Almost 90% of all Excel spreadsheets contain errors: Do you trust your data? Or are you willing to live with the financial implications your errors create for the annual account?
Financial consolidation and reporting have long been done using Excel as finance and accounting professionals have a long track record for making Excel their preferred tool.
Three main reasons always prevail - familiarity, cost, and ease of getting started. While 10 years ago these arguments may have been valid, fast forward to 2019 and it's an entirely different story. Let's break down the reasons why using Excel for your corporate group consolidation is outdated and no longer a viable option.
Finance professionals need to get out of their comfort zone to take center stage in front of the CEO, and perform as advisers rather than number crunchers
Over the past 30 years, the role of the CFO has gradually become key on executive boards. Now, automation and digitization are equipping you (and your fellow CFOs) with new tools. When the processing of numbers and delivery of reports become fully automated, you no longer need to spend up to 90% of your time on ensuring that the numbers are correct.