Given that change is going to happen, is it enough to rely on Excel as the primary tool for your planning and budgeting? How does Excel deliver as a forecasting tool compared to solutions designed for the job?
We have all seen, or worked with, or even built, a spreadsheet monster. There is a high chance that there is one lurking in your office somewhere, or maybe everyone knows it's there, but no-one knows how to deal with it. They usually congregate in the Finance department and can often be seen during budgeting. They are difficult beasts which can perform miracles and at the same time create disaster.
So the horrors of spreadsheet error and crashes are well known but what you really need is to know how to manage your spreadsheet monster. So here's the guide to keeping your spreadsheet monster.
According to a survey commissioned by Blackline more than 1,100 C-level executives and finance professionals:
71% of C-level executives completely trust the accuracy of their financial data. However, only 38% of finance professionals — the people preparing the statements and reports — share that opinion.
There's is clearly a mismatch between the level of accuracy C suite perceives in the reports they read against that of finance. So we ask does this mean Finance have become expectant of error. Or are there other issues at play?