Luckily, there are easy ways to improve the accuracy of your cost breakdowns and future cost forecasts. Here are three steps to get you started.
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3 steps to improve forecasting accuracy

Imagine you’re at a restaurant with friends. You order a small salad, while your companions choose the most expensive items. You would probably ask for separate checks, since splitting the bill evenly would be an inaccurate way to allocate expenses. The same goes for your corporate accounting. You can’t simply… [READ MORE]

Now more than ever, HR teams are facing increased pressure to optimize the value of their organization’s people investments.
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It’s time for HR and finance to unite

Business leaders know that people are usually the biggest expense in any organization, accounting for 70-80 percent of a given employer’s spending. And, in today’s fast-paced and fluid employment environment, HR teams are facing increased pressure to optimize the value of their organization’s people investments. This takes insights into people… [READ MORE]

Manual spreadsheets simply aren’t powerful or fast enough to enable comprehensive, continuous planning. And without that, you can’t keep up with the pace of modern business. This is why some FP&A specialists use the phrase “spreadsheet-itis.” It’s not only that spreadsheets involve cumbersome and untimely reporting, but they also can deny managers and employees a single, unified view of vital data—one version of the truth.
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5 signs you’ve outgrown spreadsheets

If you ask someone why they still carry a flip phone, push a lawn mower, or use a computer from 1997, they might say upgrading is too much of a hassle. After all, if it ain’t broke, don’t fix it. Take spreadsheets. You might spend time every month fixing broken… [READ MORE]

Your CEO needs access to different data than the manager of HR. Yet there’s also a good chance that they may be interested in some of the same information. And even within the same departments, managers may seek different information. Managers have varying requirements and goals; some prefer a very high-level overview, while others want specific information and a lot of granular details.
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How to improve your financial reporting process

For FP&A, financial reporting is a tricky balancing act. If you share too many reports, business leaders may give up reading them all together. They are saturated. In a study by the American Institute of CPAs and the Chartered Institute of Management Accountants, 32% of C-level executives said more data has made… [READ MORE]

A 2016 FSN survey found that CFOs who make better use of nonfinancial data were roughly twice as likely to forecast earnings within 5%. The survey found that tracking nonfinancial KPIs also doubled the odds that a CFO would look confidently beyond the twelve-month time horizon, as well as feeling prepared to respond to market changes.
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5 ways to step up your analytics game

As just about any finance professional knows, there’s a huge need for FP&A teams to become more strategic partners to the business. When we surveyed more than 300 CFOs for a report on how FP&A can play a broader role in guiding corporate planning and performance, 75% said they wanted their… [READ MORE]

So how can you make reporting more efficient, more effective, and less reliant on espresso? Here are four steps you can take to improve your process.
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4 steps to improve your business reporting process

Late nights. Working over the weekend. Learning the names of every barista within a quarter-mile radius of the office. If you’re in charge of creating financial reports, you don’t need me to tell you how much work it takes to keep information updated and accurate. That’s because you’re likely logging… [READ MORE]

If all this wasn’t already obvious before last week, then it’s certainly clear to anyone who attended Workday Rising Orlando, the annual customer conference for Workday’s HR, finance, and planning communities. The conference’s theme—For a Changing World—shaped the entire program.
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At Workday Rising, planning for a changing world

I write often about change. I note frequently how it is not just inevitable, but accelerating. I do this because change is the defining force in business today, and it’s a force that creates both challenges and opportunities. Though for the 75% of finance executives who say their organizations aren’t… [READ MORE]