Accountants work with certainties, recording and reporting on past financial transactions to ensure accuracy and compliance. FP&A professional, 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 symbiotic relationship between FP&A and accounting, and how it can enhance overall efficiency and decision-making processes
- The appreciation Tom and David have gained for accounting and FP&A respectively as they’ve expanded their responsibilities over time, and what they wish they had known earlier in their finance careers
- How FP&A, with its focus on forecasting, budgeting, and strategic planning, can provide accountants with forward-looking insights, enabling them to anticipate financial trends and allocate resources effectively
- How accountants, with their meticulous attention to detail and adherence to regulatory standards, play a crucial role in ensuring the accuracy and integrity of financial data used by FP&A
- Examples of processes Tom and David have used to align their FP&A and accounting teams and ensure the standardization of data