Finance horror stories

Ever encounter a finance nightmare that still haunts you to this day? You're not alone.

In the world of finance, horror stories come in many forms—from budget blowouts and accounting errors to inaccurate forecasts and miscommunication. In this special spooky edition of The Finance Fix, I'm recounting some of these terrifying tales.

By shining a light on the scary side of finance, these stories (experienced by finance pros like you) can better prepare you to successfully fend off financial fiends in the future.

Happy ghostbusting,
Christina

1. Converting without a cause

Chris Ortega, Fractional CFO and CEO of Fresh FP&A

"I'll never forget the nightmare call from my CFO while I was on vacation...

I had made a simple error in the SGD to USD conversion in our quarterly forecast at the pharma company where I worked. This mistake massively inflated our global revenue figures, and I felt like I was in a real-life horror movie, 'Nightmare on Excel Street.'

What did I learn? Always double-check your numbers, especially in currency conversions. They might seem minor, but even small errors can blow up quickly. And it's wise to have a second pair of eyes review your critical work—it can save you from a world of trouble."

2. Risking the company's future

Dustin Walsted,

VP of Finance, Tech, & HR at Smart City Locating

"When I joined Smart City, I faced a daunting reality: our CEO didn't trust our financial data, which was all cobbled together in disparate Google Sheets. Disorganized data was scary enough on its own, but the real fear came from the risk of basing strategic decisions on numbers that might be off.

The thought of risking the company's future kept me up at night. So, I began researching consolidated financial management systems. This transition wasn't just about adopting new FP&A software, but was a step towards re-establishing confidence in our numbers.

Through this experience, I learned something: solid, reliable financial infrastructure is a necessity, not a luxury. It supports every strategic move we make. Now, stakeholders (including the CEO) can trust the numbers—and I can trust that we're making smart financial decisions."

3. Operating without a plan

Christina Ross,

3x CFO turned CEO of Cube

"I've been in finance for many years. But to this day, I still have the same recurring nightmare: I went through an amazing budget cycle with my team, and we finally made it to the end—only to find out we never went through our strategic planning exercises, forcing us to start over.

The thought of starting over made me want to pull my hair out, but what really haunted me was trying to figure out how this could have ever happened in the first place. Here's what I discovered: the Finance team did their job, but the company never went through the planning cycles required to figure out what Finance needed to build into their plan.

The moral of the story? Never underestimate the power of planning. Without a solid plan, you're essentially navigating through the dark. A comprehensive plan isn't just a roadmap; it's the GPS that guides the financial priorities, decisions, and actions of the entire organization."

Top 3 resources to fend off financial frights:

1. The all-in-one financial planning calendar template

Steer clear of financial planning nightmares with this all-in-one calendar template. It's designed to bring order to chaos, ensuring you're organized and ready for whatever twists and turns come your way in the year ahead.

2. How finance pros can plan for a disaster before it happens

If we learned anything over the last few years, it's that we need to expect the unexpected. This article from CFO Brew teaches finance pros how to prepare for a disaster in advance—and prevent it from haunting the company's future.