When we think of FP&A experts in Yorkshire, Michael Rimmer springs to mind immediately. He has just started his role as Head of FP&A at Texmo Blank in Sheffield.

Since leaving KPMG he has spent 10 years in Finance Business Partner, Commercial Finance and FP&A leadership roles – working in businesses that crave data to make swift decisions. We were delighted when he shared his insights with us as part of our FP&A Series of Articles.

Tell us about your current role

I have recently moved to a new role- Head of FP&A at Texmo Blank a precision engineering company in Sheffield. After some recent acquisitions, it is a fairly new Group so we are working on bringing consistent processes, controls and reporting into the group from what were fairly separate companies. I am working very closely with the newly appointed CFO to introduce these as well as using this new reporting to help drive improved business performance throughout the Group.

What attracted you to become an FP&A specialist?

I took a somewhat different route into FP&A, I did accounting and Finance at University, worked as a management accountant, achieved my CIMA qualification but I then moved into practice (Grant Thornton and KPMG) as a financial modeller / advisor in the Infrastructure/corporate finance departments.

After 6 years here I decided I wanted to move back into industry and use the skills I had learnt to date. I was more interested in the forward looking / strategic side of things as well as supporting business critical decisions so that is what attracted me to FP&A

The role and people involved in FP&A differ from more established Management and Financial areas in that the roles are more forward-looking and strategic, focus on decision support and performance monitoring and work on initiatives to enhance financial performance.

As an FP&A professional you need:

• To have strong analytical skills as strong quantitative and analytical skills are crucial. FP&A professionals need to be able to build complex financial models, perform sensitivity analysis, and interpret data to provide actionable insights.
• Be a strategic thinker as you need to understand the broader business context and how different scenarios could impact the company’s financial health and strategic objectives.
• Have strong communication skills as you often present findings and recommendations to senior management.
• Be a business partner, you need strong interpersonal skills, as you need to collaborate with various departments and influence decision-making.
• Be innovative and seek new ways to analyse data and present findings, often using advanced tools and technologies.

What are the future opportunities and evolutions to come in FP&A?

The future opportunities and evolutions in FP&A will be shaped by technological advancements, increasing demand for strategic insights, and the need for agility in a rapidly changing business environment. For example:

Advanced Analytics and Data Science Integration, FP&A teams will increasingly leverage predictive analytics to forecast financial outcomes based on historical data and emerging trends. With the automation of repetitive and time-consuming tasks such as data entry, report generation, and financial consolidation by machine learning and AI this will free up time for FP&A professionals to focus on more strategic activities.

These technologies will enable real-time insights and more accurate forecasting. The shift towards real-time data integration will allow FP&A teams to monitor financial performance continuously. This will enhance agility, enabling quicker responses to market changes or internal business shifts.

The use of advanced data integration tools will facilitate the consolidation of data from various sources (e.g., ERP systems, CRMs, market data) into a single platform, enhancing the accuracy and timeliness of financial analyses.

With advancements in business intelligence tools, self-service reporting will become more common, allowing non-FP&A stakeholders to access and analyse financial data independently, reducing the reporting burden on FP&A teams and facilitating the evolution of FP&A that will require professionals to develop new skills in areas like data science, technology, and business strategy. Analytical thinking, digital literacy, and effective communication will become increasingly important.

Changes to reporting will include incorporating ESG metrics, ESG factors are becoming increasingly important in FP&A and teams will need to integrate ESG metrics into their reporting and forecasting processes, aligning financial performance with sustainability goals. As organisations focus more on long-term sustainability, FP&A will play a crucial role in balancing short-term financial performance with long-term value creation, considering the impact of ESG factors on financial outcomes.

The use of interactive dashboards and data visualization tools will become more common, enabling FP&A teams to present financial data in a more accessible and compelling way. This will help stakeholders understand complex financial information quickly and make informed decisions.

What would be your advice to anyone considering a career in FP&A?

A career in FP&A requires a blend of analytical, strategic, and financial management skills and is why I have found it so rewarding as it is so varied, and you are involved in all aspects of the business so I would say that you would need to:

• Develop strong analytical skills.
• Understand business strategy.
• Develop strong communication skills.
• Be technically proficient (excel, SQL, FP&A software tools).
• Be detail-oriented.
• Have a problem-solving mindset.
• Be Adaptable and open to change.

For more information on the topic, please contact one of our team on:

‍info@pratappartnership.com

01924 679 841

Our FP&A Article Series

An Introduction to our FP&A Articles

The Rise of FP&A Roles: A Shift Towards Interim Expertise

Interview with Andrew Lynch, FP&A at Blue Light Card

Interview with Michael Rimmer, Head of FP&A at Texmo Blank