As accounting standards and regulations change, businesses need to be able to adapt quickly. Outdated financial management tools such as spreadsheets and QuickBooks can lead to errors and inefficiencies that will trickle down to stakeholders and investors, causing significant impact on a company’s value.
Here are the top 3 risks that you face when you manage your business with spreadsheets:
- Lack of integration limits true business intelligence – It is not uncommon for companies to still use spreadsheets, QuickBooks, or a combination of the two, to keep track of their finances. However, the major problem with this is the lack of integration, which in turn lacks the ability to provide true business intelligence.
- Dueling spreadsheets create data face-offs – Having two or more versions of a spreadsheet with inconsistent data is a common danger of relying on spreadsheets in your business. This problem occurs because spreadsheets aren’t bound to a single, unified source. Additions or deletions made to some versions but not others can cause variances and let errors slip past unnoticed.
- Spreadsheets are a time suck for your company and your staff – Spreadsheets may be fast and easy to set up, but when they’re used in collaborative, repetitive enterprise processes, time is wasted in consolidating, modifying and correcting spreadsheets.
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by SBS Group