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Learn the answers to the most frequently asked questions about FP&A
What does the acronym FP&A mean?
FP&A stands for "Financial Planning and Analysis". FP&A is a field related to financial planning and analysis of financial data in order to ensure compliance of the company's activities with strategic goals and optimization of financial results. FP&A deals with budgeting, forecasting, financial reporting, and financial and business analysis, as well as supporting the board's and managers' decision-making processes.
What technologies are used in FP&A?
FP&A uses various tools and technologies, such as spreadsheets, data analysis software, data visualization, and artificial intelligence. The most advanced systems are CPM class systems, i.e. in the area of company performance management.
What are Corporate Performance Management systems?
Corporate Performance Management (CPM) systems are integrated software that helps companies plan, budget, forecast, report, analyze and manage their performance to achieve strategic business goals. CPM ensures data consistency and transparency and allows you to make better decisions based on facts.
What is the difference between CPM systems and ERP systems?
Corporate Performance Management (CPM) systems and Enterprise Resource Planning (ERP) systems are two different types of business software.
Corporate Performance Management (CPM) systems and Enterprise Resource Planning (ERP) systems are two different types of business software.
CPM systems focus on enterprise performance management, including planning, budgeting, forecasting, analyzing, and reporting business results, as well as monitoring indicators of key business processes. CPM systems allow companies to better manage performance and achieve strategic business goals.
ERP systems, on the other hand, are designed to integrate various business processes into one system. These include financial management, customer relationship management, supply chain management, manufacturing management, human resource management, and many other functions.
What is financial analysis and how it improves the processes related to its digitization?
Financial analysis is the process of evaluating a company's financial health based on financial data such as balance sheets, income statements, and cash flows. The purpose of financial analysis is to evaluate a company's financial situation, identify strengths and weaknesses, and make business decisions based on this information.
Digitizing the processes related to financial analysis can speed up and facilitate this process so that financial analysis can become more accurate and effective.
What does the FPM and EPM mean and how do they differ from CPM systems?
FPM stands for Financial Performance Management and EPM stands for Enterprise Performance Management. Both terms refer to similar concepts to CPM, however, there are some subtle differences between the two.
Financial Performance Management (FPM) is an approach to performance management that focuses primarily on the financial aspects of a company. FPM includes processes such as budgeting, planning, financial reporting, data consolidation, financial analysis, and cost control.
Enterprise Performance Management (EPM) is a more general approach to performance management that covers both financial and intangible aspects such as human resource management, customer relations, manufacturing processes, marketing, sales, and more. EPM also includes risk management and business strategy.
In general, the difference between CPM, FPM, and EPM is that CPM is a more general term that covers both financial and intangible aspects whereas FPM focuses only on financial aspects and EPM covers the whole organization including strategic management.
How long does it take to implement CPM systems in a company?
The time to implement CPM (Corporate Performance Management) systems in a company can vary significantly and depends on many factors, such as the size and complexity of the organization, the amount of data to be transferred, the type of modules to be implemented, the availability of human and financial resources and the degree of adaptation to company needs.
The implementation of a comprehensive CPM system usually takes from several months to about a year, but it can also take longer in the case of very large and complex companies or when special functionalities are required that must be tailored to individual needs.
What role does management accounting play in managing the performance of a company?
Management accounting plays a key role in managing a company's performance. It allows you to monitor and analyze financial data from a management perspective and thus helps you make data-driven business decisions. Below are some ways in which management accounting can affect business performance:
Budget planning and control - management accounting allows you to effectively plan and control the company's expenses and income, which allows you to optimize the budget and achieve the intended financial goals.
Cost analysis - management accounting allows you to analyze the costs of the company's operations in various areas, which allows you to identify areas where you can save and optimize expenses.
Profitability analysis - management accounting allows you to analyze the profitability of various areas of the company's activity, which helps in identifying the most profitable areas of activity and optimizing their use.
Risk control - management accounting allows you to identify and control business risk, which helps in minimizing financial risk and achieve better financial results.
Performance analysis - management accounting allows you to analyze the performance of company processes and activities, which allows you to identify areas where you can improve performance and achieve better financial results.
What areas in the company can be supported by CPM systems?
CPM (Corporate Performance Management) systems can support many areas in the company, including:
Strategic planning - enabling the development and monitoring of strategic plans, defining business goals and monitoring their implementation.
Budgeting and forecasting - enabling planning and controlling expenses as well as forecasting financial results based on business scenarios.
Risk management - enabling identification, assessment, and management of business risk.
Cost management - allowing you to control and monitor the company's operating costs and optimize expenses.
Revenue management - allowing you to control and monitor your company's revenue and optimize your revenue.
Process management - enabling the monitoring and improvement of business processes in order to improve the efficiency and effectiveness of operations.
Human resources management - enabling planning and monitoring of processes related to employees, such as recruitment, training, remuneration, and employee evaluations.
Project management - allowing you to plan, control and monitor business projects to ensure their timely and effective execution.
