Introduction

“What are the must-haves in a (FP&A) Point Solution?” This question was asked to Paul Barnhurst, The FPandA Guy in the Plan Buddies meeting.

The Answer is broken into these components:

Choosing the right FP&A tool can be a game-changer for your business. While the choice depends on the size of your company, there are five key aspects to consider. Think of it as a pyramid:

1. Data Model

The foundation of any FP&A tool is its ability to handle your data effectively. It should be able to bring in your data, ensure compatibility, manage dimensions like customer or geography, and provide the right metrics and variables.

2. Financial Modeling

How much flexibility does the tool offer? Remember, implementing an FP&A tool means trading off the flexibility of a spreadsheet for benefits like database integration, privacy, and scalability.

3. Reporting

The tool should be able to support your business from a reporting standpoint. It needs to provide the necessary reports to drive decision-making.

4. Workflow Approvals and Collaboration

A good FP&A tool should facilitate easy collaboration and streamline workflow approvals.

5. AI Integration

How does the tool leverage AI to simplify processes and simplify your life?