Where Spreadsheets Fall Short

Every company’s finance team is responsible for creating an accurate forecast. It can be comical watching your finance team race around the office discussing the latest spreadsheet and how it affects the companies forecast agenda.

And therein lies the risk.

Though valuable, spreadsheets often lack the functionality to automate accounting processes and streamline your budgeting and planning processes.

What specific functionalities are missing?

Spreadsheets often fall short in two areas: version control and privacy.

Version Control Specifics

Every time an employee touches a spreadsheet there is a chance an error is made. It’s often the case that 10+ employees access the same spreadsheet, creating opportunity for a huge number of potential errors. This risk is exacerbated by the fact that each one of those errors may go unnoticed. Without a system of checks and balances (otherwise known as quality control), your forecasting budget may be skewed.

Privacy Specifics

Regardless how “thick” your firewalls are, spreadsheets still present privacy concerns. Among your payroll, ledger details, and cost of benefits, you don’t want any proprietary details of the business out there. For example, you may come across members of your finance team viewing information that don’t necessarily “need to know” it, and each time they access that file it presents a security risk.

Having a reliable solution enables your team to collaborate and provide cohesive visibility in real time. Efficient solutions should include:

  • Data that is consolidated across all departments
  • Reports that create income statements categorized by department
  • Dashboard to review balance sheets and cash flow statements
  • Reports that can be used for presentations
  • The ability to view detailed reports for line-level managers
  • Reports that automatically consolidate and save all transactions

Talk to an Expert

View Similar Posts

Training on Time & Attendance Software

Every worker loves new technology, right? Not quite. The truth is, even in today’s business world, where certain segments seem dominated by news of an ‘always on’ culture, adopting and training on new technology can be daunting for plenty of employees. Training Employees on New Time & Attendance Software Perhaps you’ve recently added one or […]

Read More >

Cloud-Based Time & Attendance for Satellite Offices

Organizations are always looking for ways to improve processes. Many leaders prioritize efforts that increase sales, or maximize ROI on marketing efforts. They also care about enhancing the way employees connect, collaborate, and sync up across different locations, including satellite offices. Time and Attendance Software for Satellite Offices These days, business happens almost anywhere, and […]

Read More >

Is It Time to Add Flexible and Remote Work Options?

Remote and flexible work options sound great in theory. After all, who doesn’t want to at least have the option to work from home, or somewhere other than the workplace? Also, with so much technology at our fingertips, working remotely can be easier than ever. However, if you’re setting up remote work options for the […]

Read More >
View More
Back to top