Changes in internal and external reporting requirements, as well as increasing complexity in organizational structure and globalization have caused a surge in the reliance upon error-prone spreadsheets.
Since the 80’s, spreadsheets have been the backbone of finance and accounting departments. Even as technology has evolved, the reliance on Excel and manual processing has remained constant.
Businesses have come to rely upon spreadsheets so heavily that they’ve lost sight of their original purpose—to plan the budget of a typical four-person household. Hoping for organized, coherent information, many in finance develop complicated, multi-level spreadsheet systems for their Record to Report (R2R) process. Quickly, organizations find themselves buried in a mountain of spreadsheets and investing an inordinate amount of human resources to maintain the highly manual process.
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 process
- Spreadsheets are prone to errors due to the overconfidence in re-purposed or recycled spreadsheets
- Lack of control framework for compliance—there is 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