In this week’s blog post, we bring you a relevant article from Accounting Today which takes a dive into Excel and the question of whether it has adapted and is enough to meet the demands of modern-day finance and accounting. If you’re using Excel, or have considered using it, for your financial reporting needs, read this sooner rather than later.
As we’ve discussed before here in a recent blog post (see The Insider’s Guide To Spreadsheet Limitations), 9 out of 10 spreadsheets are found to be inherent with errors. The effects of this can be devastating. As we all know, good decisions can’t be made with bad data.
But according to the FSN survey in Accounting Today, spreadsheets aren’t just error-prone. 97% of respondents said they lose sleep over missing deadlines due to mistakes and lack of adequate controls. That’s a lot of people losing a lot of sleep over a lot of (unnecessary) anxiety directly related to spreadsheet use.
Thankfully, we don’t still live in the 1980’s (for more than just fashion reasons). Today we have better ways to manage and report off our data. Yet according to the Accounting Today survey, 71% of organizations still depend on spreadsheets for collection of data – and thereby heavily dependent on IT to help create the financial reports they need.
Perhaps most telling of all, the survey reported that only 29 percent of senior finance executives think they can change their system without causing major delays in their reports. It’s no surprise that 69 percent of survey respondents resort to getting by with what FSN calls a “spiral of spreadsheets,” says Accounting Today.
So, while there are much better reporting solutions out there, more executives than not are afraid that implementing such a solution would cause more headaches than it’s worth. They don’t want to make any changes because of the perceived disruption it will cause. Yet, like Alice In Wonderland, they’re running faster and faster only to stay in the same place.
Perception isn’t always reality. Case in point: if you implement the right financial reporting tool, you’ll save thousands of hours, tens of thousands of dollars (in wasted time alone), and your sanity (which is priceless).
As you deliberate on vendors, consider looking at Synoptix, which specializes in delivering your completed financial reports in the least amount of time. Rather than waiting months to have reports in hand, we’ll deliver you working, completed, reports in a matter of days.
We can help you stop wasting time trying to find data, and spend your time managing it. Drop us an email if you’d like to have extra hours in your day….whether it’s to sit poolside or tackle other responsibilities.
Jeana has been in the software industry for 15+ years specializing in ERP reporting solutions. She has decades of experience in creative content development and marketing and enjoys exercising, traveling & spending time with her husband & twin boys.
Download Spreadsheets-The Corporate Secret Killer & What to Do About It to better understand its inherent errors, how to manage quality control & overconfidence, with detailed solutions on improving spreadsheets in financial reporting.
THOUGHT LEADERSHIP WHITEPAPER
We want to provide you with an update on the Log4J vulnerability that was identified this weekend as it relates to your Synoptix installation. The short answer is that there should be no vulnerability issues with Synoptix. Synoptix no longer uses Log4J. Version 7 did use version 1.2 of Log4J (which was not vulnerable), and should therefore also be clear of any vulnerability issues related to Log4J version 2.0-2.14 (which was identified this weekend as having vulnerability).