MVP.

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Filed Under: FP&A Done Right Tagged With: FP&A done right, gencfo

FP&A Done Right – Season Two is Here!

September 30, 2025 by Revelwood

If you’re in finance, planning & analysis (FP&A), FP&A Done Right – The Podcast is one of those podcasts you’ll want to follow. It focuses on real-world strategies and tools to help finance pros move beyond report generation and become strategic partners in their businesses. After a strong debut with Season One, Season Two is now here — and it’s pushing even further into transformation, automation and strategic value.

A Quick Look Back: Season One

Season One laid a solid foundation. It offered ten episodes covering core FP&A topics:

  • Implementation best practices in “10 Steps for a Successful FP&A Implementation.”
  • Scenario planning, headcount strategy, cash flow management, revenue & expense planning and more.
  • Case studies showing how organizations use Workday Adaptive Planning to gain visibility, streamline processes, reduce manual work and improve decision-making. 

Season One was practical. Each episode gave finance leaders and teams tools, checklists and examples you could start using right away. It set expectations: this podcast isn’t abstract—it shows how to do FP&A right.

What’s New in Season Two

Season Two picks up from that foundation and builds it higher. While still rooted in practice, the focus shifts even more toward:

  • Transformation at scale: How FP&A leaders can move from reactive, periodic reporting to being drivers of strategic decision-making.
  • Automation, AI, and smarter insights: Not just “we could do this someday,” but how finance teams are actually using modern tools now.
  • Short-er deep dives: More condensed episodes but packed with actionable takeaways.

For example, early in Season Two:

  • The FP&A Leader’s Guide to Finance Transformation talks about what it takes for finance organizations to shift their mindset and structure so they can “look forward” instead of just “looking back.”
  • From Spreadsheets to Smart Insights shows how teams are using enterprise planning tools to speed up decision cycles and reduce dependency on manual spreadsheets.

Season One of FP&A Done Right gave listeners the groundwork — fundamental concepts, core practices, tool overviews and practical case studies. Season Two is amplifying those lessons, focusing more on transformation, automation, AI, and helping finance teams step up.

If you haven’t yet listened to Season One, it’s worth starting there. Then let Season Two show you how to move beyond the basics, toward a finance team that can lead strategy, not just react to it.

Subscribe to Season One.

Subscribe to Season Two.

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Filed Under: FP&A Done Right Tagged With: FP&A done right, Planning & Reporting, podcast

Why Scenario Planning is a Must-Have Skill for Today’s FP&A Teams

August 7, 2025 by Revelwood

In today’s fast-changing business environment, agility is everything—and that’s where scenario planning becomes indispensable. In a recent episode of FP&A Done Right – The Podcast, titled Scenario Planning: Critical for Today’s FP&A Professionals, we unpack why this strategic tool is no longer optional for finance teams looking to stay ahead.

From Forecasting to Future-Proofing

Traditional forecasting often relies on a single set of assumptions, which can leave organizations vulnerable when the unexpected happens. Scenario planning, by contrast, allows FP&A professionals to explore multiple “what if” scenarios—ranging from best-case to worst-case—and understand the impact of various drivers on business performance. This proactive mindset transforms finance from reactive scorekeepers to strategic advisors.

Embedding Scenario Planning into the FP&A Process

The episode offers practical advice on how to build scenario planning into everyday FP&A workflows. It’s not just about having the right tools—it’s about having the right mindset and processes in place. The hosts emphasize that companies that make scenario planning a core part of their planning cadence are better equipped to respond to disruption, adjust course quickly, and make more confident decisions.

Real-World Lessons and Examples

Listeners will hear how companies are using scenario planning to navigate challenges like inflation, supply chain volatility, and changing customer behavior. By testing different assumptions and modeling potential outcomes, finance teams can guide their organizations through uncertainty with greater clarity and confidence.

Bottom Line? Be Prepared.

Scenario planning is more than a buzzword—it’s a critical capability for modern FP&A teams. If your finance organization isn’t already prioritizing it, this episode might just change your mind.

Listen to the full episode

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Filed Under: FP&A Done Right Tagged With: FP&A done right, Planning & Reporting, scenario planning, Workday Adaptive Planning

Planning, Budgeting, and Reporting: The Tech Sector’s Imperative for Modernization

July 3, 2025 by Revelwood

Today’s competitive technology industry relies on more than innovation in products and services—it requires innovation in how companies plan, budget, and report. According to a recent IDC study sponsored by Workday, technology organizations are feeling the pressure to modernize these core finance processes to stay agile and competitive.

The Cost of Outdated Finance Processes

The report highlights that manual finance processes, such as budgeting, forecasting, consolidations and reporting, are holding many tech companies back. These outdated methods are time-consuming, costly, prone to inefficiency and have the potential for human error. Over a third of surveyed organizations reported that slow, rigid, and siloed planning and budgeting processes prevent them from responding effectively to rapidly changing market conditions.

The result? Limited visibility into financial performance, constrained ability to pivot and delayed decision-making. These factors can erode competitiveness in a fast-moving industry.

The Call for Connected, Cloud-Based Planning

To address these challenges, tech firms are prioritizing investments in modern, connected cloud services. The benefits of this approach are clear:

  • Faster, data-driven decision-making: Cloud-based systems offer real-time visibility into financial, operational and external data, improving forecasting accuracy and business agility.
  • Streamlined planning cycles: With automation and AI-powered insights, companies can shift from static annual budgeting to dynamic, continuous planning.
  • Improved reporting and compliance: Modern platforms reduce reliance on manual data entry, minimize errors and accelerate time to close, moving toward the vision of a zero-day close.

Why Modern Planning Technology Matters Now

The IDC study found that 56% of technology leaders consider finance their top priority for modernization. This underscores the urgency to transform planning and reporting systems. Tech leaders recognize that without modern, configurable technology, they risk falling behind in operational efficiency, decision velocity, and profitability.

Key drivers behind this push include:

  • The need for more agile processes that can keep pace with evolving business models.
  • The pursuit of better customer satisfaction, as accurate forecasting supports reliable delivery and service.
  • A commitment to innovative business models that require adaptable financial frameworks.

The Path Forward for Tech Companies

To compete effectively, technology companies must:

  • Replace manual processes with automated solutions that simplify complexity and reduce time to insight.
  • Standardize business processes across the enterprise to enable consistency, compliance, and faster decisions.
  • Prioritize continuous planning and forecasting to ensure resilience in the face of change.

Those that invest in these capabilities will not only enhance their financial operations but also position themselves for sustained growth and competitive advantage.

Revelwood is dedicated to helping the Office of Finance succeed through the strategic use of technology. For 30 years we have partnered with CFOs and FP&A leaders to modernize and transform the Office of Finance. Our approach is to focus on success, speak business first and to leverage best-in-class technology that suits your organization’s unique needs. We partner with leading technology providers to build best-in-class solutions for our clients.

More from our FP&A Done Right Series:

Introducing the FP&A Done Right – The Podcast

From Static to Dynamic: How Businesses Can Embrace Agile Planning, Part 2

From Static to Dynamic: How Businesses Can Embrace Agile Planning, Part 1

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Filed Under: FP&A Done Right Tagged With: Budgeting, Budgeting Planning & Forecasting, FP&A done right, Planning & Reporting

Budgeting That Works: How to Plan for Success in an Uncertain World

January 9, 2025 by Simon Foley

The Budgeting Blues

You’ve just wrapped up another marathon annual budget cycle spanning multiple months, countless late nights and endless revisions; you’ve finally pinned down the dreaded planning gap between top-down targets and bottom-up submissions. You appear to have a fairly consistent set of functional budgets with marketing initiatives aligned with sales targets, which in turn are aligned with operational plans and a suitable workforce plan.  It is a masterpiece.  Unfortunately, during the months since the budget cycle started and the corporate targets were agreed, the world has moved on, leaving your budget masterpiece in tatters.

A Better Way: Driver-Based Budgeting

Surely, there is a better way?  Enter driver-based planning: a thoughtful approach that focuses on the key factors that truly move your business forward. Instead of getting bogged down in granular line-item details, driver-based budgeting focuses on identifying the key business drivers that really move the needle for your company. These could be things like sales growth, production capacity, headcount, or any other factors that have a major impact on financial performance.

By building your budgets and plans around a focused set of core drivers, you can create a more agile and responsive planning process. As the world changes, you can easily adjust your driver assumptions and assess the ripple effects across the business. Driver-based budgeting also aligns inputs to the right business owners – the sales team weighs in on bookings forecasts, operations gives their view on production capacity, and so on. This not only leads to more accurate plans, but also creates accountability and buy-in across the organization.

Defining the Right KPIs

To get started with driver-based budgeting, the first step is to nail down the right key performance indicators (KPIs) for your business. But more isn’t always better when it comes to KPIs. The most effective driver-based models focus on a concise set of metrics that:

  1. 1. Can be reliably and consistently measured for historical actuals
  2. 2. Are predictable enough to forecast
  3. 3. Have a direct link to key business goals and objectives
  4. 4. Have clear business ownership

For example, a software company might zero in on KPIs like new logo bookings, billings growth, and sales rep productivity as core drivers of the sales model. The finance team partners with sales leaders to pressure-test the assumptions, and the model projects how different scenarios would flow through to revenue, margins, and cash.

Eliminating Data Silos

With the right KPIs defined, the next step is to eliminate data silos and create “one source of truth” in your budgeting process. Driver-based budgeting thrives on collaboration and integration – sales, operations, finance, and executive teams all need to be looking at the same set of numbers. Modern cloud-based planning platforms make it easy to connect data, build driver logic, and engage business users in a streamlined process.

Planning with Agility

Driver-based budgeting enables a dynamic, rolling forecast rhythm to replace the annual or quarterly budgeting cycle. By refreshing forecasts on a monthly basis (or more frequently), you always have an up-to-date view of where the business is headed, allowing for more informed decision-making and better resource allocation.

Pair this with the ability to regularly and efficiently generate multiple additional “what-if” scenario versions and you gain the agility to quickly course-correct as conditions change and new opportunities or threats arise.

A True Business Transformation

But driver-based budgeting is about more than just building a better mousetrap. Done right, it can be truly transformative for an organization. It elevates the role of finance to focus on strategic business drivers rather than just policing the numbers. It creates alignment and accountability across functions. And most importantly, it arms decision-makers with visibility and insight to navigate through periods of volatility and change.

Start today

In a world of rapid change and pervasive uncertainty, agility is the ultimate competitive advantage. By focusing your planning efforts on the critical drivers of your business, you can position your organization to ride out the storms and seize new opportunities. So ditch those broken spreadsheets, engage your business partners, and start your journey towards more dynamic, driver-based plans. Your future self will thank you.

Revelwood is dedicated to helping the Office of Finance succeed through the strategic use of technology. We have a nearly 30 year history helping CFOs and FP&A leaders modernize and transform the Office of Finance. Our approach is to focus on your success, speak business first and to leverage best-in-class technology that suits your organization’s unique needs. Contact us at info@revelwood.com to start a conversation on how we can help your Office of Finance be thes best it can be.

More from our FP&A Done Right Series:

10 Steps to Transform Financial Planning & Analysis: A Guide to a Successful FP&A Implementation

Workday Named a Leader in the Gartner Magic Quadrant for Financial Planning Software

Recommendations from the 2024 CFO Study

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Filed Under: FP&A Done Right Tagged With: FP&A, FP&A done right, Workday, Workday Adaptive Planning

FP&A Maturity Assessment: Where Do You Rank?

October 18, 2024 by Revelwood

There are tangible, concrete benefits to having a mature FP&A process. These include improved decision-making, increased efficiency, agility and responsiveness, enhanced forecasting accuracy and more. 

How do you know if your processes are mature? Here are some key indicators:

  • Data integration and accuracy. You have reliable data sources integrated with your planning environment for real-time analysis.
  • Forecasting and predictive analytics. You use advanced forecasting techniques, scenario modeling and predictive analytics.
  • Cross-department collaboration. Your FP&A team works closely with other departments.
  • Agility and adaptability. You have the ability to rapidly adjust forecasts and strategies in response to changing conditions.
  • Technology-driven automation. You leverage automation tools to streamline reporting, budgeting and forecasting.

Would you like to learn how advanced your organization is at financial planning? Take this short (two minutes!), FP&A Maturity Assessment from Forrester Research. You’ll get customized results and recommendations for your organization.

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Filed Under: FP&A Done Right Tagged With: Budgeting Planning & Forecasting, Financial Performance Management, Forrester, FP&A, FP&A done right

Navigating Economic Volatility: Insights from CFOs

August 18, 2023 by Revelwood

In today’s dynamic business landscape, economic volatility has become an ever-present challenge, impacting organizations across industries. Chief Financial Officers (CFOs) play a critical role in steering their companies through these uncertain times. McKinsey & Company’s newest survey of CFOs sheds light on how financial leaders are adapting and strategizing in the face of economic headwinds. 

The Reality of Volatility

The survey finds that economic volatility and inflation are the top concerns among CFOs, posing significant threats to company growth. In a world characterized by unpredictability, a staggering 57% of CFOs reported high volatility in their businesses’ performance, with little expectation of stability in the near future. The rise in inflation has added to the complexity, becoming the top-cited threat to growth, with 58% of CFOs expressing concern.

Adapting, Not Hunkering Down

Despite the challenges, CFOs are not passively weathering the storm. They are taking proactive steps to tackle the uncertainties. The survey reveals that finance leaders are adjusting their priorities, focusing on performance, productivity, and managing operational value drivers and key performance indicators (KPIs). CFOs recognize the need to be agile and responsive to changing circumstances.

Strategies for Managing Volatility

To manage the volatile economic environment, CFOs are adopting specific strategies. The survey shows that raising prices to ensure margins is a top approach, even though passing on higher costs poses difficulties. Furthermore, CFOs are reallocating investments across their organization’s portfolio and reducing exposure to fixed costs to enhance flexibility.

Operational Practices for Success

CFOs are also engaging in operational practices to navigate volatility successfully. They are increasing their own participation in business decision-making, making it a top priority. Additionally, CFOs recognize the importance of frequent cash flow analysis and short-term budgeting to stay on top of financial performance. By proactively managing these areas, CFOs can make informed decisions amidst the uncertain economic landscape.

Shifting Priorities for Finance Organizations

The survey reveals changes in finance organizations’ priorities for the next year. CFOs are now placing a greater focus on operational value drivers, KPI management, cash management, and capital structure. These areas are deemed vital to actively drive value for their companies. In contrast, other priorities, such as strategic planning and risk management, have decreased in importance, reflecting the need for adaptability in today’s volatile market.

Economic volatility remains an ongoing challenge for organizations, but CFOs are leading the charge with resilience and adaptability. By adjusting priorities, adopting proactive strategies, and focusing on operational practices, these financial leaders are guiding their companies through uncertain times and positioning them for success in the face of volatility.

More from our FP&A Done Right Series:

No, Artificial Intelligence Will Not Replace Finance Jobs

Annual Planning Versus Continuous Planning

Professional Services Firms Need Future-Ready Forecasting

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Filed Under: FP&A Done Right Tagged With: CFO, CFO efficacy, Financial Performance Management, FP&A, FP&A done right

Annual Planning Versus Continuous Planning

July 14, 2023 by Revelwood

This is a blog post from our partner Workday Adaptive Planning. Bob Hansen of Workday explains how the switch to continuous planning makes organizations more agile, proactive and successful.

A common measure of business success is growth. Because if you’re not growing, you’re not succeeding. Even in times of tumult, businesses are expected to push past obstacles and prosper by growing.

But when finance views growth by focusing on size and scale, it’s too easy to miss other aspects of how companies evolve. It’s not just about getting bigger; it’s about getting better.

For most organizations, one area that can get better—a lot better—is how they plan. And for an increasing number of businesses, there has never been a better time to transform the processes that help you prepare for what’s next.

Annual planning process vs. Continuous Planning

You can stick with a traditional annual planning process—an often spreadsheet-based, manual task that produces plans, budgets, and forecasts that are outdated the moment they’re finalized. When you spend weeks to months building a plan that can’t keep up with the dynamic changes your organization faces, your time and effort is invested in a model that can’t guide your business forward, or help you quickly course correct. Clinging to the status quo may seem cost-effective in terms of actual expenditures, but the costs in time and labor, mistakes, and missed opportunities make static planning something your business can’t afford. Especially these days.

The better option is continuous planning. Designed for how businesses must operate today, continuous planning harnesses all the business-run financial and operational data into a single source of truth that informs plans, budgets, and forecasts with fresh actuals.

Continuous planning empowers companies to adjust budgets and forecasts on a constant basis, so they can pivot and react in real-time with the latest information. Now more than ever, businesses are being forced to shorten their window for assessing, re-forecasting, and making adjustments to their overall plan. The closer they can get to real-time when it comes to planning, the more strategic their decisions and competitive their actions. 

Three Common Obstacles to Continuous Planning

Many organizations face common (and frustrating) barriers impeding the path to continuous planning and increased business agility. An oft-cited survey of global business leaders helps shed light on what separates top performers from organizations that are falling behind. Survey results show that fewer than 1 in 5 executives said their approach to strategy and execution enables them to react with agility and speed to market shifts. 

What’s keeping the rest from planning continuously and operating with agility? Three key obstacles.  

  • Outdated technology or infrastructure. Legacy technologies can keep data siloed between departments and business units, preventing business users from the data they need to monitor the health of the company and quickly make informed decisions. 
  • Skill set deficiency. As planning goes companywide, organizations can perceive a need for additional training and expertise to navigate and get the most out of these tools. That’s a challenge when all you have is a planning environment designed solely for finance use. 
  • Existing processes and procedures. Organizational challenges, including rigid hierarchies and inflexible workflows, can stand in the way of implementing continuous planning processes in finance and beyond.

Continuous planning empowers companies to adjust budgets and forecasts on a constant basis, so they can pivot and react in real-time with the latest information.

Evolving to a Continuous Planning Process

To address these obstacles, transforming from static, annual planning to a continuous planning process requires change in at least one of three areas: technology, people, or processes. (And most likely, it’s a little of all three.)

  • Technology. It would not be possible to implement a continuous planning process using the static planning environment imposed by outdated legacy technology. Modern, cloud-based planning solutions can automate data collection across silos and make that data visible across your organization. That way, all departments can share a single source of truth and insight for planning and decision-making. 

When evaluating planning technology, look for solutions that provide the elasticity to scale as your organization grows—and as more users require more insight more often. In addition, make sure your solutions are platform-agnostic so that you don’t get stuck using disjointed, disparate systems that prevent sharing and collaboration. A leading solution will provide the flexibility you need to model virtually any what-if scenario as many times as needed, and with virtually no dimensional limits. It will also integrate intelligent automation such as machine learning so you can produce more accurate forecasts faster while identifying potential issues sooner. 

  • People. All the technology in the world won’t matter if you don’t have the right people with the right skills leveraging it at the right time. Extended planning and analysis (xP&A), or companywide planning, incorporates FP&A best practices across the organization, so everyone can engage in a continuous planning process. By establishing a culture of continuous planning, you not only take pressure off the finance team, but you’ll help other departments and lines of business make the most out of their budgets, forecasts, and plans. 
  • Processes. Technology can automate manual tasks such as data entry and consolidation, while building companywide skills can help you maximize your ability to continuously plan. By incorporating continuous planning as part of your standard workflows, you can ensure you’re using the same best practices across the company so everyone works as one. Finance leaders should establish and orchestrate repeatable planning, budgeting, and forecasting processes. This is how you can equip your entire organization to quickly adapt to market changes. 

Beginning Your Continuous Planning Journey

So where should you start: technology, people, or processes? The answer is different for every organization. Some might focus on their most urgent need or where they are the furthest behind, while others may wish to get a quick, easy win they can build from. 

Given the importance data plays, it may make sense to first focus on technology. This lets you create a single source of truth that can provide the intelligent data foundation you’ll need to engage people and create a continuous planning process, not only for finance but eventually for other teams such as sales, operations, and human resources. 

Keep in mind that you don’t have to start big. By starting small with a test use case or participant, you can build out your framework at a pace that feels comfortable while creating champions who can help you promote continuous planning across the organization when you’re ready to roll it out. The most important thing? Don’t wait.

Read the full blog post on the Workday blog.

More from our FP&A Done Right Series:

Professional Services Firms Need Future-Ready Forecasting

Enterprise Planning Helps Professional Services Firms Adapt to Changes

FP&A Done Right: Trends in Accounting and Finance

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Filed Under: FP&A Done Right Tagged With: Finance done right, Financial Performance Management, FP&A done right, Planning & Forecasting

FP&A Done Right: Trends in Accounting and Finance

May 19, 2023 by Revelwood

This is a blog post from our partner Workday Adaptive Planning. Philippa Lawrence, chief accounting officer and vice president at Workday, highlights some interesting trends emerging in finance and accounting. 

The past few years have given us a deep appreciation for how quickly the unexpected can upend our assumptions. And there’s no question that uncertainty—around everything from inflation and macroeconomic volatility to geopolitical tensions and regulatory shifts—has dominated discussions at organizations in all industries and regions.

Still, some emerging trends within the accounting field have gained such momentum in recent years that continued acceleration in 2023 seems all but certain. As accounting leaders look to the year ahead, here are three predictions about the seismic shifts reshaping the finance function—and why leaders would be wise to lean into these trends sooner rather than later. 

1. Your Technology Strategy Will Become Your Talent Strategy

Hiring and retaining talent is one of the top challenges CFOs will face, and understanding what employees want can help ease that challenge. For many, the answer is meaningful work, and CFOs know technology plays a role in this. A global survey of 260 CFOs found that nearly half (48%) plan to invest in technology to streamline finance tasks. Even more striking, nearly all (99%) of those making technology a priority agree that technology updates will become even more important for both attracting and retaining employees.

For finance and accounting teams, doing meaningful work is about doing more than manual data aggregation or managing clunky spreadsheets day in and day out. Technology can automate manual processes such as these, enabling staff to focus on more value-added work, such as identifying trends from the data to help the business understand the “why” behind the numbers. And this will become increasingly crucial in a talent market where skilled finance workers are at an all-time premium. According to Deloitte, 82.4% of public company hiring managers for finance and accounting report talent retention as a big challenge. Investing in technologies that automate core processes and streamline user experience will be paramount to building—and retaining—a skilled and agile finance team. 

2. The Journey to Zero-Day Close Will Drive Further Adoption of Accounting Automation Through Artificial Intelligence and Machine Learning

Traditionally, reconciling financial statements at the end of a reporting period—whether monthly, quarterly, or annually—has been a labor-intensive process that can take weeks to complete. But an arduous, lengthy close isn’t only a resource drain; it also slows the speed at which data can be analyzed and information gets into the hands of decision-makers. This is a critical vulnerability in today’s business environment of high uncertainty and rapid change, where actionable information is rapidly perishable.

But one of accounting’s most ambitious goals aims to change that: A zero-day close leverages intelligent automation and continuously available, up-to-date information to close the books at any time, dramatically accelerating the pace of internal reporting and data analysis. No wonder 86% of finance executives say they’ve set their sights on achieving a faster, real-time close by 2025, according to Gartner, with more than half of respondents already deploying investments such as general ledger technology and workflow automation.

While a zero-day close is the ultimate goal, every incremental step toward that goal—such as automating manual data entry for invoices or manual journal creation—drives day-to-day process improvements that truly advance the finance function. My team is currently on the journey to achieving a zero-day close. With the help of artificial intelligence (AI) and machine learning (ML) in our system, we’ve achieved nearly 100% billing accuracy and 100% automation of our cash flow, and the percentage of manual journal entries we now perform is incredibly low. When anomalies arise, they’re surfaced swiftly so we can address them well before they impact the close. 

3. Accounting Will Increasingly Act as a Value-Creation Partner to the Business

In an increasingly complex and interconnected business environment, C-suite leaders recognize that real-time, data-driven decision-making is more important than ever. And while accounting has traditionally been considered a numbers-only profession focused on historical data, technology and transformation have repositioned accounting at the center of strategic decision-making and value creation. For example, accounting leaders are playing a critical role in driving an organization’s environmental, social, and governance (ESG) strategy by leveraging technology to analyze data, surface insights, and influence ESG investment decisions.

Whether highlighting the financial implications of operational and strategic decisions, recognizing red flags and inefficiencies, or evaluating opportunities to reposition investments or improve performance, technology is empowering accounting teams to quickly discover real-time insights and analyze the drivers behind the data. Our value as accountants is increasingly demonstrated by our ability to share insights and collaborate with other business functions to ultimately guide strategic planning and decision-making.

The trends reshaping the accounting and finance professions aren’t wholly separate from the larger economic uncertainty and business volatility in which organizations operate today. In many ways, the urgent need for better adaptability and resilience has accelerated the profound shifts underway in how accounting works, contributes, and collaborates across the business. For those in accounting and finance, it looks to be an exhilarating and impactful year ahead. And we’re just getting started.

This article originally appeared in The Journal of Accountancy. ©2023 Association of International Certified Professional Accountants and was also published on the Workday blog.

More from Workday Adaptive Planning:

Revelwood Partners IBM and Workday Named Market Leaders in BARC Score – Integrated Planning & Analytics 2023

Revelwood’s Partners IBM and Workday Named Leaders in IDC Report

Embracing Forward-Looking and Customer-Centric KPIs

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Filed Under: FP&A Done Right Tagged With: FP&A done right, FP&A leadership, Workday, Workday Adaptive Planning

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