👋Hey there,
Happy (belated) New Year!
Notice something different?
We’ve launched our podcast, “Rise Above The Numbers”!
Your feedback was loud and clear.
Increase the volume of practical tips to crush your FP&A career with an audio option.
We’ll be bringing new episodes weekly, right into your earbuds by Friday mornings.
And yes, we’ll summarize it all with gifs to keep the OG FP&HEY subscribers happy.
Be sure to email us your burning FP&A questions so our content is tailored to you by replying to this or emailing us at info@fpandhey.com.
Now onto this week’s topic.
FP&A Cannot Avoid the Financial Close
Do you have a family member you try to avoid at every family event?
The financial close is THAT family member to many FP&A professionals.
You dread getting involved with the financial close.
But it just shows up every single month (and holiday) and takes up so much of your time.
Your relationship with the financial close can be better.
Today’s episode focuses on how to slash your close time to prevent FP&A burnout with tips and tricks.
Show Notes
0:20 - What the financial close is all about
1:00 - Our experiences with 400+ closes
2:30 - How collaboration improves the close process
4:50 - Don’t fling spreadsheets around to check boxes
7:45 - Treat the close like a sport
9:30 - Review your board decks to learn your business
11:30 - Create a list of questions to ask the business
13:30 - The big “close” and summary
What is the Financial Close?
The financial close process produces your financial (and non-financial) results.
Think of it like the scoreboard of your company.
Your friendly neighborhood accountants are the primary owners of this process.
🔥TIP: Accountants make great FP&A professionals too.
And it generates results…and some surprises.
Why the Financial Close Matters
Results are best served with actionable insights from your amazing FP&A team.
But most FP&A teams have ZERO time because of fire drills related to surprises.
Time to go on offense and make sh#t better.
How to Improve the Financial Close Process
Your goal is to save precious time.
So you can do actionable analysis.
And maybe get home on time for once in the thick of quarter end.
#1 Be Fast in Excel
Excel is your work surface in FP&A.
Lose the mouse.
🔥TIP: Learn Excel shortcuts to crush your FP&A requests
#2 Communicate with Accounting
Accountants are the keepers of journal entries.
Learn and understand what they mean.
Teach them the Excel skills you’ve acquired as well.
#3 Perform Daily Variance Analysis
Don’t call us insane.
We explain in more detail in the podcast.
It helps a ton in speeding up the close.
🔥TIP: Learn how to perform variance analysis here.
Conclusion: Your Close Doesn’t Have to be a Time Suck
Get the close done faster.
While increasing the quality (aka no errors and last-minute surprises).
It will help you prevent FP&A career burnout.
Keep learning and having fun.
And check out our upcoming podcast episodes.
We’ll cover why interns (and internships) are amazing, how communication (not Excel) is your secret weapon, and how to complete profit forecasts in 1 business day.
See you next week 👊
Cheers,
Drew & Yarty
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Disclaimer: This content is not investment advice or financial advice. The views expressed and stories told are our own. We may be investors in the companies discussed. Do your due diligence when considering applying what you learn.
Slash Your Close Time to Prevent FP&A Burnout