An employee (lets’ call him Tim) from a big company was working on the financial reports for the end of the year fiscal period.Tim had been stressed and working late nights most of the week. Everything (when we say everything, we mean EVERY PIECE OF FINANCIAL DATA NEEDED was stored on his computer, formatted nicely in an excel sheet. The evening before Tim’s deadline his excel unexpectedly crashed. Panicked, he kept trying to reload excel only to find that half of the data was missing and did not save on the recovery document. Tim’s’ worst nightmare had come true. Imagine that!
This post isn’t here for storytelling purposes or to increase your cortisol levels (read: stress), rather it’s here to show you that if you still are using a spreadsheet application to generate your financial reporting, it’s time to click CNTRL+S and stop. Don’t get us wrong, we have nothing against a organised excel spreadsheet. They help us keep track of progress, manipulate data and examine strategic questions BUT as our partner at Financial Force explains it:
Excel quickly becomes problematic when you add more users, data sources, formulas and questions – all of which you need to optimize your financial performance. Here at Cloudteam Company we have experienced the benefits of using Financial Force ERP first hand. As we broaden our horizons, our financial information is widening and becoming increasingly complex. We are no longer able to rely on excel and so we turned to our own product.
After implementation, the finance department laughs at the days where they relied on several excel reports based on information that has been pulled from unrelated systems to create financial reports and forecasting.
We have automated our financial processes allowing richer information across all departments and so integration between departments has never been better. Through FinancialForce ERP we are able to track financial processes from the moment our marketing department identifies a lead to the end revenue and costs. We are able to make informed and rapid decisions when strategic issues arise and resources are needed.
But it’s not only Cloudteam that benefited from the spreadsheet shift. Companies report numerous benefits from using Financial Force ERP. From automating 95% of financial functions to having a pain free audit for the first time in five years. And so, it can be said with certainty that Tim would have done anything to get his hands on FinancialForce ERP.
We understand that a simple post may not be enough to convince you to restructure your financial process frameworks. It’s a big decision and all factors need to be accounted for and assessed. So, we leave you with one last suggestion. Our partners at Financial Force have set up a comprehensive E-Book that may help you in your decision making. They provide 12 reasons why you should stop using spreadsheets and what your options are.
If you would like to experience this efficiency rather than read and about it, contact us and we will help you move to a better reality.