- Your Business
Financial Control of Your BusinessPrint Version
Whatever your business, the office of the CFO faces many common challenges. Financial reports must be prepared from across distributed, complex entities, often straddling many different tax and regulatory jurisdictions. With business demands always changing, the only way to keep up is to use end-user computing (EUC) applications to close the gap between these demands and the capabilities of central applications.
In fact, a recent Deloitte survey showed that over 70% of major businesses are critically dependent on end user computing applications (EUCs), principally spreadsheets and MS Access ® databases. In practice they are so pervasive that you take them for granted.
The financial reports on executives’ desks are therefore critically dependent on an ‘information supply chain’ that is heavily populated by EUC applications. These supplement, amend and manipulate the original data held in central applications before final decisions are made. Common examples include ERP data imports, new pricing plans, tax calculations and adjustments for items such as provisions and amortization. Indeed, almost all executive reports are re-formatted inside spreadsheets to improve data clarity and comprehension.
Over time, errors creep in. Yes, they are usually caught, but only at the expense of many hours of effort. Others lie hidden, emerging at the least opportune time such as external reporting and bringing significant costs in terms of profits or reputation. Not surprisingly the auditors and regulators are becoming increasingly focused in this area. If you suffer from these symptoms then it is time to ask whether spreadsheet management is for you.
ClusterSeven automatically brings efficiency, insight and control to all these
processes, reducing risk, exposing opportunity, saving money and keeping your regulators and auditors happy.
"Spreadsheet applications can be an incubator for compounding issues leading to an avalanche of misinformation."
"[Spreadsheet flexibility] should jangle the nerves of executives. Why? Because every user who accesses a spreadsheet represents a potential risk to the integrity of the data it contains."Deloitte, 2009