Do You Rely on Excel? Maybe You Shouldn’t.
If you have been involved in the business world in the last 30 years, you have most likely had some experience with Microsoft Excel. Excel is the most common software program used for creating spreadsheets that businesses often use for tracking their financials. However, these same characteristics also make Excel a potential crutch for the entrepreneurially run business. In today’s fast-paced business world, business owners have become far too comfortable relying on Excel as an effective business solution.
So, how does this affect my business?
Excel leaves the creation of spreadsheets and the input of information in the hands of the individual tasked with maintaining key management metrics. Often, these spreadsheets are not reviewed for accuracy by someone else. Any auditor will tell you that this leaves the door open for serious errors in reporting, which can lead to costly fines or, in the worst case, the demise of your business. If this scenario applies to your company, stop and ask yourself two questions:
If the individual assigned the management of your business’ metrics had to leave work unexpectedly, how would that affect your reporting mechanisms?
What is the probability of error within your reporting due to manual input?
If your answers to either of these questions makes you nervous, rest assured there are automated reporting solutions available to give you back control of your key management metrics.
At the end of the day, who has control of your business’ metrics? What is it worth to you to have complete control of your financials and key performance indicators? Talley & Company and its affiliates have helped clients integrate their systems with automatic software solutions that help reduce the likelihood of reporting errors and provide reliable key performance indicators.