Spreadsheets (aka, Excel) are wonderful tools. They are used for lists, analysis, and other purposes. In an article published in Accounting Today, a survey of 1000 chief finance officers taken by the U.K. based news organization FSN indicated that spreadsheet usage within big business is growing and may be out of control.
According to the survey, 71 percent of organizations depend on spreadsheets for collecting data across their business units even though there are better ways to manage their data. Part of the problem lies in the inability of some ERP and CPM software systems (very comprehensive and expensive) to change as the business changes. In addition, many accounting, and finance teams rely heavily on their IT departments for system changes. Asking IT to script a new report is an unacceptable delay for time-sensitive analysis, particularly when younger analysts want to do it themselves.
The survey reported that only 29 percent of senior finance executives think they can change their system without causing major delays in their reports. It’s no surprise that 69 percent of survey respondents resort to getting by with what FSN calls a “spiral of spreadsheets.”
The small business executive dilemma.
Small businesses need the same data as the big boys. You don’t have big IT staffs or fancy accounting software’s. Frankly, you will never have the tools of the big boys—and they say they don’t have enough tools. You can, however, create a reporting system that provides the basic data that is needed to run an efficient, profitable business. It just takes an open mind, planning and a good CPA with analytical skills. As CPA’s with Fortune 500 experience we provide those skills.