“CFOs and Finance Directors have long been warned against the inaccuracies of spreadsheets when it comes to financial planning and analysis. However, as with everything in life, change can often be difficult to accept and this is often the case when it comes to businesses and their financial tools,” Robert Gothan writes for BetaNews. “Sometimes this is because they are reluctant to try something new, but alarmingly, more often than not, it is because the businesses are not aware of the different options available.”
“Research from Accountagility shows that 72 percent of CFOs consider their firms to be too reliant on spreadsheets,” Gothan writes. “The larger the company, the more spreadsheets are deployed, and the greater the issues and headaches that occur. While Excel is clearly a central tool in many offices, businesses must also consider finance-friendly alternatives that address these risks whilst also respecting the need for control.”
“Excel has now been on the market for over 30 years, which is a testament to its popularity and success,” Gothan writes. “However, as new technology becomes available, businesses will need to review their planning, forecasting and reporting tools very carefully in order to ensure they have the most effective means of analyzing their data. Finance Directors, in particular, will need to consider what the business needs from its software before deciding which tools will be best suited to their needs.”
Read more in the full article here.
MacDailyNews Take: Once again, apply Betteridge’s law of headlines, but before you jump straight for Numbers or – gack! – Excel, consider whether a spreadsheet is the most appropriate solution for the matter at hand.