Death by Spreadsheet
By Mike Dorris
You may be surprised to learn how many companies manage all their finances with Excel spreadsheets. More times than not, these businesses have numerous excel spreadsheets in place to help them manage their finances. The real problem with this system is lack of business intelligence …
No real-time insight:
When employees need to manually enter data into a spreadsheet, or numerous spreadsheets for that matter, no one ever has real-time insight into how much money their company is making or spending. For most company processes- the time it takes to manually enter and check information, the data is already out of date.
No comprehensive view:
This system also usually means each department manages their own spreadsheet, which makes collaboration amongst teams extremely difficult. No two employees are ever on the same page, causing miscommunication as well as frustration across the company.
No systemized tracking:
If every department has their own spreadsheet, it’s also likely they don’t track the information in a systemized way similar to other departments. So if they need to share the information, it takes additional time to explain exactly what the data means. It also heightens the risk of not meeting tax compliancy requirements.
Human error, lost data, inadvertent changes to data leaves us vulnerable to misinformation: Death by spreadsheet.
Having a more advanced system in place ensures that everyone has access to the same information. Automatic workflows ensure real-time insight is accessible, therefore making it easier for management to make critical business decisions.
If you’re currently struggling with an “out of hand” excel spreadsheet system, contact us for more information!