Better Together: Aligning FP&A and Accounting

Episode 32 of the The CFO Show podcast, hosted by Vena Solutions, titled "Better Together: Aligning FP&A and Accounting" was published on May 28, 2024 and runs 32 minutes.

May 28, 2024 ·32m · The CFO Show

0:00 / 0:00

Summary

Accountants work with certainties, recording and reporting on past financial transactions to ensure accuracy and compliance. FP&A professionals, however, are concerned with what-ifs, looking toward the future in the forms of forecasting and strategic planning. It’s no wonder these two sides of the finance team can sometimes feel their goals are incongruent.   David Cornfield of World Wildlife Fund Canada (WWF) and Tom Seegmiller of Texada Software each started their careers on one side of the finance team and now oversee both functions. They understand what can cause friction between these two roles and the dangers of working in silos.   In this episode, David and Tom sit down with host Melissa Howatson to discuss the processes needed to build stronger collaboration across the finance team, improving data accuracy for accounting, forecasting accuracy for FP&A, and ultimately driving insights and value for the team as a whole.  Learn how both FP&A and accounting professionals approach their work, and how to build a cohesive and healthy finance team by aligning their KPIs.  Discussed in This Episode: The benefits of a strong, symbiotic relationship between FP&A and accounting, and how this partnership can improve overall efficiency and support better decision-making. The perspectives Tom and David have gained on accounting and FP&A as their responsibilities have grown, including what they wish they had known earlier in their finance careers. How FP&A, with its emphasis on forecasting, budgeting, and strategic planning, can equip accountants with forward-looking insights that help them anticipate trends and allocate resources more effectively. How accountants, through their attention to detail and commitment to regulatory standards, ensure the accuracy and integrity of the financial data that FP&A relies on. Examples of processes Tom and David have implemented to align their FP&A and accounting teams and to standardize data across both functions. For CFO insights, episode show notes, and exclusive blog content, visit thecfoshowpodcast.com. 

Episode Description

David Cornfield of World Wildlife Fund Canada (WWF) and Tom Seegmiller of Texada Software each started their careers on one side of the finance team and now oversee both functions. They understand what can cause friction between these two roles and the dangers of working in silos.

In this episode, David and Tom sit down with host Melissa Howatson to discuss the processes needed to build stronger collaboration across the finance team, improving data accuracy for accounting, forecasting accuracy for FP&A, and ultimately driving insights and value for the team as a whole.

Learn how both FP&A and accounting professionals approach their work, and how to build a cohesive and healthy finance team by aligning their KPIs.

Discussed in This Episode:

The benefits of a strong, symbiotic relationship between FP&A and accounting, and how this partnership can improve overall efficiency and support better decision-making.
The perspectives Tom and David have gained on accounting and FP&A as their responsibilities have grown, including what they wish they had known earlier in their finance careers.
How FP&A, with its emphasis on forecasting, budgeting, and strategic planning, can equip accountants with forward-looking insights that help them anticipate trends and allocate resources more effectively.
How accountants, through their attention to detail and commitment to regulatory standards, ensure the accuracy and integrity of the financial data that FP&A relies on.
Examples of processes Tom and David have implemented to align their FP&A and accounting teams and to standardize data across both functions.

For CFO insights, episode show notes, and exclusive blog content, visit thecfoshowpodcast.com.