We all feel comfortable using the tools we know best. It’s impossible to think of a more familiar application than Microsoft Excel.
Does your collection of spreadsheets number run in the double digits? Triple digits? It’s not surprising. Excel is one of the most widely used applications – and it has been for decades.
We’re not suggesting the demise of spreadsheets any time soon, but we would like to point out a couple things to keep in mind.
Frequency of Error
Errors in Spreadsheets occur more frequently than you might think. In a study published by Ventana Research, findings show that 19% of spreadsheets contain format errors; another 26% contain formula errors and a whopping 35% contain data errors.
Cordia Partners is happy to offer you the Ventana Research report ‘Eliminating the Risks of Spreadsheets in Finance’ to download.
Remember – FASB Changes are Coming
In 2018, new revenue recognitions rules start coming into play. The changes coming as a result of ASC 606 and IFRS 15 have been called the most sweeping FASB changes in 20 years. From the white paper:
“These changes necessitate an extensive review of contracting and accounting policies and processes and likely will require changes to procedures and systems.”
In order to maintain growth and scale efficiently, finding a more sophisticated approach to calculating revenue – namely an appropriate ERP system designed to handle revenue recognition and contract versus a spreadsheet prone to error – is the recommended course of action.
Intacct is the First to Deliver Revenue Recognition Capabilities to its ERP Solution
The truth of the matter is that the more reporting you can derive directly from your accounting software, the more accurate your reporting will be. It’s why we recommend Intacct. You’ll enjoy faster closes, quicker consolidations, and with Intacct’s Contract Revenue Management, you’ll be fully equipped to automate subscription management and complex revenue accounting.
But more than that, you’ll enjoy better insights into financial and operational outcomes than spreadsheets could ever deliver.
Isn’t it Time to Break the Compulsive Spreadsheet Habit?
We’re available to counsel you on where you might be able to retire your spreadsheets and jettison into the efficiencies of modern accounting software. Contact us or give us a call. We can show you how your organization could be transformed with dashboards, drilldown, and collaboration capabilities – and available anytime, anywhere and on any device.