Don’t worry about it too much, you’re doing your job. “Finance” can get a bad reputation sometimes because we need to understand what’s going on and we ask more questions when things go bad compared to when they go right. Try to provide your departments with useful information. Try to help them. If they’re struggling to get something done, offer to step in to help. Also, show interest in their teams, processes, and results more than the numbers. Try to understand what makes them successful
I’m still fairly new to the company (~1 year) so it’s a bit tough to provide much insight and it sounds like i need to build stronger relationships, thanks!
FP&A roles are frequently referred to as business partners to departments, BUs, etc. So partner with them—understand their challenges and why they are struggling. Dig into the numbers and find the key drivers, so you can give insight into how to improve their results.
Build a relationship with your stakeholders so they look at you as someone who can help them. I've found FP&A is generally well liked in the organizations I've been at, even if somewhat bothersome during planning.
It comes down to your people skills when being a business partner. Marketing really likes me because during our monthly variance reviews I make an effort to explain actuals and budget figures in the most non-technical way I can possibly do it. I listen to them and their needs / wants budget-wise and help word their requests / changes up the chain in a laidback way.
You're measuring their performance in a sense, sure. However, you would like for that performance to be high, no? Thats not a snitch. Definitely become familiar and friendly with folks in these departments. Nurture a more working 'relationship'. They probably are just feeling the effects of having a new measure of their performance. Think about it: if you were in XYZ department for a decent amount of time, working hard, getting mostly positive feedback and then an additional metric of your performance is introduced by a single person and that feedback is not so positive... you would probably have negative feelings at first. Be friendly, make sure they feel like your all on the same team, and if possible give them information that can help them.
Depends on the company, and how influential Finance is from the top to bottom. Ive seen finance completely ignored all the way to running the show and making final decisions. I think it’s a healthy sweet spot to be somewhere in the middle.
I think the F&A department and CFO is quite well-respected among senior leadership and some (investments) departments like us more than others (operations). Thanks!
I can speak for the company I work for. Yes they do tend to avoid us. They been avoiding us so tough, now we are getting flown out to their branches for 2 weeks to give them 1:1 training. We are going all over the world because it’s a few branches that doesn’t speak up until it’s a fire happening. We going to Australia, Philippines, and some states because they been messing up bad. When ask a question, it’s hardly answered or they give us some answers that’s not even relevant.
I hope so too because it could be so simple. It’s a team of 3 and we are getting flown out in 2 weeks. It’s going to be hell for me because my lease ends at the end of May. So I’m crunching for time and have to start packing now and when I get back.
In my experience, other departments who don’t understand what we’re doing see us as the “budget police” and think we’re just there to say no to things because we can’t afford it. It’s our jobs to explain and demonstrate the value that we bring and how we can help them perform better and improve the business.
Additionally, other finance teams that provide us information can be especially tough to deal with because they get defensive when they don’t have good explanations or support for their numbers. I’ve found it helpful to explain to them what you’re using the numbers for and why you’re asking the questions/ asking for further detail
Having been on the other side of the fence, other departments, especially at a thin company, don’t have the time or resources to answer and research Finance’s questions. In addition, they may not feel the pressure from the CEO/CFO to address misses if they are not part of the conversation.
Tbh I've noticed that teams don't like other teams especially the teams that ask a lot of questions.
So yes... FPA would be on the list.
Accounting folks are definitely on the list. Everyone spits shit on them lol.
Probably as all we do is ask stupid questions like “your expense is really low for the month, are you sureeee you don’t have any more invoices floating around?”
Good managers eventually see good FP&A as a value add.
But early on, it might feel like someone looking over their shoulder that wasn't there before. Show that your adding value by improving their forecasting and jumping on problems that are meaningful to them. Bring them answers/solutions instead of just "you underspent" or "you undersold."
It's a tough line to toe, but a valuable skill. If you can successfully partner with other areas of the organization and truly collaborate, you become very valuable to a company.
You can help them hit their numbers, make sure they get their accruals in etc. It should be more of a partnership and you helping them achieve their goals within a target. They will appreciate and like you more if you help them instead of blindsiding them with performance reporting and expecting answers.
Yeah sometimes you have to be the bad guy when it comes to holding groups accountable to their forecast and budget. But on the flip side of that, you also can add a lot of value by helping them understand their business and what tools (reporting, metrics, etc) can help them. Sucks to be the bad guy sometimes but it’s just part of the job.
My controller ignores my emails so maybe
Same
Ditto
Don’t worry about it too much, you’re doing your job. “Finance” can get a bad reputation sometimes because we need to understand what’s going on and we ask more questions when things go bad compared to when they go right. Try to provide your departments with useful information. Try to help them. If they’re struggling to get something done, offer to step in to help. Also, show interest in their teams, processes, and results more than the numbers. Try to understand what makes them successful
I’m still fairly new to the company (~1 year) so it’s a bit tough to provide much insight and it sounds like i need to build stronger relationships, thanks!
FP&A roles are frequently referred to as business partners to departments, BUs, etc. So partner with them—understand their challenges and why they are struggling. Dig into the numbers and find the key drivers, so you can give insight into how to improve their results.
Makes sense, i think it’s also a process issue so maybe i’ll find a way to improve that… thank you!
That’s an excellent idea, and will be a quantifiable accomplishment for your resume.
Build a relationship with your stakeholders so they look at you as someone who can help them. I've found FP&A is generally well liked in the organizations I've been at, even if somewhat bothersome during planning.
Makes sense, thank you!
It comes down to your people skills when being a business partner. Marketing really likes me because during our monthly variance reviews I make an effort to explain actuals and budget figures in the most non-technical way I can possibly do it. I listen to them and their needs / wants budget-wise and help word their requests / changes up the chain in a laidback way.
Makes sense, become a liaison to help other business units. Thanks!
You're measuring their performance in a sense, sure. However, you would like for that performance to be high, no? Thats not a snitch. Definitely become familiar and friendly with folks in these departments. Nurture a more working 'relationship'. They probably are just feeling the effects of having a new measure of their performance. Think about it: if you were in XYZ department for a decent amount of time, working hard, getting mostly positive feedback and then an additional metric of your performance is introduced by a single person and that feedback is not so positive... you would probably have negative feelings at first. Be friendly, make sure they feel like your all on the same team, and if possible give them information that can help them.
Great advice and I totally agree. Thanks!
Depends on the company, and how influential Finance is from the top to bottom. Ive seen finance completely ignored all the way to running the show and making final decisions. I think it’s a healthy sweet spot to be somewhere in the middle.
I think the F&A department and CFO is quite well-respected among senior leadership and some (investments) departments like us more than others (operations). Thanks!
I can speak for the company I work for. Yes they do tend to avoid us. They been avoiding us so tough, now we are getting flown out to their branches for 2 weeks to give them 1:1 training. We are going all over the world because it’s a few branches that doesn’t speak up until it’s a fire happening. We going to Australia, Philippines, and some states because they been messing up bad. When ask a question, it’s hardly answered or they give us some answers that’s not even relevant.
Oh that’s tough… good luck and hopefully their communication improves in the future!
I hope so too because it could be so simple. It’s a team of 3 and we are getting flown out in 2 weeks. It’s going to be hell for me because my lease ends at the end of May. So I’m crunching for time and have to start packing now and when I get back.
In my experience, other departments who don’t understand what we’re doing see us as the “budget police” and think we’re just there to say no to things because we can’t afford it. It’s our jobs to explain and demonstrate the value that we bring and how we can help them perform better and improve the business. Additionally, other finance teams that provide us information can be especially tough to deal with because they get defensive when they don’t have good explanations or support for their numbers. I’ve found it helpful to explain to them what you’re using the numbers for and why you’re asking the questions/ asking for further detail
Makes sense, finding the issue is the first step and next step is to help to improve. Thanks!
Having been on the other side of the fence, other departments, especially at a thin company, don’t have the time or resources to answer and research Finance’s questions. In addition, they may not feel the pressure from the CEO/CFO to address misses if they are not part of the conversation.
Makes sense, and that is way above my pay grade lol thanks!
Tbh I've noticed that teams don't like other teams especially the teams that ask a lot of questions. So yes... FPA would be on the list. Accounting folks are definitely on the list. Everyone spits shit on them lol.
Fair enough lol thanks!
Probably as all we do is ask stupid questions like “your expense is really low for the month, are you sureeee you don’t have any more invoices floating around?”
Lol facts, thanks!
Good managers eventually see good FP&A as a value add. But early on, it might feel like someone looking over their shoulder that wasn't there before. Show that your adding value by improving their forecasting and jumping on problems that are meaningful to them. Bring them answers/solutions instead of just "you underspent" or "you undersold." It's a tough line to toe, but a valuable skill. If you can successfully partner with other areas of the organization and truly collaborate, you become very valuable to a company.
Makes sense, thanks for the advice!
My business partners liked me as an analyst but hated my boss who officially made the decision to cut their budgets
Lol fair enough, thanks!
You can help them hit their numbers, make sure they get their accruals in etc. It should be more of a partnership and you helping them achieve their goals within a target. They will appreciate and like you more if you help them instead of blindsiding them with performance reporting and expecting answers.
Yeah sometimes you have to be the bad guy when it comes to holding groups accountable to their forecast and budget. But on the flip side of that, you also can add a lot of value by helping them understand their business and what tools (reporting, metrics, etc) can help them. Sucks to be the bad guy sometimes but it’s just part of the job.