Let’s face it, spreadsheets have been the backbone of finance and accounting for decades, even as technology has changed and evolved over the years. Businesses have come to rely upon spreadsheets so heavily that they lose sight of the original purpose of the spreadsheet and begin to make decisions based on erroneous data.
By leveraging Record to Report (R2R) automation, you can effectively manage the entire R2R cycle in one place with one single view of all your relevant controls. Automating finance processes will also eliminate white spaces between key control components and enable standardization across your business.
Download this eBook to look at what has commonly been identified as the top five, often interconnected, problems associated with an over-reliance on spreadsheets by the office of finance:
- No real-time visibility into processes or the whole R2R
- Spreadsheets are prone to errors due to overconfidence in re-purposed or recycled spreadsheets
- Lack of control framework for compliance— no audit trail of who changed what, when and why
- Inefficiency and decreased productivity due to the amount of time spent emailing, comparing versions, meeting, printing and reentering data
- Spreadsheets do not allow for scalability or any growth of an organization— organically or through M&A activity