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In this episode, Paul Barnhurst, host of Financial Modeler’s Corner, is joined by Carl Seidman, an experienced financial consultant and financial modeling expert. Together, they explore the intricacies of financial modeling, discuss the art and strategy of dynamic cash flow modeling, and touch on the unique challenges and lessons Carl has gathered from his years in turnaround consulting. They also discuss the broader skills and mindset shifts required for modelers who aim to excel in the complex field of financial analysis and corporate finance.
Carl Seidman is the founder of Seidman Financial and a recognized expert in financial planning, forecasting, and modeling. With experience in turnaround consulting and as a fractional CFO, Carl has worked extensively with underperforming companies and complex restructuring cases. He brings an in-depth understanding of the strategic nuances in financial modeling and cash flow management, which he shares in this episode.
Key takeaways from this week's episode include:
The importance of long-term, flexible thinking in financial modeling and planning.Carl’s top lesson learned from a modeling “horror story” and how it shaped his approach to dynamic modeling.How dynamic arrays are transforming cash flow modeling and how to implement them.Why operational knowledge is crucial for effective financial modeling in turnaround situations.The value of networking and formal certifications in restructuring and financial advisory roles.Here are a few quotes from Carl Seidman:
"Financial modeling in complex situations is about facilitating discussions, not just presenting numbers." "A good model tells you the ‘what,’ but the analysis and conversations that follow tell you the ‘so what’ and ‘now what.’""It's important to know when to push the boundaries of what a model can do and when to keep things simple."In this insightful episode, Carl Seidman leaves listeners with practical advice and a fresh perspective on financial modeling’s role in modern business. He highlights the value of flexibility, clear communication, and a long-term mindset, particularly in the complex terrain of turnaround consulting.
Follow Carl:
Website - https://seidmanfinancial.com/LinkedIn - http://linkedin.com/in/carlseidmanFollow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation
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In this episode of Financial Modelers Corner, host Paul Barnhurst (aka The FP&A Guy) is joined by guest Mark Proctor. Together, they delve into the intricacies of financial modeling and data analysis, with a focus on building efficient models and leveraging automation in Excel. Mark shares his deep expertise on why structure is key, how to automate tedious tasks, and how Excel continues to evolve to meet the demands of modern financial professionals.
Mark Proctor is a seasoned financial professional with a background in accounting and finance, an Excel MVP, and the founder of Excel Off the Grid, a platform dedicated to improving efficiency and effectiveness in Excel. With decades of experience, Mark's insights are invaluable for anyone looking to optimize their use of Excel for financial modeling and beyond. He has helped countless professionals streamline their work through better data structure and automation techniques.
Key takeaways from this week's episode include:
Key differences between financial modeling and data analysisImportance of automation in Excel and how tools like Power Query and Power Pivot can drastically improve efficiency.Why traditional tools like Vlookup aren’t ideal for modern data analysis and what functions you should be using instead.How to approach building models that are flexible and easy to use, even when multiple stakeholders are involved.Practical strategies for reducing manual processes and eliminating the need for repetitive tasks in Excel.Here are a few quotes from Mark Proctor:
"Hard coding is the enemy of a flexible financial model. Once you start hard coding, you lose the ability to see what's really driving the model.""One of the key takeaways from bad models is that manual adjustments should always be documented and trackable.""Automation should be about freeing up your time to focus on high-value tasks, not just about making things faster."As Excel continues to evolve with powerful features like dynamic arrays and advanced automation, the tools discussed in this episode are essential for anyone looking to keep pace with the future of financial modeling. Mark’s emphasis on mastering the basics and thinking structurally will help you work faster and more effectively.
Follow Mark:
Website - https://exceloffthegrid.com/LinkedIn - https://www.linkedin.com/in/markstephenproctor/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this episode of Financial Modeler’s Corner, host Paul Barnhurst dives into the evolution of financial modeling with guest Chase Wright. The discussion focuses on modern financial modeling tools and workflows, particularly a new spreadsheet tool called Equals, and how it compares to Excel and Google Sheets. Wright shares his journey from a finance background to working at startups, where he developed innovative methods to streamline financial operations using cutting-edge tools.
Chase Wright is a seasoned finance executive with a decade of experience across startups and tech companies like GitLab, Instabug, and Red Hat. Currently the Head of Finance and Data at Uniqode, Chase has a unique blend of corporate finance, data science, and business management expertise. He’s also an advisor to Cacheflow and a limited partner at FOG Ventures. With an engineering background and deep experience in finance, Chase brings a fresh perspective on the challenges and innovations in financial modeling.
Key takeaways from this week's episode include:
How Chase Wright’s career journey led him to innovate in financial modelingThe role of modern spreadsheet tools like Equals in finance and data teamsHow to use tools like Equals to automate reporting and financial analysisThe importance of balancing curiosity and necessity when developing career skillsThe pros and cons of traditional modeling tools like Excel and Google Sheets versus newer alternativesHere are a few quotes from Chase Wright:
“Equals is a modern spreadsheet for data and finance teams, connecting directly to your data sources.” - Chase Wright“Financial models are incredibly helpful, but at the end of the day, it's the intuition behind the model that really matters.” - Chase Wright“Slack integration in Equals makes communicating insights across the company incredibly simple.” - Chase Wright“AI in Equals acts as a copilot, making things like summing columns or adding borders incredibly intuitive.” - Chase WrightIn this episode, Chase Wright shares his journey from struggling with complex models in Excel to embracing the automation and connectivity that Equals offers highlights the growing need for more intuitive and efficient financial tools. He emphasizes that the right tools, combined with critical thinking, can not only improve workflows but also provide deeper insights that drive business success.
Follow Chase:
Website - https://www.uniqode.com/LinkedIn - https://www.linkedin.com/in/chasewright/Blog - https://medium.com/uniqode-secret-sauce/an-operators-guide-for-managing-your-saas-startup-s-cash-flow-c1dbfc3a1e71Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this innovative episode, Paul Barnhurst experiments with Google’s AI tool, Notebook LM, and transforms previous guest interviews into an AI-generated episode. He explores the insights and best practices in financial modeling, as shared by veterans Scott Rostan, founder of Training the Street, and Ian Bennett, a PwC Australia leader with extensive experience in managing large modeling teams.
By leveraging AI, this episode explores how technology can recreate meaningful conversations with industry leaders, providing an interactive look at best practices, common pitfalls, and the evolving landscape of financial modeling. Paul explores advanced technical skills and the human elements that are essential to successful financial modeling.
Key takeaways from this week's episode include:
Four essential key pillars for excelling in financial modelingStrategies for maintaining simplicity and auditability in financial modelsEmerging tools in Excel and functionality of traditional financial modelingHow financial modeling expertise goes beyond technical skills Insights on the potential future of financial modeling with AI advancementsQuotes from the Episode:
"Even in the world of complex finance, sometimes the simplest approach is the best approach." - Scott Rostan"It’s about seeing the big picture, understanding your client’s needs and using your modeling skills to craft a solution, not just a spreadsheet." - Ian Bennett"AI will get really good at those technical tasks, cleaning up data, maybe running some basic forecasts, but that just frees us humans up to focus on the stuff that requires creativity, critical thinking, and emotional intelligence." - AIIn this special AI-driven episode, Paul Barnhurst invites listeners to consider how the field of financial modeling is both grounded in foundational skills and evolving with new technologies. It’s about connecting with clients, asking the right questions, and using your skills to drive better business decisions.
Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.
Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.
In today’s episode:
[01:17] Introduction to the episode
[03:57] Lessons from modeling mistakes
[06:29] Four key pillars of financial modeling
[08:51] Managing large-scale...
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In this episode of Financial Modelers Corner, host Paul Barnhurst dives deep into the world of Quality of Earnings (QofE) with expert guest Patrick McMillan, a seasoned CFO and transaction advisor. The conversation explores the intricacies of QofE, its importance in financial transactions, and the role it plays in assessing a company's financial health during mergers and acquisitions. Patrick shares real-world examples and insights into how financial professionals can use QofE to make informed decisions.
Patrick McMillan is a fractional CFO and transaction advisor at Amplēo, a Utah-based firm specializing in providing executive support to growing companies. With over two decades of experience in guiding businesses through periods of growth and M&A transactions, Patrick is known for his expertise in Quality of Earnings analysis. He brings a dynamic and passionate approach to finance, blending technical skill with strong storytelling abilities to help businesses navigate complex financial landscapes.
Key takeaways from this week's episode include:
The role of Quality of Earnings (QofE) in mergers and acquisitions, and how it differs from an audit.How to differentiate between non-recurring and operating items when analyzing financial statements.The importance of normalizing earnings for better understanding of a company’s performance.Why soft skills like communication and storytelling are crucial in financial analysis.Insights into how personal finance modeling can improve your financial modeling skills.Here are a few quotes from Patrick McMillan:
"Quality of earnings isn't just an audit; it shows you how and why a company is performing in a certain way." - Patrick McMillan"Understanding non-operating and non-recurring items is crucial to a quality of earnings report." - Patrick McMillan"Patience is the most important lesson I’ve learned in my career, especially in communication." - Patrick McMillan"Modeling your own personal finances is a great way to practice financial modeling skills." - Patrick McMillanWith actionable advice on financial modeling, transaction strategies, and lessons learned from his personal experiences, Patrick’s insights will resonate with professionals looking to sharpen their financial skills and improve decision-making in dynamic business environments.
Follow Patrick:
Website - https://ampleo.com/contact/LinkedIn - https://www.linkedin.com/in/patrickmcmillan/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this episode of Financial Modelers Corner, host Paul Barnhurst welcomes Ruby Liu, Director at KPMG Australia’s Valuation Team, to dive into intricacies of financial modeling. Having led KPMG Australia’s Sydney modeling team and worked as the head of corporate finance in the energy sector, Ruby’s vast experience spans from transactional modeling for infrastructure assets to advising clients on valuation and capital raising. Ruby Liu brings over 16 years of professional expertise in corporate finance, financial modeling, and valuations.
This episode offers practical insights on managing complex financial models, optimizing processes, and the challenges of transitioning models from transactional to operational use. Ruby’s guidance provides a valuable learning opportunity on how to build efficient and user-friendly financial models. Her deep knowledge and hands-on experience make her a key voice in the field of financial modeling.
Key takeaways from this week's episode include:
The key differences between transactional and operational models and how to adapt them for long-term use.Why keeping the model user in mind is crucial for building effective financial models.Ruby’s top strategies for creating models that are simple, visually appealing, and efficient in calculation speed.Insights into the challenges of working with large, complex models and how to manage issues.How Ruby’s experiences at KPMG shaped her understanding of the financial modeling landscape.Here are a few quotes from Ruby Liu:
"The most efficient model isn’t the one with the most complex formulas, but the one that’s easy to understand and use." - Ruby Liu"In financial modeling, the goal is to fit the user’s purpose, not dazzle them with complexity." - Ruby Liu"I think AI can help build models, but we’ll still need human oversight to interpret the results." - Ruby LiuIn this insightful episode, Ruby Liu offers a masterclass in financial modeling. From her candid reflections on the pitfalls of overly complex models to the importance of keeping the end user in mind, Ruby’s practical advice is invaluable for both novice and seasoned modelers alike.
Follow Ruby Liu:
LinkedIn - https://www.linkedin.com/in/liurubyFollow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.
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In this special solo episode, host Paul Barnhurst, also known as "The FP&A Guy," reflects on key insights gathered from past episodes of Financial Modeler’s Corner. With over 40 episodes under his belt, Paul dives into recurring rapid-fire questions posed to expert financial modelers worldwide. From circular references to VBA use and Excel's future, this episode offers valuable wisdom on the art and science of financial modeling.
Paul Barnhurst, an accomplished financial modeling professional and host of the podcast, takes center stage. Paul is the founder of “The FP&A Guy” and has earned the prestigious Advanced Financial Modeler (AFM) certification from the Financial Modeling Institute (FMI). His wealth of experience and insights makes this solo episode both engaging and informative.
Key takeaways from this week's episode include:
The most common preferences of expert financial modelers on key technical decisions.Why dynamic arrays and other Excel functions are becoming increasingly important, and the pace of their adoption.Insights into how artificial intelligence (AI) could impact financial modeling and whether it will replace human modelers.The importance of good design principles in financial models, as shared by leading financial modeling experts.Fun and practical Excel shortcuts used by seasoned modelers to boost efficiency and accuracy.Here are a few quotes from Paul in this episode:
"Circular references are dangerous because most people don’t really understand what’s going on, and it can lead to other errors in your model." - Paul Barnhurst"If at all possible, don’t use VBA in your model. The less you use it, the simpler the model is." - Paul Barnhurst"I’m of the belief that AI will build models for us. It’s a question of when, not if." - Paul BarnhurstIn this special solo episode, Paul Barnhurst takes a moment to reflect on the lessons learned from over 40 episodes of Financial Modeler’s Corner. He shares key takeaways from the rapid-fire questions posed to some of the top financial modelers in the world, offering a wealth of advice on best practices, common pitfalls, and emerging trends in financial modeling. As always, he invites listeners to reach out with feedback, questions, and guest suggestions, reinforcing the show's commitment to fostering a global community of financial modeling enthusiasts.
Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’....
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In this episode of Financial Modelers Corner, host Paul Barnhurst welcomes Paul Medici, founder and CEO of Medici Financial Modeling. They dive into the art and science of financial modeling, sharing horror stories, insights, and practical tips on how to avoid common pitfalls. The discussion revolves around the importance of simplicity and structure, and how mastering the fundamentals can save time and deliver better results.
Today’s guest is Paul Medici, the Founder and CEO of Medici Financial Modeling. With over a decade of experience, Paul specializes in building bespoke financial models and custom data automation tools for corporate clients across the US, Canada, and Europe. His expertise spans a wide range of industries, including financial services, healthcare, manufacturing, mining, real estate, retail, technology, and even charitable organizations. He holds an MBA from the University of Toronto and a Master’s in Geological Science and Engineering from Queen’s University.
Key takeaways from this week's episode include:
The most common mistakes in bad financial models and how to avoid them.How a background in geology led Paul Medici to a career in financial modeling.The importance of understanding revenue and cost build-ups in different industries.Why practicing financial modeling on personal projects can enhance your skills.Key shortcuts and techniques to speed up your Excel modeling process.Here are a few quotes from Paul Medici:
"All bad models have one thing in common: they're not user-friendly, difficult to update, and time-consuming." - Paul Medici"Most corporate models start simple but turn into 'Frankenstein' models over time as people add complexity." - Paul Medici"If you're thinking about financial modeling, practice by building models for everyday tasks like personal budgets." - Paul Medici"The key to mastering financial modeling is understanding how the financial statements and supporting schedules link together." - Paul MediciFrom his early career in geology to teaching advanced Excel at top investment banks, Paul brings a wealth of knowledge to the conversation. He emphasizes the importance of building user-friendly models, practicing regularly, and finding the right balance between complexity and functionality.
Follow Paul Medici:
Website - https://medicifinancialmodeling.com/LinkedIn - https://www.linkedin.com/in/paulmedici/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this episode of the "Financial Modelers Corner," host Paul Barnhurst welcomes Gilbert Hangartner, a financial modeler with a background in science. The discussion delves into the intricacies of financial modeling, the importance of simplicity in model construction, and the application of Monte Carlo simulations to understand risk. Gilbert shares his insights on how to approach financial modeling by asking the right questions rather than having complex formulas.
Gilbert Hangartner is a seasoned financial modeler who transitioned from a career in science, specializing in chemistry and physics, to financial modeling and risk analysis. His scientific training gives him a unique perspective on financial modeling, treating it as both a creative process and a technical discipline. Gilbert emphasizes the importance of simplicity and clarity in building effective models and is an advocate for using models as tools for communication and strategic decision-making.
Key takeaways from this week's episode include:
Understanding the importance of simplicity in modeling The debate on whether financial modeling is more of an art or a scienceSimplifying a problem and understanding the question before diving into model building.Introduction to Monte Carlo simulations for risk managementA discussion on the limitations of Excel and future of financial modelingHere are a few quotes from Gilbert Hangartner:
"A good model is not about complexity; it's about clarity and answering the right question." - Gilbert Hangartner"For me, modeling is a creative act, much like writing a song or painting a picture." - Gilbert Hangartner"Multi-dimensional modeling is key; real-world problems are never just two-dimensional." - Gilbert Hangartner"The future of financial modeling lies beyond Excel; it’s time for more advanced, structured tools." - Gilbert HangartnerIn this episode, Gilbert Hangartner offers a fresh perspective on the world of financial modeling and challenges the conventional wisdom that financial models must be complex to be effective. Whether you're a seasoned modeler or just starting out, Gilbert's insights on Monte Carlo simulations provide valuable guidance on how to enhance your modeling skills and approach.
Follow Gilbert:
LinkedIn - https://www.linkedin.com/in/gilbert-hangartner-71754047/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the
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In this episode of Financial Modelers Corner, host Paul Barnhurst is joined by Giles Male, who brings his unique perspective on the rapidly changing landscape of financial modeling. Together, they explore how the latest advancements in Excel—such as dynamic arrays and Lambda functions—are revolutionizing the way financial models are built and used. Giles also provides invaluable advice on the importance of simplicity, adaptability, and effective communication in modeling.
Giles Male is a CMA-qualified accountant and a seasoned financial modeler with extensive experience in bid analysis and complex financial modeling. As a co-founder of Full Stack Modeler, Giles is passionate about training and mentoring the next generation of financial modelers. He holds the prestigious Master Financial Modeler (MFM) accreditation from the Financial Modeling Institute, making him one of only seven individuals worldwide to have achieved this honor. Giles brings a wealth of knowledge on modern Excel and its application in financial modeling.
Key takeaways from this week's episode include:
The importance of embracing modern Excel techniques, including dynamic arrays and Lambda functions.Insights into the changing landscape of financial modeling and why simplicity is often more effective than complexity.The challenges and rewards of transitioning from traditional modeling methods to modern approaches.How Giles's experiences in ultra-marathon running have influenced his approach to problem-solving and pushing beyond perceived limits in both personal and professional contexts.Practical advice on maintaining model integrity, including the use of structured standards like FAST or SMART while adapting to specific project needs.Here are a few quotes from Giles Male:
"Simplicity is the biggest lesson I’ve learned in my career. Complex models might seem impressive, but they’re often impractical." - Giles Male"A good financial model should be as complex as it needs to be, but as simple as possible." - Giles Male"There’s a visibility fog when reviewing your own models. Stepping away and coming back later is essential." - Giles MaleIn this episode, Giles Male offers a wealth of insights into the evolving world of financial modeling. He emphasizes the importance of simplicity, the transformative power of modern Excel, and the critical need for clear communication in model design. As the industry continues to evolve, Giles’s focus on adaptability, continuous learning, and user-centric design serves as a guide for both seasoned professionals and newcomers alike.
Follow Giles:
Website - https://www.fullstackmodeller.com/LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this episode of Financial Modelers Corner, Paul Barnhurst dives into the intricacies of financial modeling, focusing on cash flow forecasting and continuous planning with FP&A expert Randy Brown. Randy shares his unique journey from music school to becoming a financial consultant and emphasizes the importance of practical financial strategies, especially in volatile markets.
Randy Brown is a seasoned financial consultant with a rich background in FP&A, corporate finance, and financial modeling. After initially pursuing a career in music, Randy transitioned into finance, where he has built a successful career, particularly in cash flow management and continuous planning. His approach blends technical financial skills with real-world business acumen, making him a sought-after consultant in the industry.
Key takeaways from this week's episode include:
The critical importance of cash flow forecasting for business stability.Practical steps to build a 13-week cash flow forecast.Why continuous planning is more effective than traditional annual budgeting.Common pitfalls in financial modeling, including the dangers of circular references and external workbook links.Randy’s insights on managing finances for small to medium-sized businesses, especially in distressed situations.Here are a few quotes from Randy Brown:
"The minute you create a budget, it’s meaningless. The business environment changes too fast for a static plan." - Randy Brown"For cash flow forecasting, it’s all about identifying your sources and uses of cash and laying them out on a calendar." - Randy Brown"The flexibility of working from home and being my own boss was the number one driver for becoming an independent consultant." - Randy Brown"Learn relational data structures; understanding how data relates will improve every analytical task you do." - Randy BrownIn this insightful episode, Randy Brown shared his wealth of knowledge on financial modeling, continuous planning, and the critical importance of cash flow forecasting. His emphasis on the importance of relationships, the simplicity of effective cash forecasting, and the pitfalls of traditional budgeting methods offers a fresh perspective for financial professionals striving to improve their modeling practices.
Follow Randy:
Website - https://www.instagram.com/randy_brown/LinkedIn - https://www.linkedin.com/in/randyjbrown/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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In this episode of Financial Modelers Corner, host Paul Barnhurst delves into the intricacies of financial modeling in the e-commerce industry with guest Drew Fallon, a seasoned e-commerce entrepreneur and co-founder of Iris, a cutting-edge FP&A tool for e-commerce businesses. The discussion offers valuable insights into the unique challenges of financial modeling in a rapidly evolving digital landscape, particularly in direct-to-consumer (DTC) businesses.
Drew Fallon is an experienced entrepreneur in the e-commerce and CPG sectors. He began his career in equity research, working on high-profile IPOs like Airbnb and Corsair. Drew later co-founded and served as CFO for Mad Rabbit, an e-commerce brand that achieved significant growth under his leadership. Currently, he is the co-founder and CEO of Iris, a financial modeling platform that integrates AI to help e-commerce businesses automate their financial forecasting and analysis.
Key takeaways from this week's episode include:
The key components of effective financial modeling for e-commerce businesses.How cohort forecasting and customer retention play crucial roles in revenue prediction.The importance of understanding fulfillment costs and their impact on gross margins.Why many e-commerce brands fail due to poor financial modeling and how tools like Iris can help.Insights into Drew's journey from equity research to building successful startups in the e-commerce space.Here are a few quotes from Drew Fallon:
"The number one thing to focus on with these e-comm businesses is the returning revenue number. If you mess up the forecast for your returning customer, it's the easiest way to mess up the gross profit forecast." - Drew Fallon"E-commerce is a tough business on working capital. It can be really challenging if you don't model out your cash flow accurately." - Drew Fallon"If you get the gross profit wrong, then you get the CAC wrong. And then all of a sudden you're losing money, and you die." - Drew FallonIn this insightful episode, Drew Fallon emphasizes the critical importance of precise financial modeling in the e-commerce sector, particularly in managing customer retention, fulfillment costs, and the dynamics of working capital. His experience in scaling e-commerce brands and developing Iris underscores the need for specialized tools and methodologies to navigate the complexities of this industry. Whether you're an entrepreneur, financial modeler, or simply interested in the intersection of finance and technology, this episode offers valuable lessons on how to build sustainable, profitable e-commerce businesses.
Follow Drew:
Website - https://www.irisfinance.co/LinkedIn - https://www.linkedin.com/in/drew-f-74947b117/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
In this episode, Paul Barnhurst delves into the intricate world of data integration, especially within financial modeling and FP&A. The discussion revolves around the practical challenges and solutions for accessing and automating data flows, a topic crucial for finance professionals who often grapple with multiple data sources and complex modeling tasks. The episode offers insights into the evolving landscape of data management tools and how they can streamline processes for businesses.
Adam Rakich, a seasoned expert in the world of FP&A tools and data integration, joins the show. With a diverse background spanning social media marketing software, FP&A consultancy, and leadership roles at companies like Workday and OneStream, Adam now focuses on making data integration more accessible through his work at Data Blend. His deep understanding of the challenges accountants and financial modelers face with data management makes him a valuable resource for listeners looking to optimize their processes.
Key takeaways from this week's episode include:
The common pitfalls and solutions in financial modeling and data integration.When and why businesses should transition from spreadsheets to specialized planning tools.Practical strategies for automating data workflows, even when dealing with outdated or diverse systems.The importance of understanding APIs, SQL, and other technical aspects of data integration.How to build a business case for investing in data integration solutions.Follow Adam:
LinkedIn - https://www.linkedin.com/in/rakich/Click the link below to claim your free book (For a limited time only): The Business User’s Guide to Data Integrationhttps://www.amazon.com/Business-Users-Guide-Data-Integration-ebook/dp/B0CMBMDCJ2/https://www.amazon.co.uk/dp/B0CMBMDCJ2/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’....
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
In this episode of Financial Modelers Corner, host Paul Barnhurst sits down with David Benaim, an Excel MVP and data consultant based in Cambodia. They delve into a comparative analysis of two of the most popular spreadsheet tools—Excel and Google Sheets. The discussion covers the strengths and weaknesses of each platform, providing listeners with insights into when and how to use these tools effectively in their financial modeling and data analysis work.
David Benaim is a chartered accountant and Excel MVP who has made a name for himself as an expert in both Excel and Google Sheets. Originally from the UK, David now runs a data consulting firm in Cambodia, where he specializes in Excel training and data solutions. With a deep passion for spreadsheets, David is uniquely positioned to discuss the nuances of both platforms, making this episode a must-listen for anyone looking to optimize their use of Excel or Google Sheets.
Key takeaways from this week's episode include:
Key differences between Excel and Google Sheets, including tables, functions and data entry features.The strengths of Google Sheets in collaborative environments and its data validation capabilities.How to decide whether to use Excel or Google Sheets for different types of projects.Insights into the new table features in Google Sheets and how they compare to Excel’s tables.David’s tips on getting started with Google Sheets for those accustomed to Excel.Follow David:
Website - https://www.xlconsulting-asia.com/LinkedIn - https://www.linkedin.com/in/davebenaim/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.
Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.
In today’s episode:
[01:21] - Introduction to the episode and guest David Benaim.
[03:52] - David shares his unique global background and career journey from Deloitte to founding his own firm in...
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
In this episode of the Financial Modelers Corner, host Paul Barnhurst delves into the intricate world of financial modeling with returning guest Christopher Reilly. The conversation centers around what is necessary to build robust financial models, highlighting the importance of three-statement models and cash flow forecasting. The episode is filled with practical insights, advanced techniques, and professional experiences that underscore the significance of simplicity, accuracy, and best practices in financial modeling.
Christopher Reilly is a seasoned financial modeler with extensive experience in consulting, private equity, and financial modeling education. Starting his career during the financial crisis, Christopher worked on high-profile bankruptcies such as Lehman Brothers and Rescap. His journey took him from a senior analyst role at Hilton Worldwide to middle-market private equity, and eventually to founding his own financial modeling education business. Today, he focuses on teaching and building financial models, with his work being featured by Wharton Online, Wall Street Prep, and LinkedIn Learning among others.
Key takeaways from this week's episode include:
The importance of simplicity in financial models and how over-complicating can hinder their effectiveness.Practical steps and considerations for building robust three-statement financial models.Tips for auditing models to ensure accuracy and integrity.How to use advanced Excel functions and shortcuts to enhance modeling efficiency.Insights into the role of AI in financial modeling and how it may shape the future of the profession.Follow Christopher:
Website - https://www.financialmodelingeducation.com/LinkedIn - https://www.linkedin.com/in/chris-reilly-mission-capital/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=trueNewsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984
Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.
Visit www.fminstitute.com/podcast and use the code “Podcast” to save 15% when you register.
In...
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
In this episode, Paul Barnhurst sits down with Ken Puls, a renowned expert in financial modeling and Excel. The discussion delves into the intricacies of financial modeling, the evolution of tools like Power Query and PowerPivot, and how they are revolutionizing data management and reporting. Ken shares insights from his extensive experience and offers practical advice for both novice and seasoned financial modelers.
Ken Puls is a Chartered Professional Accountant (CPA) and a Microsoft Excel MVP. He is the founder of Excel Guru, a platform dedicated to Excel-based solutions, and the co-founder of Skill Wave Training, which offers comprehensive courses on Power Query, PowerPivot, and Power BI. With a career that bridges both finance and IT, Ken has become a leading voice in the world of financial modeling and data analysis.
Key takeaways from this week's episode include:
Ken's personal journey and how he became a leading figure in Excel and financial modeling.The importance of simplifying data entry and reducing errors through automation.Key features and benefits of Power Query and PowerPivot.Practical tips for financial modelers, including the use of VBA and dynamic arrays.Insights into the future of AI in financial modeling and its current limitations.Follow Ken:
Website - http://www.excelguru.ca/LinkedIn - https://www.linkedin.com/in/kenpuls/Level up Your Skill with Ken’s book - https://excelguru.ca/master-your-data/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - https://www.youtube.com/@thefpaguy8376Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984In today’s episode:
[01:15] - Introduction to the show
[01:55] - Welcome to the guest
[02:15] - Horror Stories in Financial Modeling: Ken and Paul share their worst financial modeling experiences.
[04:50] - Lessons Learned: Key takeaways from those early modeling experiences.
[06:02] - Ken’s Background: Detailed overview of Ken’s career and expertise.
[08:24] - Current Projects: Ken discusses his current ventures, including Excel Guru and Skill Wave Training.
[12:14] - Technology in Accounting: How being tech-savvy has benefited Ken in his accounting career.
[16:04] - Discovery of Power...
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
Lyndsey Weber, a seasoned expert in financial and supply chain modeling join us this week for a lively conversatio on both financial and supply chain modeling. She recounts her experience with some of the worst models she has encountered, the lessons learned, and the importance of organization and design in creating effective models.
Lyndsey shares her journey from ExxonMobil to Quantrix, offering a deep dive into the art and science of financial modeling.
Key takeaways from this week's episode include:
Having a well-defined structure and approach is crucial for creating and maintaining effective financial models. Poorly organized models can lead to significant challenges and inefficiencies.
A horror story about inheriting a model filled with bad practices, including hidden reference cells and broken VBA code. The experience teaches her the value of starting over and building a model from scratch with best practices.
The importance of understanding stakeholder needs, both emotional and practical, and designing models that cater to these needs. This approach helps in building models that are not only functional but also user-friendly.
The benefits of using Quantrix over traditional Excel, highlighting features like always-on pivoting, natural language formulas, and role-based access, which enhance efficiency and collaboration.
One of Lyndsey's key pieces of advice is to prototype models on paper before building them. Mapping out inputs, outputs, and key calculations in plain English helps in creating a clear and effective model structure.
Quotes:
Here are a few relevant quotes from the episode on financial analysis and modeling:
"This model that I inherited had, I feel every bad practice in the book, I vividly recall a couple of formulas where they just pointed to what I would call a cell island.”-Lyndsey Weber
“Having a defined structure and approach that can be repeated, I think is essential.”-Lyndsey Weber
In this episode, Lyndsey provides valuable insights into the complexities of financial and supply chain modeling. She sheds light on the best practices and tools that can make a significant difference in model-building. This episode will help you enhance your modeling skills and create more effective and user-friendly models.
Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.
Follow Lyndsey:
LinkedIn - https://www.linkedin.com/in/lyndsey-weber/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
YouTube - https://www.youtube.com/@thefpaguy8376
Follow Financial Modeler's Corner
LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true
Newsletter - Subscribe on LinkedIn- https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984
In today’s episode:
[00:55] - Introduction;
[03:57] - Worst spreadsheet model horror story
[04:43] - Key takeaway: Importance of organization in modeling
[06:57] - Guest Backgrounds
[12:10] - Evolution of modeling roles at ExxonMobil
[14:20] - Differences between supply chain and financial modeling
[20:30] - Overview of Quantrix as a modeling...
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Welcome to a special episode of Financial Modeler’s Corner! Today, we're thrilled to bring you an exciting Podswap from FP&A Tomorrow. Stay tuned for an engaging conversation with Carl Seidman that you won't want to miss. Here are the show notes from our previous episode.
Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.
In today’s episode, Paul engages in a conversation with Carl Seidman to discuss why mastering presentation skills, and understanding the needs of the audience is crucial for excelling in your FP&A career.
Carl is a premier FP&A and Fractional CFO expert, providing financial advisory and leadership development services to top companies including Deloitte, Verizon, and Walmart. Carl is known for his impactful training programs and advisory work that drive success in financial planning and analysis.
Key takeaways from this week's episode include: :
Here is a concise summary of the key points from the discussion:
In FP&A, the ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.
The ability to distill complex information into a concise, impactful message is paramount. It's not about how much you know, but what you can communicate effectively.
FP&A isn't just about numbers, it's about storytelling with data, painting a vivid picture of the financial landscape that guides strategic decisions and drives organizational success
Anticipating potential disruptions or changes in the business environment is a fundamental aspect of FP&A. By identifying risks and developing strategies to mitigate them, FP&A professionals can help the organization stay ahead and adapt effectively.
Quotes:
Here are a few relevant quotes from the episode about FP&A mastery:
"You're not going to go to a nice restaurant and pay a lot of money for a delicious dish, and then have it be delivered in a greasy brown paper bag. Right. So the deliverable matters a whole lot. It can actually significantly dismiss the credibility or value of everything that came up before at that point in time."-Carl Seidman
"I think that Great FP&A looks like a team of people who are equipped, from a technical standpoint, to be able to execute the kinds of requests that are being asked of them."-Carl Seidman
“The demands in business, the increasingly fast-moving environment, competition, the risks of getting some of this planning wrong are pushing the need of FP&A to be a whole lot more proactive, a lot more agile, a lot more well rounded and thinking instead of just being about financial planning and reporting."-Carl Seidman
Follow Carl:
LinkedIn - https://www.linkedin.com/in/carlseidman
Website - https://seidmanfinancial.co
For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions. For AFP FPAC certification answer the questions and contact Paul Barnhurst for further details.
In today’s episode:
[01:25] Carl introduction;
[02:42] Changing FP&A trend over the next five years:
[10:00] Carl’s background:
[12:05] Carl’s passion for presenting and communication
[15:44] Favorite voice Carl can impersonate?
[20:42] Becoming...
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Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
George Mount, Excel MVP and data analytics expert, with an extensive background in finance and data science, shares his insights into the evolution of Excel, the integration of Python, and the importance of data analytics for financial modelers.
Key takeaways from this week's episode include:
Excel's flexibility is both its greatest strength and weakness. While it allows for complex modeling, this same flexibility can lead to chaotic and error-prone spreadsheets if not managed properly.
Today's Excel is vastly different from the Excel of a decade ago. With features like Dynamic Arrays, Power Query, and the integration of Python, Excel has become a powerful tool for modern data analysis and financial modeling.
Python’s capabilities in handling time series analysis, data visualization, and complex computations complement Excel’s functionalities, making it a valuable skill for modelers.
Excel excels in prototyping and wireframing due to its immediate data visibility and user-friendly interface. This makes it ideal for quickly iterating models and understanding data before moving on to more complex tools when necessary.
George shares advice on how to get started learning Python and other analytical tools to take your analysis and modeling to new heights.
A core principle for George is the importance of sharing what you know about Excel and data analytics. He emphasizes building a culture of knowledge sharing to foster growth and efficiency within teams.Quotes:
Here are a few relevant quotes from the episode on financial analysis and modeling:
"Excel’ greatest strength and weakness is its flexibility.”-George Mount
“Excel is not the Excel of ten, 15 years ago. I often like to kind of think of it as modern Excel with Power
"Query, Power Pivot, now Python, Dynamic Arrays, LAMBDA, LET, and other things.”-George Mount
“The first rule of knowing Microsoft Excel is not to tell anyone that you're good at it.”-George Mount
In this enlightening episode, George Mount provides valuable insights into the evolving world of Excel and data analytics. By integrating new tools like Python and embracing the advanced features of modern Excel, financial modelers can significantly enhance their analytical capabilities.
Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit www.fminstitute.com/podcast and use code “Podcast” to save 15% when you register.
Follow George:
LinkedIn - https://www.linkedin.com/in/gjmount/Follow Paul:
Website - https://www.thefpandaguy.com LinkedIn - https://www.linkedin.com/in/thefpandaguy YouTube - -
Welcome to the Financial Modeler's Corner (FMC), where we discuss the Art and Science of Financial Modeling with your host Paul Barnhurst.
Financial Modeler's Corner is sponsored by the Financial Modeling Institute (FMI), the most respected accreditation in Financial Modeling globally.
Raphael Benhamou, an independent consultant and fractional CFO explores the art and science of financial modeling. Raphael shares his experiences, insights, and a few horror stories from his extensive career, highlighting the importance of operational understanding and the advantages of using modern tools like Causal for financial modeling.
Sample Causal Financial models if you want to review how Causal works:
Subscription Model - https://www.benhamouconsulting.com/subscription-saas-revenues
Pipeline Model - https://www.benhamouconsulting.com/pipeline-saas-revenuesKey takeaways from this week's episode include:
Raphael emphasizes the critical need for regular audits of financial models to prevent errors and ensure accuracy. He shares a horror story about a model that wasn't audited for five years, leading to significant financial discrepancies.
While Excel is known for its flexibility, Raphael discusses the trade-offs of using more structured tools like Causal, which can help reduce errors and provide more insightful analysis through its object-oriented approach and natural language variables.
The importance of integrating operational data with financial models to provide actionable insights. He stresses that understanding business operations is crucial for building effective and useful models.
Raphael shares his journey from using traditional Excel spreadsheets to adopting Causal, a modern financial modeling tool. He explains how Causal's dynamic dashboarding, probability distribution modeling, and seamless integration with other systems offer significant advantages over Excel.
The discussion focuses on the potential of AI in financial modeling, Raphael notes that while AI can build models, the real question is whether it should. He also touches on the importance of human judgment and expertise in interpreting and using these models effectively.Quotes:
Here are a few relevant quotes from the episode on financial analysis and modeling:
"My perspective on this is what I was saying earlier about operating connecting to finance. I think to be a good financial modeler, you need to have a good understanding of what what's going on in the business as well, not just at the finance level.”- Raphael Benhamou
“It gave me a great grounding in best practices for modeling across all modeling platforms, especially Excel. Because one of my big nitpicks with Excel and Google Sheets is that it's too freeform.”- Raphael Benhamou
This episode provides valuable insights into the evolving landscape of financial modeling. The discussion sheds light on the benefits of modern financial modeling tools like Causal, the necessity of regular audits, and the critical role of understanding business operations. Whether you're a seasoned financial modeler or just starting, this episode offers practical advice and thought-provoking perspectives on how to enhance your financial modeling practices.
Sign up for the Advanced Financial Modeler...
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