When finance functions don't align, bad data drives bad decisions. One organization's ERP shift to a single global chart of accounts worked for financial accounting but missed managerial data because FP&A and accounting weren't partnered. Clean, useful data requires both teams working together.
If you're not in sync there and you don't recognize what you just said, then you can be putting bad information supporting bad decisions across. So again, that partnership piece. And you and I were also talking a little bit about the job here, and we just did an ERP transformation here, and we were running off of multiple charts of accounts, and consolidations was really tough. It's another one where, as we've gone to a new ERP and cleaned up to get one global chart of accounts. It's another one where we're good on the financial accounting side. We needed to make sure the managerial is tracked. And so again, here, just what we're going through and not completely done with, great partnership between FP&A and accounting to get things into the right place so that it's decision useful. It describes the business and actually you're much more efficient. You're not spending days and days chasing, is the data good? You're actually cleaned up and good to go support the business in a timely fashion, which is also critical and why that partnership and really the acumen on both sides is really critical.
Trust and Leadership Lessons for FP&A From 100+ Top Leaders with CFO Jon Laudie
