The finance world is changing fast. Teams are expected to do more with less time. Many still rely on spreadsheets, but companies need better ways to plan, report, and support decisions as they grow. That’s where FP&A tools come in.
These tools help finance teams save time, reduce errors, and focus on what matters. But buying a tool isn’t enough. You also need clear data, strong processes, and a team to use it.
Paul Barnhurst, the Founder of The FP&A Guy, Co-Founder of Plan Buddies, Podcast Host of Financial Modeler’s Corner and FP&A Tomorrow and Co-Host of Future Finance, knows this better than most. He spent over 12 years in FP&A roles at top companies like American Express. Then, he made a big shift. He left his job and started his own business.
Today, Paul runs three finance podcasts, speaks at events, and trains teams worldwide. He shares real advice on tools, data, modeling, and how to build strong finance functions. His story shows what’s possible when combining deep knowledge with a clear purpose.
In this article, you’ll learn from Paul’s experience. We look at what it takes to leave a stable job and build something new. We also explore common mistakes in FP&A work, why good tools matter, how to fix data issues, and what makes a tool setup work well.
Why did Paul Barnhurst Leave a Secure Job and Start His Own Finance Business?
Leaving a steady job to start a business can feel uncertain. For Paul Barnhurst, known as “The FP&A Guy,” meant stepping into something new but promising. His journey shows what that looks like.
From Government Procurement to Finance
Paul’s first job was in government procurement near Death Valley. It gave him good experience, but the strict rules didn’t suit him. He went back to school at Arizona State University.
He planned to study information management, but a finance class changed his mind. He switched to finance and found his path.
The Corporate Path
After graduation during the 2008 crisis, Paul joined American Express. He began with reporting and forecasting. A promotion led him into FP&A. He stayed in that field for over 10 years, learning how finance works in big companies.
Building “The FP&A Guy” Brand
In 2016, Paul met FP&A consultant Ken Fick. Ken asked him to write an article. That small start led to more writing and posts on LinkedIn. His audience grew. Companies invited him to webinars.
Some even offered jobs. In 2021, Paul saw a chance to build something of his own. His wife supported the idea, and he gave notice at work.
Challenges of Starting a Business in Finance
- Income changes: Some days meant working with no pay at all.
- Cash delays: Invoices got delayed. Bills didn’t wait. He had to ask vendors to pay on time.
- Mindset shift: Moving from hourly pay to project-based work took adjusting time.
Paul trusted the plan. He had savings and a growing audience. To him, it wasn’t risky. It was the next step. Starting a business isn’t easy, but it can work with the right support and timing.
What Are the Key Trends Shaping FP&A Tools and Data Practices Today?
As businesses grow, their financial needs also change. Many small companies still rely on Excel, which works well for them. But as things get more complex, tools become more important. However, buying software is not enough. You need clean data and strong processes to get real value.
Why Fixing Data Isn’t Enough
Bad data often comes from weak processes. Fixing errors in Excel might help for now, but it doesn’t solve the main issue. It’s better to fix how data gets entered in the first place. That way, you don’t need to keep cleaning it later.
Trends in Tool Adoption
- Small businesses (under $50 million):
They mostly use Excel or Google Sheets. Some tools are available, but the cost often feels too high. These companies prefer to spend money on other priorities first. - Fractional CFO services:
These roles handle many clients, each with different systems. Manual work builds up fast. Tools built for this space are growing. AI could help speed up tasks and reduce errors. - Larger companies:
New tools with built-in AI features are starting to appear. These can link finance and operations better. They also help with real-time updates and flag issues automatically.
Owning Your Data Matters
It’s smart for companies to keep their data in systems they control, like Azure or AWS. If you only store data in your ERP system, switching platforms later can cause big problems. Keeping your data in your own space avoids that risk. It also makes it easier and cheaper to use new tools.
Why Good FP&A Tools Infrastructure Matters for Team Performance
A strong FP&A setup is more than just hiring smart people. It also means giving them tools that work well. People with the right systems can think clearly, move faster, and make a bigger impact.
FP&A Tools Should Help, Not Slow Down
- If your team spends hours fixing Excel files, they lose time that could be used for better work.
- Cleaning up messy data doesn’t help with real decisions.
- Good tools cut manual work and give people time to focus on useful insights.
- Even the best Excel model means nothing if no one else uses it.
People join FP&A to support planning, not to clean data. They want to help the business make smart choices. That only happens when systems support their work.
Poor Systems Drive Talent Away
Weak systems lead to long hours and low morale. If tools make work harder, people will leave. One leader noticed his team was working past midnight to fix spreadsheets. He acted fast, called for help, and showed the team he cared. That quick action kept the team from quitting.
The Right Setup Attracts the Right People
People want to work where their time matters. New hires, especially younger ones, won’t stay if they spend their days copying data. They expect working systems and smart processes. If they don’t find that, they’ll leave.
Moreover, most people want to grow in their role. They want to use their skills to help the business, not just fix errors. The better your systems, the more your team can focus on the work that counts.
If you want your people to do well and stay longer, give them the right tools. Good systems help teams do their best work.
What Makes an FP&A Tool Implementation Successful?
Many FP&A projects fail not because the tool is bad but because the setup goes wrong. When matched with the right people and plan, a good tool can make a big difference.
Choose FP&A Tool That Fits Your Needs
Start by making sure the tool suits your business. A platform made for small firms won’t work well for big ones. Most problems begin when teams pick something that doesn’t match their size or goals.
The market is crowded, so it helps to narrow your choices. A short list based on your needs, tech setup, and budget will save time. Even a 15-question checklist can guide you toward better options.
Work With a Partner You Trust
- Pick an implementation partner you feel good about.
- If you don’t feel comfortable, ask for a different one.
- Trust matters more than speed.
A good partner will spend time learning how your team works, not just showing what the tool can do.
Clean Your Data First
Fix your data before the project starts. You know your data better than anyone else. Cleaning it early avoids big issues later and keeps the project on track.
Stay Involved and Test in Steps
- Be part of the full process.
- Test one part at a time, not everything at once.
- Speak up if something feels wrong.
Build Around Real Workflows
Watch how your team works each day. Then, the tool will be designed to support those steps. One company turned a task that took four days into something that now takes 30 seconds.
That’s the power of doing it right. Success comes from planning well, working with the right people, and focusing on real work.
Conclusion
If you believe in your work and plan carefully, you can move forward, even without a regular paycheck.
Paul trusted his skills, stayed focused, and built something strong. His story also reminds us that having the right tools and systems helps people do better work.
That’s true for finance teams as well. When teams use simple and useful FP&A tools, they work faster and smarter. Good tools help them spend less time fixing problems and more time helping the business. However, a tool works best only when clean data and steps are clear.
So before buying new software, fix how things are done first. Make sure the tool fits your team and your needs. Keep your data in your control. Choose a partner who understands your work and supports your goals.
Ultimately, smart choices in people, tools, and processes make the biggest difference. FP&A tools are useful, but they only help when everything works together.
FAQs
How long does it usually take to set up FP&A tools?
It depends on the tool and team size. Most take a few weeks to a few months if done right.
Do FP&A tools replace Excel completely?
No. Most teams still use Excel alongside tools. Tools help manage bigger tasks, but Excel stays useful.
Can small teams benefit from FP&A tools?
Yes, if the tool fits their budget and is easy to use. It can save time and reduce errors.
How often should we update our FP&A tools?
Check your setup every year. If your needs grow or change, your tools may need an upgrade, too.
Are cloud-based FP&A tools better than on-premise ones?
Cloud tools are easier to update, access, and scale. Most teams today prefer cloud options.
