Where Excel Falls Short…
Over the past decade, many studies have analyzed the lack of effectiveness of spreadsheet use among companies worldwide. A report performed by the Aberdeen Group (2014) summarized the results of the report based on a survey of 167 organizations, outlining the reasons for, and benefits of moving beyond spreadsheets. Aberdeen’s 2014 Financial Planning, Budgeting, and Forecasting and Enterprise Performance Management Benchmark Survey found that 91% of organizations still utilize spreadsheets in some capacity.
Most businesses worldwide use spreadsheets like Microsoft Excel™ for budgeting and forecasting, but at what risk? And while it does provide a valuable service to finance executives for one-off spreadsheet creation, Excel lacks the functionality to systematize accounting processes.While Microsoft Excel is a valuable tool for businesses
While Microsoft Excel is a valuable tool for businesses to employ, businesses of all sizes – large and small – need an easy-to-use, robust financial software system that automates budget, forecasting and planning processes. The creation of balance sheets, forecasts and profit and loss statements that flow from an organization’s general ledger must be immediate and 100% accurate. This is fundamental to the long-term health of any organization.While companies may be reluctant to abandon Excel
While companies may be reluctant to abandon Excel completely as a budgeting, forecasting and accounting tool, the problems with spreadsheet based processes are numerous, not well documented and difficult to solve. This whitepaper discusses the issues with spreadsheet- centric budgeting and the business advantages of application software built and optimized for budget and forecast creation, management and long-term financial planning. The goal is to assist small and midsized businesses transition to a budget and forecast solution that enables collaboration with visibility, reliability, and accountability in a controlled setting.