When developing comprehensive, adaptable accounting processes, simply reviewing historical data at the end of each month is insufficient. It doesn’t allow space for an organization to adjust or improve their accounting processes as needed to increase accuracy and efficiency.
Financial planning and analysis (FPA) advisory services are a key component of business intelligence based on data analytics. FPA is one way businesses gain the ability to take a proactive view toward anticipating changes and seasonality. If a company is struggling to meet its goals, a Financial Planning and Analysis (FPA) platform offers the ability to adjust methodologies and maximize improvement potential. As we navigate record-breaking inflation and stand on the precipice of a potential recession, this scenario planning is increasingly important.
At LBMC, our data services are designed to identify trends and patterns that allow for improved business decision making with the goal of increasing operating results. This will empower you to make informed decisions to take your business from reactive to proactive to predictive.
Keep reading to learn more about how our FPA platform can deliver measurable value to your organization.
At LBMC, we provide financial planning and analysis services that help your business get the most from its accounting processes. Contact us to learn more about how we can go further together.
Financial Planning and Analysis Platform at a Glance
Our financial planning and analysis platform is a standardized turnkey product. It is engineered to cohesively manage and integrate information from historical reports and forecasts in a single interface.
The result is optimized data insights that can inform plans and decisions with maximum efficiency.
Do More With Your FPA Data
Streamlined data management not only improves the efficiency but also the effectiveness of how your team leverages data to inform financial decisions. With traditional data analysis, the majority of time and energy is spent on data compilation. There is little room for the thoughtful and thorough analysis required to deliver true insights.
Our FPA platform enables us to do the reverse. The platform compiles and presents accurate and valuable data so our clients can focus on examining and exploring potential outcomes that make a meaningful difference to their business. This drives significant value, affording businesses to take ownership over issues and opportunities that they discover in their financial data.
Financial Planning and Analysis Accounting Team
A successful FPA process involves two key elements:
- Tools to automate the collection and processing of accurate data sets
- Personnel to provide comprehensive analysis and recommendations
Expert Accountants Empowered by Technology
The team at LBMC is diverse and multitalented, with a broad range of skills and specializations. This collaborative environment ensures every client gets access to team members with significant domain expertise in their niche.
When it comes to an FPA accounting team, there are two key professionals who are essential to a successful strategy:
- Accountants: These professionals are responsible for impartial and precise tracking of data throughout the month. They ensure all data is accurate, valuable, and available.
- Financial analysts: These professionals are trend-savvy and recommend data-backed strategies to help clients reach their goals.
An FPA Platform for Small and Medium-Sized Enterprises
A common concern among small and medium-sized enterprises looking to adopt an FPA platform is the relevance and quality of their data. Some also have questions regarding their responsibilities when it comes to the tasks associated with managing that data.
We understand that each client’s needs are unique. Our client service approach is based on the pillars of communication and listening. We meet our clients where they are, explain concepts in language they can understand, and invest in building relationships.
The FPA platform is designed to be user-friendly and to benefit businesses of all sizes. It’s easy to get started, and the platform seamlessly integrates into your company’s existing accounting processes.
Integrity is important to us at LBMC, and our team members only recommend a consulting service package or analytics tool when we’re fully confident it would benefit a client’s business. If you have questions about compatibility, reach out to us.
The Power of FPA Platforms: A Case Study
The key to understanding the financial well-being of a company is data. This knowledge can unlock solutions to almost any problem a team has been struggling with.
For example, I worked with a $20 million healthcare company which approached me because it had middling results. They were failing to effectively collect receivables and, instead, were continuously writing them off. This contributed to serious liquidity and profitability issues that threatened their business.
The organization thought they needed a new system, but when we implemented a custom set of FPA tools to help them see their data, the real problem became evident. Having accurate visibility into their raw financial data for the first time enabled them to identify and resolve their challenges.
Within a year, this team went from having 150 days plus of receivables outstanding to 35 days in outstanding receivables. This improved profitability and insurance compliance, leading to fewer write-offs and ultimately resolving many of their financial challenges.
This transformed decision making. The adoption of FPA tools significantly improved visibility into financial data, helping the leaders of the business make more informed decisions with higher degree of confidence.
All told, the business went from losing over one million dollars annually to making one million dollars annually. The company was later sold to a private equity firm––in large part owing to the fact that their FPA platform enabled them to more effectively leverage data to gain visibility into their issues and address problems at the root cause.
Financial Planning and Analysis with LBMC
Data, when sourced and used correctly, can highlight trends and insights that will likely surprise you. There could be a black box in your organization that’s causing significant financial bottlenecks. Without visibility into that process, it’s extremely challenging for companies to resolve their issues. That’s why it makes sense to implement a technology-supported strategy such as LBMC’s FPA platform.
Our financial planning and analysis platform can offer end-to-end visibility that leads to high-quality data and a comprehensive understanding of the financial well-being of your company. The result? Significant improvements to business results.
At LBMC, we walk beside you. Choosing us means choosing CPAs who truly care about your success. We are driven by our values. We are responsive to our clients’ needs by listening and developing relationships with them.
Our team is made up of accountants who are empowered by years of expertise and innovative technological tools. Contact us to learn more about how we can go further together.