Page 74 - JoFA_Jan_Apr23

LEARNING RESOURCE

Financial Storytelling: The Key in Growing Your
Organization to the Next Level don’t want to feel like they’re stupid,’” Margaritis
said. “We have to start recognizing when we’re
Are you responsible for presenting financial losing people.”
information to your organization, business
associates, or clients? Bring financial information Get to know the greater context
to life and use it to communicate a story to
an audience, through a mix of financial data, When it comes to data storytelling, CPAs can
visualization, storytelling theory, best practices, and be more effective if they really develop an under-
practical application. standing of their company or clients, Barhydt said.
“Coming out from behind the spreadsheets and
CPE SELF-STUDY software to understand the organization allows
you to be more strategic in the way you think
For more information or to make a purchase, go to aicpa.org/cpe-learning about the numbers,” she said.
or call the Institute at 888-777-7077.
If you put yourself in the shoes of the client,
department, or project team you’re presenting to,
you will have a better idea of how to communicate
the information they need to know, Barhydt said.

AICPA RESOURCES Refine your visuals
Finding a narrative throughline is often the most
Articles
challenging part of data storytelling, but you can’t
“Are You Telling a Story With Data? You Should Be,” FM magazine, neglect your visuals either, Dykes said.
Sept. 13, 2022 During presentations, he recommends using
color to highlight key findings. Avoid adding
“5 Ways Finance Professionals Can Tell Better Stories,” FM magazine, multiple charts to one slide so that text, titles, and
Feb. 15, 2022
visuals aren’t competing. “We often overestimate
“6 Steps to Become a Finance Data ‘Translator,’” FM magazine, Oct. how much data is needed to make a decision,”
15, 2021 he said.
Use headlines for your charts that help tell your
“Make Audits More Effective Through Data Visualization,” JofA, story, too. Instead of “Revenue over the last eight
May 2021
quarters,” for instance, use the headline “Revenue
“Excel vs. Tableau: See Your Data Differently,” JofA, March 2020 has grown 38% over the last eight quarters” to
drive your point home.
Podcast episode
“Advice for Avoiding the Data Waterfall in Presentations,” JofA, Make it a habit
Aug. 9, 2022 Data storytelling is most effective when it
becomes second nature. It should become part of
who you are, instead of something you do, Barhydt
said. Then you’re more likely to take a narrative ap-
proach during all your conversations, she said, and
Consider your audience sometimes simple conversations you have in the
Your audience should dictate the way you approach office — rather than formal meetings or presenta-
your presentation. Every time your audience tions where you have lots of time to prepare — can
changes, your delivery should change. Really good go a long way to driving change, she explained.
communicators consider their audience every time
they present information, Kazakoff said. GETTING THE POINT ACROSS
Margaritis said if you’re a CFO and you’re talk- Communications skills don’t come naturally to
ing with the CEO of your business, using jargon everyone, but data storytelling is a skill that can be
may be OK. But if you’re a partner at an accounting learned, Schmidt said. And it’s what clients and
firm and you’re talking with a client who owns a customers are coming to expect. “We rarely see
small business, you may want to reconsider your simple answers to simple questions in today’s mar-
word choices. “I ask partners in firms, ‘Does anyone ketplace,” he said. “Data storytelling is the bridge
ask any questions during your meetings?’ They never that enables organizations to effectively grapple
say that anyone does. I ask why, and they say, ‘They with problems that aren’t just black and white.” ■

24 | Journal of Accountancy February 2023