What would I tell my younger FP&A self?
Stephen Hambling, with his extensive experience of over 30 years in financial planning and analysis (FP&A), delves into a candid discussion on Kybos Diary of CFO. Reflecting on his journey, he shares valuable insights and wisdom that he wishes he could impart to his younger self if given the chance to turn back the hands of time. His reflections offer a glimpse into the lessons learned, the challenges faced, and the growth experienced throughout his career in the world of finance. Hambling’s openness and honesty provide a refreshing perspective on the complexities and nuances of financial management, making his words a must know for anyone navigating the realm of financial planning and analysis (FP&A).
Pushing Excel beyond its limits
Although Excel is a powerful tool for data organisation and calculations, it can quickly become overwhelming when users venture into creating complex financial models beyond its capabilities. These ambitious projects often lead to error-filled spreadsheets, inconsistencies, and inefficiencies, rendering them impractical. It’s akin to forcing a square peg into a round hole – Excel isn’t equipped to handle the intricate details of advanced financial modelling.
Consequently, users may find themselves entangled in a web of formulas, data points, and calculations that are hard to decipher and prone to errors. Recognising Excel’s limitations, it’s essential for users to explore alternative solutions better suited for the task at hand. By understanding Excel’s boundaries and utilising specialised tools like FP&A software such as Jedox, users can steer clear of the pitfalls of pushing Excel too far and ensure their financial models are accurate, reliable, and efficient.
About Stephen Hambling,
CEO and Founder of Kybos, a UK based Jedox partner.
I provide simple, clear, commercial forward looking financial support to founders, entrepreneurs and CFO’s of Small and Medium sized companies. Typically I’m the special projects guy, commercial troubleshooting, systems help, M&A or cashflow & turnarounds. I’ve implemented several hundred finance systems. Implementations are not a core skill set for the average finance team, so it’s easy for a project to go off track. Clear simple guidance before, during and after an implementation can make the world of difference.
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Aout Kybos
Kybos is a dedicated UK Jedox gold partner. We build planning and analysis solutions that deliver value fast using accountancy qualified consultants. Whether you want a fully customised application or to build upon an existing solution, Kybos consultants are here to help.