2024 New Year's Resolutions For FP&A And Accounting Teams

As we say goodbye to 2023, the dawn of 2024 presents a golden opportunity for financial planning and analysis and accounting teams to take stock of what’s working for them and what can be left in the past. Here, we have a list of New Year's resolutions to provide inspiration for FP&A teams. These are not your run-of-the-mill promises, but rather actionable commitments designed to address the specific challenges you may have faced in the last twelve months.

So, fasten your seatbelts, dust off your calculators, and get ready to revolutionise your finance team in 2024. Here’s to a new year, new opportunities, and to maximising your team’s potential!

Resolution: Break Up with Manual Reconciliations

This year, I resolve to end my team’s love affair with manual reconciliations and consider how automation can help us out. To begin, I'll research and select reconciliation automation tools that seamlessly integrate with our existing systems. I will organise training sessions to make sure my team is well-versed in the new procedures, fostering a smooth transition. By automating reconciliations, we'll not only reduce the risk of errors but also free up valuable time for more strategic financial initiatives.

Action Items:

• Research reconciliation automation tools suitable for our needs.
• Conduct training sessions to ensure the team is caught up on procedures.
• Monitor and evaluate the effectiveness of the automation process regularly.

Resolution: Build Bridges with Other Departments

This year, I resolve to breaking down barriers and building bridges with other departments for a more collaborative environment. To achieve this, I'll initiate cross-departmental meetings to understand their financial needs and challenges. Establishing these channels and projects will be key in fostering stronger relationships and in building trust. By the end of the year, our financial team will be an integral part of the larger organisational ecosystem.

Action Items:

• Schedule regular meetings with key stakeholders.
• Identify areas of improvement and implement projects with other departments.
• Establish shared communication channels for seamless information exchange.
  
  

Resolution: Master the Art of Forecasting

This year, I resolve to transform our financial forecasting into an art form. To achieve this, I'll invest time in honing my predictive analytics skills and exploring tools that can help me create better forecast. By the end of the year, our forecasts will be more accurate, helping us navigate the financial landscape with confidence.

Action Items:

• Attend advanced analytics and forecasting workshops.
• Explore business analytics tools to help my predictions.
• Regularly review and adjust forecasting models based on performance feedback.

Resolution: Budget Like a Boss

This year, I resolve to elevate our budgeting to new heights of precision. To take us there, I'll conduct a thorough review of our budgeting practices, identifying areas for improvement and removing manual processes. Collaboration will be key, as I plan to involve team members in the budgeting process to ensure a comprehensive and well-informed approach. I'll also investigate EPM solutions to help address my pain points, making our budeting easier, or seek to optimize the solutions that we already have. By the end of the year, our budgets will have a shorter time to completion, with unnecessary expenses slashed and allocations optimised for maximum impact.

Action Items:

• Conduct a comprehensive review of current budgeting practices.
• Implement collaborative budgeting sessions with team members.
• Explore and adopt advanced budgeting techniques for improved accuracy.

Resolution: Embrace Change with Finance Trends

This year, I resolve to embrace change with open arms and fearlessness. To achieve this, I'll stay proactive in monitoring industry trends and technological advancements, ensuring our team remains adaptable. I will also investigate tools I can in. By the end of the year, our team will be resilient in the face of change, turning challenges into opportunities for growth.

Action Items:

• Regularly scan industry news for emerging trends.
• Develop and implement a change management strategy.
• Conduct training sessions to equip the team with the skills needed for upcoming changes.

Your resolutions for your business will be unique to your needs - at CFO Solutions, we're here to help with that. We offer health checks for EPM applications to help identify strengths, enhance weaknesses, and help your application grow with your business from 2024 and beyond.