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 Liu

In 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.

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• LinkedIn - https://www.linkedin.com/in/liuruby

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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 Barnhurst

In 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.

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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 Medici

From 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/

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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 science
• Simplifying a problem and understanding the question before diving into model building.
• Introduction to Monte Carlo simulations for risk management
• A discussion on the limitations of Excel and future of financial modeling

Here 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 Hangartner

In 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/

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• Website - https://www.thefpandaguy.com  
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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 Male

In 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/

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• Website - https://www.thefpandaguy.com  
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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 Brown

In 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/

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• Website - https://www.thefpandaguy.com  
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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 Fallon

In 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/

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• Website - https://www.thefpandaguy.com  
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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/
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• https://www.amazon.com/Business-Users-Guide-Data-Integration-ebook/dp/B0CMBMDCJ2/
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