Using spreadsheets for complex Finance tasks is a very comforting process for any seasoned Finance professional - and something which I can completely understand being trained on Lotus 1-2-3 when I started as an accountant at Sainsbury's 20 years ago.
And this is really my point - I have been using spreadsheets for 20 years and loved using them - forecasting and scenario planning a multi billion sales revenue line, across 400 stores was fairly simple using many macros and a very large xls.
The complexity has increased dramatically - we are now omnichannel with many stores and outlets online and offline - it is time for us to ditch the spreadsheets and use a cloud based planning system.
Real time budgeting across the entire organisation, senario casting and reports for the board meeting at the press of a button.
This is the reality of what a great Finance professional can use today!!
Effective time management Perhaps the biggest flaw in the reliance on spreadsheets is the amount of time spent maintaining them, leaving only a fraction of time for detailed analytical work. According to Oracle research, 62% of organisations stated that their employees who uses spreadsheets felt “buried in basic duties with little time for more analytic work”. Many organisations are now looking to modernise these processes in order to improve accuracy and efficiency. Investing in your planning and forecasting systems is a proven method to reduce time spent creating management reports and planning.