Many companies rely on spreadsheets to prepare financial reports, do their planning, budgeting and consolidation. However, it is clear that this approach has shortcomings. Spreadsheets offer no reliable audit trail to ensure data integrity, not to mention they cause problems with version control. As a result, spreadsheets are difficult to audit, costing businesses more money. Hence, organisations should replace spreadsheet systems with planning solutions that eliminate the errors that may result from using spreadsheets and that have a familiar interface to ensure compliance, transparency and accuracy.
An effective and flexible planning system allows organisations to quickly collect data over the Internet and eliminate errors traditionally caused by re-keying data and working with spreadsheets. Data should be consolidated and stored in a central, secure database to ensure everyone has a single version of the truth and that the information can be shared across the planning and budgeting processes.
With a better planning system, organizations can leverage guided workflow capabilities, built-in financial functions, automated processes, pre-built reports, information portals and a familiar Excel interface. The structure of these solutions can be modified to easily accommodate mergers, acquisitions and reorganisations – you make the change once and the software replicates it throughout the system.
These solutions provide capabilities that help organizations ensure compliance by:
- Increasing enterprise risk visibility
- Increasing data integrity
- Increasing process integrity
- Reducing close and publish times
- Increasing security
- Automating manual processes
- Enhancing ability to trace and audit transactions
- Delivering key performance information
- Improving auditablity and transparency
Read the “Better results through better planning” whitepaper to find out more.