Changes in internal and external reporting requirements, as well as increasing complexity in organizational structure and globalization have caused an increased reliance upon spreadsheets, which is highly problematic for the office of finance.
Businesses can rely upon spreadsheets so heavily that they lose sight of the original purpose of the spreadsheet and make decisions based on erroneous data.
Hoping for organized, coherent information, many in finance develop complicated, multilevel spreadsheet systems for Record to Report projects like account reconciliation, journal entry, compliance, consolidation and reporting. But organizations quickly find themselves buried in a mountain of spreadsheets and investing an inordinate amount of human resources to maintain the highly manual process.
This eBook takes a 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.