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The Future of Business Finance
Get Ready to Crush It!
If you’ve played any of those candy-colored smartphone
games, you know how addictive they can be. There’s
something deeply satisfying about planning ahead and lining
things up to score a game-beating combo.
Are you getting the same satisfaction with your financial
planning, analysis, and forecasting? If your department is
focused on reporting what happened last quarter, beware:
the future of finance is a whole new game. It’s time to
look to the future, plan high-scoring moves, and help your
organization crush it in 2018.
We asked 15 FP&A experts how the finance department can
optimize their processes, technology, and personnel to adapt
to this new game. Keep reading for their thoughts on data
management, real-time scenario analysis, strategy, and more.
Your Finance Team
Level 1:
Data-Driven
Decision
Making
Level 2:
Overcoming Data
Analysis Challenges
Level 3:
Real-Time
Scenario Analysis
Level 4:
Developing
a Strategic
Approach
Level Up
Leigh
Tucker, CPA
Magnus
Lind
Kenneth
Fick
Jim
Marous
Darryl
Bannon
Gabrielle
Luoma
Robert D.
Kugel, CFA
Tom
Hood
Jack
Sweeney
David
Worrell
Shawn
DuBravac
Ranica
Arrowsmith
David
Chase
Peter
Chisambara
April
Rudin
INTRODUCING THE PLAYERS: 15 Finance Experts
Data-Driven
Decision Making
Most finance departments don’t have
a quantity problem when it comes
to data. The challenge is finding the
quality data, verifying it, and turning it
into actionable intelligence.
FINANCE EXPERTS
The days of finance being the
‘guardian of every dollar spent’
are gone; prudent allocation of
resources and the ability to see
the big picture is the new norm.”Leigh Tucker, CPA
Principal, Managing Director
Nonprofit Client Practice,
CliftonLarsonAllen LLP
FINANCE EXPERTS
There is no single source of a
‘data truth’. We need to assemble
the data sources and conduct the
advanced analysis based on the
information we have, then test the
accuracy (and usability) of this
view, improving it through a test-
and-learn process.”
Jim Marous
Co-publisher of
The Financial Brand
FINANCE EXPERTS
Finance departments should
have a data repository able
to handle financial and non-
financial data. To ensure that
data is accurate and up-to-date,
it should avoid storing data in
individual spreadsheets.”
Robert D. Kugel, CFA
SVP & Research Director of CFO
and Business Research
Ventana Research
FINANCE EXPERTS
Overcoming Data
Analysis Challenges
Faster, more relevant data analysis requires
organizational changes in the finance
department. Better communication and
smarter automation are key.
FINANCE EXPERTS
When business owners have to
cover the roles of CEO, CFO and
Controller, they rarely find a good
balance between driving accurate
reporting and implementing
change. It’s critical to slash
unnecessary processes, be willing
to sacrifice a certain level of detail,
and automate as much accounting
and reporting as possible.”
David Worrell
Founding Partner
Fuse Financial Partners, LLC
FINANCE EXPERTS
Even though many finance
personnel feel driven to move
past report generation and into
value-added insight, many aren’t
sure exactly how to do so. And
paradoxically, the convergence of
finance, data visualization and data
science - the very movement that
will provide the tools necessary -
leaves many feeling threatened.”
David Chase
Managing Partner & CEO
Advanced CFO
FINANCE EXPERTS
Currently, we chop up the
financial chain into silos. Businesses
need to align the Office of Finance
to the overall business goal.
Otherwise, we cannot take the next
step to make all the independent
links into a full chain and move on
to the next level of efficiency and
competitiveness.”
Magnus Lind
CEO Skanör Group and
Author ‘FINANCE UNLEASHED’
Skanor Group
FINANCE EXPERTS
If you want any change
you need to get your people
involved. Start small to get the
quick wins. How can I simplify a
process? Do I need all the reports
I run? Ask those who receive
outputs from your department-
do you still need them?”
Darryl Bannon
Director
Darryl Bannon Consulting Ltd
FINANCE EXPERTS
Real-Time
Scenario Analysis
To truly be strategic advisers, finance leaders
need to provide scenario analysis in the
moment, not after weeks (or months) of
number crunching. It’s important to align
people, processes and technology to make
rapid-response analysis possible.
FINANCE EXPERTS
Tom Hood
President & CEO
Maryland Association of CPA’s &
The Business Learning Institute
	 To enable quick on-the-fly
analysis, finance pros need to get
their data in one place. Identify
major sources & link them or store
data in a data warehouse.”
FINANCE EXPERTS
Shawn DuBravac
President
Astra Insights
	 Organizations need to move
to an environment with reporting,
assessment, and decision-
making happening in a robust,
continuous cycle.”
FINANCE EXPERTS
Peter Chisambara
Founder & Principal Consultant
ERPM Insights
	 CFOs need to leverage
modern digital solutions,
automate routine processes
and create more time for
strategic analysis and insightful
finance decision support.”
FINANCE EXPERTS
Kenneth Fick
Senior Manager
MorganFranklin Consulting
	 Executives need to weigh the
informational priorities of accuracy
and timely and relevant information
to make the best decisions. Audited,
historical financial information may
be very accurate but how timely
and relevant is it if it takes nearly
three-months or more after an
accounting close to get it?”
FINANCE EXPERTS
Strategic Approach
Finance leaders may need to step out
of their comfort zone to innovate for
the future. More transparency, open
communication, and investment in new
technology will help equip the finance
department to be more strategic.
FINANCE EXPERTS
Gabrielle Luoma
Founder & CEO
GMLCPA
	 Accounting and Finance must
work together to create systems that
will help Accounting deliver relevant
and accurate information, and
Finance will need to communicate
what information is needed.
Communication is key.”
FINANCE EXPERTS
Jack Sweeney
Host of CFO Thought Leader
	 CFOs must share more data
to educate employees. Transparent
leadership can inspire workers
who, in return, will identify pools
of strategic data that can be
converted by the finance team
into competitive advantage.”
FINANCE EXPERTS
Ranica Arrowsmith
Technology Editor
Accounting Today
	 Be open to hearing what
new technology can do that you
hadn’t previously considered.
Place an emphasis on efficiency
and time-saving tools.”
FINANCE EXPERTS
April Rudin
President/Founder
The Rudin Group
	 Finance professionals need
to understand that investing in
technology can be a revenue
generator, not an expense item.
Investing in technology will bring
better data quality, give better
insight into clients wants and
needs, and help build business
with future clients.”
FINANCE EXPERTS
Are You Ready to Crush It?
The finance department has never been better positioned or
equipped to become leaders in the organization. Taking on
this new role — expanding beyond the traditional boundaries
of the finance function — will require new ways of thinking
about people, processes, and technology.
Are you ready to lead the digital transformation in your
finance department?
Visit our “Power Up Your FP&A with Data” webpage. You’ll
find even more expert advice and analysis from our high-
scoring team. You can get in the game yourself with our
interactive quiz, The Future of Business Finance: How to
Crush It in 2018. Answer questions, get new insights, and
aim for the high score!
Click to Power Up!
FINANCE EXPERTS

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The Future of Business Finance

  • 2. Get Ready to Crush It! If you’ve played any of those candy-colored smartphone games, you know how addictive they can be. There’s something deeply satisfying about planning ahead and lining things up to score a game-beating combo. Are you getting the same satisfaction with your financial planning, analysis, and forecasting? If your department is focused on reporting what happened last quarter, beware: the future of finance is a whole new game. It’s time to look to the future, plan high-scoring moves, and help your organization crush it in 2018. We asked 15 FP&A experts how the finance department can optimize their processes, technology, and personnel to adapt to this new game. Keep reading for their thoughts on data management, real-time scenario analysis, strategy, and more.
  • 3. Your Finance Team Level 1: Data-Driven Decision Making Level 2: Overcoming Data Analysis Challenges Level 3: Real-Time Scenario Analysis Level 4: Developing a Strategic Approach Level Up
  • 4. Leigh Tucker, CPA Magnus Lind Kenneth Fick Jim Marous Darryl Bannon Gabrielle Luoma Robert D. Kugel, CFA Tom Hood Jack Sweeney David Worrell Shawn DuBravac Ranica Arrowsmith David Chase Peter Chisambara April Rudin INTRODUCING THE PLAYERS: 15 Finance Experts
  • 5. Data-Driven Decision Making Most finance departments don’t have a quantity problem when it comes to data. The challenge is finding the quality data, verifying it, and turning it into actionable intelligence. FINANCE EXPERTS
  • 6. The days of finance being the ‘guardian of every dollar spent’ are gone; prudent allocation of resources and the ability to see the big picture is the new norm.”Leigh Tucker, CPA Principal, Managing Director Nonprofit Client Practice, CliftonLarsonAllen LLP FINANCE EXPERTS
  • 7. There is no single source of a ‘data truth’. We need to assemble the data sources and conduct the advanced analysis based on the information we have, then test the accuracy (and usability) of this view, improving it through a test- and-learn process.” Jim Marous Co-publisher of The Financial Brand FINANCE EXPERTS
  • 8. Finance departments should have a data repository able to handle financial and non- financial data. To ensure that data is accurate and up-to-date, it should avoid storing data in individual spreadsheets.” Robert D. Kugel, CFA SVP & Research Director of CFO and Business Research Ventana Research FINANCE EXPERTS
  • 9. Overcoming Data Analysis Challenges Faster, more relevant data analysis requires organizational changes in the finance department. Better communication and smarter automation are key. FINANCE EXPERTS
  • 10. When business owners have to cover the roles of CEO, CFO and Controller, they rarely find a good balance between driving accurate reporting and implementing change. It’s critical to slash unnecessary processes, be willing to sacrifice a certain level of detail, and automate as much accounting and reporting as possible.” David Worrell Founding Partner Fuse Financial Partners, LLC FINANCE EXPERTS
  • 11. Even though many finance personnel feel driven to move past report generation and into value-added insight, many aren’t sure exactly how to do so. And paradoxically, the convergence of finance, data visualization and data science - the very movement that will provide the tools necessary - leaves many feeling threatened.” David Chase Managing Partner & CEO Advanced CFO FINANCE EXPERTS
  • 12. Currently, we chop up the financial chain into silos. Businesses need to align the Office of Finance to the overall business goal. Otherwise, we cannot take the next step to make all the independent links into a full chain and move on to the next level of efficiency and competitiveness.” Magnus Lind CEO Skanör Group and Author ‘FINANCE UNLEASHED’ Skanor Group FINANCE EXPERTS
  • 13. If you want any change you need to get your people involved. Start small to get the quick wins. How can I simplify a process? Do I need all the reports I run? Ask those who receive outputs from your department- do you still need them?” Darryl Bannon Director Darryl Bannon Consulting Ltd FINANCE EXPERTS
  • 14. Real-Time Scenario Analysis To truly be strategic advisers, finance leaders need to provide scenario analysis in the moment, not after weeks (or months) of number crunching. It’s important to align people, processes and technology to make rapid-response analysis possible. FINANCE EXPERTS
  • 15. Tom Hood President & CEO Maryland Association of CPA’s & The Business Learning Institute To enable quick on-the-fly analysis, finance pros need to get their data in one place. Identify major sources & link them or store data in a data warehouse.” FINANCE EXPERTS
  • 16. Shawn DuBravac President Astra Insights Organizations need to move to an environment with reporting, assessment, and decision- making happening in a robust, continuous cycle.” FINANCE EXPERTS
  • 17. Peter Chisambara Founder & Principal Consultant ERPM Insights CFOs need to leverage modern digital solutions, automate routine processes and create more time for strategic analysis and insightful finance decision support.” FINANCE EXPERTS
  • 18. Kenneth Fick Senior Manager MorganFranklin Consulting Executives need to weigh the informational priorities of accuracy and timely and relevant information to make the best decisions. Audited, historical financial information may be very accurate but how timely and relevant is it if it takes nearly three-months or more after an accounting close to get it?” FINANCE EXPERTS
  • 19. Strategic Approach Finance leaders may need to step out of their comfort zone to innovate for the future. More transparency, open communication, and investment in new technology will help equip the finance department to be more strategic. FINANCE EXPERTS
  • 20. Gabrielle Luoma Founder & CEO GMLCPA Accounting and Finance must work together to create systems that will help Accounting deliver relevant and accurate information, and Finance will need to communicate what information is needed. Communication is key.” FINANCE EXPERTS
  • 21. Jack Sweeney Host of CFO Thought Leader CFOs must share more data to educate employees. Transparent leadership can inspire workers who, in return, will identify pools of strategic data that can be converted by the finance team into competitive advantage.” FINANCE EXPERTS
  • 22. Ranica Arrowsmith Technology Editor Accounting Today Be open to hearing what new technology can do that you hadn’t previously considered. Place an emphasis on efficiency and time-saving tools.” FINANCE EXPERTS
  • 23. April Rudin President/Founder The Rudin Group Finance professionals need to understand that investing in technology can be a revenue generator, not an expense item. Investing in technology will bring better data quality, give better insight into clients wants and needs, and help build business with future clients.” FINANCE EXPERTS
  • 24. Are You Ready to Crush It? The finance department has never been better positioned or equipped to become leaders in the organization. Taking on this new role — expanding beyond the traditional boundaries of the finance function — will require new ways of thinking about people, processes, and technology. Are you ready to lead the digital transformation in your finance department? Visit our “Power Up Your FP&A with Data” webpage. You’ll find even more expert advice and analysis from our high- scoring team. You can get in the game yourself with our interactive quiz, The Future of Business Finance: How to Crush It in 2018. Answer questions, get new insights, and aim for the high score! Click to Power Up! FINANCE EXPERTS