31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

Upcoming webinar: How to make your Power BI reports run up to 10x faster
September 8th

Power BI Excel PowerPoint Guide

By Nina Franceskin • Last updated November 10, 2023 •

9 Common Mistakes of an FP&A

Analyst – And How to Avoid Them
Share this

https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 1/11

31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

As we journey through the labyrinth of financial planning & analysis, it's crucial to
pause, reflect, and sometimes laugh at the stumbles and pitfalls that befall even the best
of us. Whether you're an aspiring junior, a seasoned FP&A analyst, or a recruiter scouting
for your next star performer, this compendium of faux pas and their remedies will help
you dodge the bullets that once grazed us.

Let's peek into the treasure chest. We'll explore how data accuracy can make or break
your credibility and why interdepartmental communication is more critical than you think.
You'll learn about the art of presenting information effectively, the challenges of time
management, and the importance of not losing sight of the bigger picture. We'll dissect
the limitations of relying too much on historical data, the importance of questioning
assumptions, the power of leveraging technology, and lastly, the benefits of staying
updated with the right tools.

Want to Skip the Advice & Immediately Explore

Your Next Favorite FP&A Tool?
Zebra BI offers a seamless and intuitive experience that makes visualizing your FP&A
analysis a breeze. Equip yourself with Zebra BI and get a head start in avoiding these
common mistakes today. Try it out for FREE & embrace the journey towards FP&A
excellence.

Try Zebra BI for Office for FREE

There's no definitive order to these missteps, just like there's no single path to success.
But as you scroll through, remember: the goal isn't perfection, but continuous learning
and improvement. And with that in mind, let's set the stage to unveil the 9 infamous
misadventures in the life of an FP&A analyst.

Mistake #1: Treating Data Accuracy as an Afterthought

Imagine stepping on the stage with confidence, ready to deliver a rousing symphony, only
to hit a glaringly false note. That's akin to an FP&A analyst underestimating the
importance of data accuracy. Yes, it's an easy slip to make, especially when you're knee-
deep in numbers and pressed for time. But beware, it's a misstep that can cost you your
credibility.

Data is the lifeline of FP&A It forms the basis for strategic decisions and informs business
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 2/11
31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI
Data is the lifeline of FP&A. It forms the basis for strategic decisions and informs business
trajectories. An error, as tiny as it might be, can lead to wrong conclusions, flawed
strategies, and quite frankly, red faces in the boardroom. In the role of an FP&A analyst,
it’s not just about crunching numbers, but ensuring those numbers are accurate,
reliable, and trustworthy.

Don't be shy about double-checking your data, implementing rigorous internal checks,
and reconciling information within reports and dashboards. Especially when you're
juggling data from different sources, maintaining a rigorous approach to data validation
becomes paramount. Because at the end of the day, an FP&A analyst is only as good as
their data. So, treat your data with the respect it deserves, and it will return the favor by
bolstering your credibility.

Mistake #2: Overlooking Interdepartmental Communication

In the high-paced world of financial planning and analysis, it's easy for an FP&A analyst to
adopt a tunnel vision approach, neglecting to communicate with other departments. But
imagine trying to complete a puzzle with missing pieces. The picture just won't make
sense, will it? That's the equivalent of crafting a business strategy without incorporating
insights from different departments.

Effective communication isn't merely a courtesy, it's a necessity. By regularly connecting

with various teams - be it sales, marketing, or operations - you gather essential feedback
and input that fuel actionable and insightful reports. These are not just numbers, but
stories of successes, failures, challenges, and opportunities, experienced by those on the
frontlines of business.

The flip side? Failing to reach out can result in incomplete analyses, missed opportunities,
and strategies that don't resonate with the realities of the business. So, step out of the
financial echo chamber. Seek clarity, question assumptions, and gather as much
information as possible. Because an FP&A analyst who truly understands the company
dynamics is a powerful ally in steering the business towards success.

Mistake #3: Obscuring the Story with Cluttered Data

Einstein famously said, "If you can't explain it simply, you don't understand it well
enough." This certainly rings true for the FP&A analyst role. One common blunder in the
financial realm is not presenting information in a clear and concise manner. This
might seem like a minor oversight, but it's akin to cooking a gourmet meal and serving it
in a haphazard pile. The ingredients might be top-notch, but the presentation leaves
much to be desired.
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 3/11
31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

Crystal clear communication is essential in the FP&A world. This includes actionable
reporting, standardization, and consistency. Adhering to International Business
Leave a Comment
Communication Standards (IBCS) not only elevates your communication style but also
ensures that your findings are easily understandable and actionable.
Want to join the discussion? Feel free to contribute!
Remember, your audience may not have the time or inclination to decipher complex
charts or sift through verbose reports. Therefore, Zebra BI visuals are your best bet for
Name Email
ensuring clarity and conciseness in your reports. With out-of-the-box IBCS standards
and integrated comments feature, Zebra BI visuals turn your reports into clear,
compelling narratives that drive effective decision-making, not just in Power BI but also
Excel and PowerPoint.
Comment
Failing to prioritize clarity and conciseness can result in confusion, misinterpretation, and
lost opportunities. So, as an FP&A analyst, strive to turn your data into compelling
stories that inspire action.

Save my name, email, and website in

this browser for the next time I
comment.

Post Comment

Zebra BI visuals comply with IBCS standards out-of-the-box & offer the integrated
comments feature to give more context to your key business insights

April 18, 2024

Mistake #4: Playing Whack-a-Mole with Your To-Do List
If you've ever played Whack-a-Mole, you know that it's all about frantically hitting one
mole after another as they pop up from their holes. But if you're managing your tasks as
an FP&A analyst in a similar fashion - reacting to whatever pops up next - you're setting
yourself up for an unproductive chaos Failing to prioritize tasks and manage time
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 4/11
31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI
yourself up for an unproductive chaos. Failing to prioritize tasks and manage time
Commentary Revolution:
efficiently is a pitfall even experienced professionals tumble into.
Transforming Power
Juggling multiple tasks, meeting deadlines, andBImanaging
Dashboards
expectations are all in a day's
with
work for anDynamic Comments
FP&A analyst. Without effective time management, you could find yourself
drowning in a sea of spreadsheets, missing deadlines, or even worse, delivering subpar
analyses.

Product
It's not just about getting things done; it's about adding value to what you're doing by
optimizing the processes. Being proactive, rather than reactive, can help you carve out a
significant
Resources role for yourself within the organization. By delivering value-adding insight
that provokes actions and supports quality decision-making, you demonstrate your
indispensability.
Help
But how can you get there? Start by prioritizing your tasks, focusing on the most critical
ones first. Understand what tasks have the most impact on the business, and tackle those
Company
head-on. Consider tools that can ease your workload, like Zebra BI visuals, which let
you create comprehensive and clear visualizations like waterfall charts in just a few
clicks.

© 2021 – 2024 Copyright Zebra BI d.d. All rights reserved. Various trademarks held by their respective owners.

Privacy Policy Legal documentation

See how easy it is to create a waterfall chart with Zebra BI visuals

In summary, remember this - the key to being an effective FP&A analyst is not just about
getting things done, but getting the right things done at the right time and in the right
way.

Mistake #5: Losing Sight of the Bigger Picture

https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 5/11
 Mistake #5: Losing Sight of the Bigger Picture
31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

As an FP&A analyst, it's easy to get lost in the minute details of data and numbers. But
what happens when you're so focused on individual trees that you forget you're in a
forest? You miss the bigger picture, and with it, the context and strategic insights that
inform sound decision-making.

Understanding the organization's goals and broader context is crucial. Your dashboards
and reports should answer pivotal questions like - Is our performance good or bad? By
how much? Why? And, what actions should be taken next? The answers should be aligned
with the company’s strategy, and should give a comprehensive view of the performance
against the plans and strategies.

Neglecting the bigger picture can lead to misaligned strategies and missed
opportunities. It's like trying to navigate through a city with a magnifying glass - you'll
miss the major landmarks and possibly end up going in circles.

So, how do you avoid this pitfall? Start by considering the broader context in your
performance or financial reports. Tools like Zebra BI visuals can be a great help here,
since they automatically calculate variances to your benchmark data for you. This
feature provides a comprehensive view of your performance, helping you align your
analyses and strategies with the bigger picture.

 View interactive content

Microsoft Power BI  

Example of a Sales Dashboard created with Zebra BI for Power BI that delivers a
comprehensive view of sales performance
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 6/11
 co p e e s e e o sa es 9pe
31/03/2024, 23:23
o a ce
Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

In essence, remember this - as an FP&A analyst, you're not just dealing with data and
numbers, you're dealing with the narrative of your organization. So, always keep the
bigger picture in sight.

Mistake #6: Steering the Future with the Rearview Mirror

As an FP&A analyst, it's tempting to heavily rely on historical data for insights and
projections. After all, it's tangible, readily available, and provides a solid base for
understanding trends. But consider this - if you're driving a car, would you only look in the
rearview mirror to navigate? You'd surely miss what's ahead, leading to potential
accidents. The same principle applies in the realm of financial planning and analysis.

While historical data is a crucial part of your analysis, it's not the be-all and end-all. Your
business performance analysis and reports should incorporate a balance of historical
data (previous year data), actuals (AC), and projections (future plans). This balanced
view allows you to be ahead of the game, prepare year-end forecasts, and compare your
actuals and forecast for the remaining period against previous performance and future
plans.

The question should not only be "where were we?" but also "where are we, and where are
we going?" Over-reliance on historical data can lead to complacency, missed
opportunities, and inability to adapt to changes and developments in the business
landscape.

Zebra BI visuals can be an excellent tool in this regard, providing a comprehensive picture
that brings together historical data, actuals, and future projections. With these visuals,
you're not just building charts, but creating a dynamic narrative of past, present, and
future business performance.

https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 7/11

31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

No need to build several charts and paste them together or build a static chart with no
variances. Elevate your game with Zebra BI visuals.

In conclusion, while the past can inform the present, don't let it limit the future. As an
FP&A analyst, your role is to navigate the business through the currents of change and
towards the shores of success.

Mistake #7: Taking Assumptions at Face Value

In the world of FP&A, there's one golden rule you should never forget: Question
everything. An FP&A analyst who doesn't challenge assumptions is like a detective who
takes every alibi at face value - it's a quick path to misconstrued facts and misleading
conclusions.

Challenging assumptions and employing critical thinking are key to delivering accurate
and insightful analyses. It's about questioning the given, probing deeper, and anticipating
the questions your report viewers might ask. Consider this: When you're looking at a
report, what would you want to know? What insights would be helpful to you?

By putting yourself in the shoes of report viewers and preemptively incorporating

answers throughout the report, you're not just sharing data, but creating a robust,
valuable narrative. It's like the difference between telling a story with unexpected twists
and turns versus just listing the events chronologically.

Remember, your goal as an FP&A analyst is not just to accept information as is, but to dig
deeper, challenge the status quo, and provide insights that drive strategic decisions. This
is what sets exceptional analysts apart - the ability to question, to probe, and to uncover
the truths hidden beneath the surface.

Mistake #8: Leaving Tech Tools on the Bench

In the fast-paced arena of FP&A, technology is not just a luxury; it's a necessity. Yet,
some analysts hold back, failing to fully harness the power of technology. It's like having a
state-of-the-art toolbox but only using a single wrench.

The benefits of leveraging technology in FP&A analysis are immense. From automating
time-consuming processes to making data analysis more efficient, technology can be
a game-changer. It enhances decision-making by providing you with accurate, timely
information, transforming raw data into valuable insights.
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 8/11
31/03/2024, 23:23
, g g
9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

The first step in leveraging technology is embarking on a digital transformation journey.

This isn't merely about adopting new tools, but also about shifting your mindset. It's
about recognizing the potential that technology brings to the table and being willing to
explore it.

Zebra BI is a prime example of the tools that can revolutionize your FP&A operations. It
offers a seamless cross-platform experience between Power BI, Excel, and
PowerPoint, with visuals that are intuitive, interactive and easy to master. The similar
interaction design across the platforms means you're not learning three different systems
- you learn one and apply it across the board.

Enjoy a seamless cross-platform experience with interactive Zebra BI visuals

So, don't let your tech tools collect dust. Harness the full potential of technology, and let it
elevate your FP&A analysis to new heights.

Mistake #9: Overlooking the Knowledge Goldmines

In today's data-driven world, staying updated is not just beneficial; it's vital for your
growth as an FP&A analyst. Yet, some analysts fall into the trap of complacency,
neglecting the wealth of knowledge available to them. It's akin to having a library at your
disposal but choosing not to read any books.

Zebra BI channels serve as an invaluable repository of FP&A tools, insights, and latest
trends. Whether it's a deep-dive tutorial on YouTube, a thought-provoking post on
Facebook, LinkedIn or Twitter, an informative webinar, a handy template, or an
insightful article on the Zebra BI blog, there's always something to learn.

Not following such channels regularly is a missed opportunity. It's like having a
masterclass at your fingertips and choosing not to participate. By staying updated, you
not only enhance your skills but also stay ahead of the curve in the ever-evolving FP&A
landscape.

So don't make the mistake of ignoring this treasure trove of insights Make it a habit to
https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 9/11
31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI
So, don t make the mistake of ignoring this treasure trove of insights. Make it a habit to
regularly check Zebra BI channels. Learn, grow, and master the tools and topics that are
essential for every FP&A analyst. Because staying updated is not just about knowing the
latest trends, it's about continuously striving for excellence in your field.

Get Started with Zebra BI - Your Key to Mastering

FP&A
Don't just learn about the common mistakes made by FP&A analysts; take the next
step. Streamline your workflow and create next-level actionable reports that impress
with Zebra BI.

Get started for FREE

Related Resources

Power BI Guide Excel Guide

March 24, 2021 April 18, 2023

Power BI Dashboard Design: Master the Art of Data

Avoid These 7 Common Transformation: Use Power
Mistakes Query to Transform Data in
Excel
Read more
Read more

https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 10/11

31/03/2024, 23:23 9 Common Mistakes of an FP&A Analyst – And How to Avoid Them - Zebra BI

Excel Guide Excel Guide

August 24, 2023 March 31, 2023

The Ultimate 2023 Bar Chart Stacked Bar Chart in Excel:

Guide How to Create Your Best One
Yet
Read more
Read more

https://zebrabi.com/9-common-mistakes-of-an-fpa-analyst/?utm_campaign=Zebra BI for Office Q4 2023&utm_content=268083034&utm_mediu… 11/11