Episode 50 - FP&A vs. Accounting: Let’s Get Ready to Rumble
“I must admit, when I was doing accounting, I never liked my FP&A colleagues. In fact, as a matter of fact, at times, I hated them. I thought they didn’t understand accounting. They always push to reduce the number of days it takes to close the books when they have very little clue what's going on.”
In our 50th episode of FP&A Today, we bring together an all-star guest list who have had experience working as both accountants and in FP&A. Drawing on their experience; they look at the frequent clashes between FP&A and their accounting colleagues (be warned, no one pulls any punches!). Plus, the secrets to a more harmonious relationship between FP&A and accounting.
Get ready for The Dual of Accruals, the Toe-to-Toe on Cash Flow….with all of your questions answered about the day-to-day realities of FP&A vs. Accounting.
The panel:
Lyndi Porter is accounting controller at SilencerCo, She has more than 16 years accounting experience and has worked in FP&A.
Abdul Khaliq, 20+ years of progressive experience in accounting and FP&A for Real Estate Development and Hospitality industries.
Josh Aharonoff, CPA Aharonoff (aka Your CFO Guy), CEO and Founder, Mighty Digits. He shares Finance & Accounting Best Practices & Advice everyday to his nearly 85,000 LinkedIn followers
Terrell A Turner, CPA Turner: Co-founder and fractional CFO at Lyndi Porter (NY Times featured CFO | 40 Under 40 CPA). He also provides bookkeeping services to law firms to make accounting and finance less complicated.
What is covered in this episode:
The crucial differences between accounting and FP&A?
The 4 main reasons FP&A practitioners and their accounting colleagues clash.
The business fallout when FP&A and accounting fail to co-exist
Best practices that have worked in your career to bridge the gaps.
Potential impact of AI in the FP&A-accounting relationship
The crucial role of a Tech stack
The importance of the chart of accounts in this relationship
Getting the 10Qs and 10Ks out and the impact on FP&A requests
The fastest way to get from accounting and FP&A and the qualifications
Favorite Excel functions for accounting and FP&A pros
Watch on YouTube
Read the full transcript and blog
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