Research Perspective

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Eliminating the Risks of Spreadsheets in Finance :

Better Tools Allow More Time for Strategic Action

The Case Against Spreadsheets

Finance organizations, especially those in growing midsize companies, often find their workloads overwhelming. They’d like to find ways to operate more efficiently but think they’re too busy to look for ways to save time. As our research makes clear, the most practical step these departments can take to free up time is to replace desktop spreadsheets being used for specific tasks with software designed for and dedicated to finance activities. Such software can automate steps, facilitate data entry, simplify reporting, curtail errors and streamline processes by reducing steps.

Spreadsheets are indispensable for some personal productivity functions, but when used inappropriately they can be a barrier to effective processes in finance departments. For one thing, they are error-prone. Our research on spreadsheets in the enterprise shows that one-third (35%) of companies find data errors in their most important spreadsheets.

Opting for software-driven automation to replace manual spreadsheet-based tasks enables more rapid delivery of financial performance information by providing reliable data in a continuous flow. With access to timely insights, organizations can respond to market changes faster, drive growth and improve customer satisfaction.



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