In order to help businesses navigate challenges in financial planning during these uncertain times, each week we’re bringing you curated information and materials to help you respond. This week’s articles highlight news in financial planning as well as what experts are saying on the matter:
1. FP&A Trends: Uniting the Firm on a Single Planning Foundation
To unite the firm on a single planning foundation, FP&A must adopt the planning frame that drives value for its customers i.e. operations (a.k.a. activities, processes, flow). Firms must also have the correct platform that allows for a single source of truth for your team. This article will teach you how to get started.
2. CFODIVE: Using Agile Planning to Return to Growth
Uncertain. Challenging. Tumultuous.
By now, we’ve all become familiar with the terms used to describe our current world. They’ve become part of finance and planning professionals’ vocabulary. Every time the market takes a significant hit, we, as CFOs, find ourselves evaluating every aspect of the landscape — searching for ways to deal with the situation and return to growth. We look for ways to forecast what’s coming, and develop best practices that will help us pivot when needed to continue to thrive. In this article, learn how remaining agile is the key to post pandemic growth.
3. FP&A Insider: During COVID-19, Liquidity is a Lifeline
Coming second to people in terms of risk priorities is liquidity risk. The potential for running out of cash and inability to continue operations is a serious risk with potential to knock organization out of business. Learn what imperatives come from addressing liquidity risks.
4. Workday Adaptive Planning: How to Improve Your Board Reporting in 3 Easy Steps
Many finance teams consider board reports the most challenging type of report that they put together. And, in many ways, it’s because board members want so much more than numbers, such as nonfinancial information and customized analysis. That’s doubly true during a pandemic. Standard slide templates and data charts may satisfy most board members. But to establish the finance team as a strategic partner in driving the business forward during this challenging time—consider these presentation tips.
5. Deloitte : Cloud Economics 2020: U.S. Public Companies to Implement New FASB Cloud Computing Accounting Standard
More than half of public company executives say their organizations are in the cloud now (53.9%) and an additional 25.5% say their organizations will move into it in the year ahead, according to a January 2020 Deloitte poll. Yet, just 33.7% of public company executives say their organizations have begun to implement the Financial Accounting Standards Board’s (FASB) cloud computing accounting standard — mandatory for cloud-using U.S. public company financial reporting for fiscal years started on or after Dec. 15, 2019 based on current guidance.
Thanks for checking in this week! We’ll be back next Thursday with more updates in financial planning. In the meantime, subscribe to our blog to get our posts directly in your inbox.