From CFO to Fractional Leadership Navigating AI and Financial Growth with Tom Schultz

FP&A Tomorrow

Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.

The title sponsor for this week’s episode of FP&A Tomorrow is Abacum, the leading mid-market FP&A solution trusted by hundreds of companies to eliminate the spreadsheet struggle. https://www.abacum.io

In today’s episode with Tom Schultz, Paul had an insightful conversation about the evolving landscape of financial planning and analysis (FP&A) and its implications for fractional CFOs.

Tom Schultz, founder and CFO of NextGen CFO, sheds light on the crucial skills behind successful financial analysis and the evolving role of technology in finance. From his extensive experience, Tom shares invaluable insights into transitioning from traditional FP&A roles to becoming a sought-after fractional CFO.

Key takeaways from this week's episode include: :

Here is a concise summary of the key points from the discussion:

• Professionals in financial planning and analysis are tasked with translating real-world events into financial data, forecasting, and modeling these numbers to plan for future outcomes strategically.
• The discussion concerns how advancements like AI and prebuilt dashboards might impact the depth of learning traditionally required in FP&A roles. Integrating new technologies poses challenges and opportunities for professionals in the field.
• The evolution of a career in finance, emphasizing the shift towards providing strategic fractional CFO consultancy.
• With the increasing demand for fractional CFOs, there's a spotlight on the advantageous position of FP&A professionals looking to transition into these roles.
• The intent is to offer a comprehensive resource for those interested in the niche, inspired by numerous informal mentorship interactions.
• The strategic adoption of technology in financial practices, highlighting the importance of aligning technology use with client needs and exploring the capabilities of generative AI to streamline writing and documentation processes in finance.

Quotes:

Here are a few relevant quotes from the episode about FP&A and CFO insights:

"A great FP&A person in my mind is someone who knows what's behind the numbers."

"It's more in private companies that are slow to hire a professional CFO. I think if you're out there fundraising and I've seen pre-revenue hire a fractional CFO just because they need navigation for investors."

"The young people coming into this profession, I'm concerned that they'll take that stuff for granted and learn down to the root that we learned."

"If you look at the CFO in the finance department, the controller and everyone below them tend to look backward in history. The CFO tends to look forward, so the FP&A person is more forward-looking than anyone else in the finance department."

Join Plan Buddies

Plan Buddies, where professionals meet excellence. This isn't just any community. It is a community run by and for planning professionals. At Plan Buddies were all about fostering connections, sharing knowledge, and providing mentorship among FP&A experts. Ready to elevate your career? Visit plan-buddies.com and become a member today. Here's a special treat. Use the promo code "TheFPandAGuy", that is the FP&A Guy for an exclusive 25% discount on your first-year membership.

Follow Tom:   

• LinkedIn - https://www.linkedin.com/in/tom-schultz-5926815
• Website - https://www.nextgencfo.com

Follow Paul:

• Website - https://www.thefpandaguy.com
• LinkedIn - https://www.linkedin.com/in/thefpandaguy

For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions. For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details.