I qualified as an ACA back in 2002 and have regularly been that guy ever since.
You know the one, newly arrived Accountant / FP&A / FC / Finance Manager / FD.
First few days in the job and boom – the problems i’ve inherited become painfully clear.
No or little handover (here’s where its filed, good luck, bye), an Excel model for Consolidation / Management reporting / Regulatory reporting / Board pack / Investment valuation / New service proposition evaluation / Pricing etc..
It was a jumble sale of functions, formats, sources, hard-coded adjustments, assumptions and dates.
Here come a few days of head scratching and ‘bleeding’ eyes as I try to pick my way through the labyrinth, using what bread crumb trail remained.
Inherit or start over? In my experience, half and half.
This was how it used to be…
Then I met the founders of F1F9, who also happened to have a big hand in developing the FAST Standard. They were looking for someone to lead the Enterprise Reporting & Analysis practice and I had been recommended to them.
After years of pain and anguish – suddenly I had found a new way (why couldn’t I have found this sooner?)
Within 5 minutes I got it. A best practice standard in financial modelling.
Genius! Learn the standard, master the techniques and methodology, build spreadsheets that spread a sense of calm with their transparency, flexibility and simplicity. Models built for collaboration.
A few days of FAST and even reviewing the models is easy. It’s a game changer and in the last few weeks the ICAEW have recognised FAST as the only standard to currently comply with their guidance.
My journey along the path to enlightenment started with the free 31 day course – take a look and see if it can help you.