This is a technical architectural blog on the best system archicture for future of finance. It has to be Agile and yes, have a bit of Excel mixed in the middle.
Typically in finance we have a particular type of cadence.
This cadence is largely consistent across different organisations no matter what the industry you support. We are likely to have some or all of these:
Quarterly reporting and forecasting,
Half year reporting (if listed),
Annual statutory reporting and tax filing (we all have this one),
Annual budget process and
Longer range strategic planning for 3 to 5 years.
Now that's a pretty full dance card if you ask me.
So how do we keep up with all those requirements whilst making sure that we are not just hitting the deadlines but actually accelerating the value that we add to the business.
Read our latest blog for more insight without the big price tag attached.
Very few 😬 finance professionals have what it takes to build a good financial model, but if you use a few short steps you can find 👀 those diamonds👷 in the rough.
It's like changing someones title to Finance Business Partner and expect them 😁 to suddenly add value and build good models.
It doesn't work 👎that way, never will!
Without the right training and hiring you will just be running on the same tredmill 😵 with the same people with the same skills gap😱.
Being an advanced excel user📈(not that anyone can succintly explain exactly what that means) helps, but its certainly not the only criteria.☝
Forecasting does not guarantee you will be great at financial modeling. 😱
Just because you can drive a car doesn't mean you can be a Formula 1 race car driver. 🚗
Playing T20 cricket doesn't guarantee you will be a great test cricketer. 😁
The same goes for forecasting and financial modeling. 📊 📈 📉
Is all this tech talk and Finance Transformation getting a bit much? 😵
Where do you start and stop? 🚦
There is so much on offer from RPA to Analytics to Modeling. 📈
Read my co-authored 🙌 article with Anders to learn more and demystify all the jargon and pick some practical solutions you can try. 👍
I often get direct messages on LinkedIn from people asking me for either a job, career advice or helping them understand financial modelling and how do they apply for jobs in Australia, thinking Australia is immune to accountants losing jobs or unable to get them.
I wrote this blog to help the many that are lost in this fast evolving work force.
This post provides the readers some insight as to the differences between Data Analytics/Big Data and Financial Modeling.
After reading this post, finance and business professionals should have a clearer understanding of what these skills, processes and systems can enable.
Most important is to understand the problem first then find the solution, not just follow trends.