Best-run companies take advantage of financial planning and analysis
The best-performing companies tightly integrate various components of financial planning and analysis, focusing on some key metrics to drive their financial results, according to a new report.
The report, released this month by the Institute of Management Accountants and Workiva (NYSE:WK), describes 12 key FP&A principles or best practices for companies, based on a survey of 734 financial executives and managers.
“We surveyed over 700 financial executives from all over the world, so it was a fairly global response,” said IMA director of research Kip Krumwiede, who co-authored the report. “Of those 700, we divided them into four groups based on their performance. There was the best performing, there was the worst performing, and then two in the middle. We compared the best performing firms with the worst performing firms and found some stark contrasts in the various FP&A practices that we’re discussing in this report, which are what we call best practices.”
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