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Businesses worry about being reliant on spreadsheets

Pretty much every finance organisation in London (97 per cent of them) is worried about how reliant it is on spreadsheets.

These are the results of a new research by finance function solutions provider, Accountagility.

The worry stems from faults experienced when using it for both planning and reporting, as four out of five (80 per cent) of organisations have had such experiences. Just under half (49 per cent) also consider a problem the fact that manual effort is needed to both validate and analyse Excel data.

“Our research reveals that this problem is not just limited to The City, but is an issue for finance departments nationwide. Nearly three-quarters of firms in the North of England (72 per cent) also felt that they have too many spreadsheets on their systems,” said Robert Gothan, CEO and Founder of Accountagility.

“Every firm knows that financial planning, forecasting and reporting is essential for commercial success, but the time and money committed to this area is often not well invested. Spreadsheets are clearly the go-to tool for finance departments, but with four in five CFOs citing problems with them, businesses must be wary when relying on this software alone.”

The results have been published shortly after retail giant M&S had to re-issue its quarterly financial results due to a spreadsheet error.

“With human error and complexities being a drain on key resources, removing these obstacles and utilising alternative software to tap into more insightful data will drive performance in finance departments across the country,” the company said.

Image source: Shutterstock/Garry L

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.