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May 28

Why collaboration should be a priority in FP&A

Why collaboration should be a priority in FP&A
A simple-to-use FP&A platform with robust collaboration capabilities can be a game-changer for organizations seeking financial success. By simplifying complex processes, breaking down silos, and empowering budget owners, organizations can unlock the collective insights needed to make informed decisions.

Here are top reasons why you should consider using a platform with an emphasis on collaboration for your FP&A team:

  • Most FP&A professionals are still using spreadsheets in their practice. This offers a simple and familiar platform to incorporate input from outside stakeholders. However, there are only a few basic settings to manage access to sensitive data. Practitioners should be aware that while this approach is great for increasing the circle of knowledge and participation, it carries significant risk of data leakage, tampering or erasure.

  • On the other hand, larger, more mature companies might be using a legacy, dedicated FP&A platform. These are often custom-made, complicated software setups offering a degree of sophistication other solutions cannot. This elaboration requires users to undergo training to understand how to use it. Budget owners, who are much more casual in usage of FP&A tools, do not have the time or tools to undergo such training. As a result, they are locked out of the process, creating data silos, and eventually more work for the FP&A teams and budget owners themselves.

  • One of the longstanding challenges with providing access to a larger group of stakeholders has been permissions. Information like salaries and expenses is extremely sensitive. Exposure needs to be managed on a granular level. Until recently, this sort of oversight was either difficult or impossible. The advent of online management systems and verification methods like SOC 2 have made it possible for teams to adopt remote and individual participation in the FP&A process.

  • The proliferation of communication platforms is a blessing and a curse. It’s easier, faster and cheaper to send a message to a colleague than ever before. At the same time, it can create confusion. Being able to communicate about the FP&A process on the platform itself, in a space adjacent to the subject of conversation, is a feature more and more platforms are offering, offering clarity and immediacy and increasing the number of participants.

Software has democratized so many of the processes that were previously the domain of the few, from booking travel to learning a language or how to code. FP&A is no different. At Firmbase, we take pride in being at the helm of this movement that’s opening up FP&A to a larger team of stakeholders. If you have questions about how collaboration and increasing the circle of FP&A knowledge could help your company, please book a consultation today.

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