Microsoft Excel has become ubiquitous with data management and financial forecasting. Today, with its usage on nearly every PC, Excel spreadsheets has been a key part of business decision-making, delivering statistical analysis and estimation tools.
Spreadsheets have become so universal that they have found their way into an extensive variety of applications including complex modelling, accounting reconciliations, market data analysis, workflow tracking and monitoring, analytical review and financial reporting.
At Sonas Systems we solve the seven challenges you may be facing in your organisation, today we address the issue with spreadsheets.
Issues with Spreadsheets
Unfortunately, organisations dependence on spreadsheets has transformed user-developed applications into high-risk office tools. Easy spreadsheet mistakes such as forgetting a negative sign or a cut-and-paste error have previously caused million-pound discrepancies. The bottom line, human error is inevitable and the repercussions are limitless, heightened if the error is no error at all and instead fraudulent.
Anyone can generate a spreadsheet, although reliant on the data accuracy and competence of the person entering the data, and this is where mistakes begin. Presently, these programs have no audit trails, no way of tracking how, where, when and who the data comes from and no straightforward method of identifying errors.
It is indisputable that spreadsheets are labour-intensive. The extensive range of other hacks, from macros to formulas, that we have become reliant on to reduce the time and energy spent on drawing up master spreadsheets are nevertheless time-consuming. An article from The Global Treasurer revealed treasury teams waste almost 5,000 hours per annum on managing cash through spreadsheets.
Sonas Systems Solution
Sonas Systems reconciliation software is like no other solution, by having a unique mobile application that not only captures data in real-time but automatically takes an image copy of the source documentation providing a complete audit trail.
Sonas Systems allows for business performance monitoring with a unique reconciliation solution providing trend analysis, benchmarking and a drill-down facility for a comprehensive and quick data analysis.
This drill-down approach allows you to customise the data you see, from a brief overview to detailed analysis, resulting in informed business decisions.
Automating the future
Our cloud-based solution eradicates time loss, theft, mistakes and lack of analytics. Also, like AI, these technologies naturally learn as they go, picking up the knowledge essential to avoid errors and guard against cybercrime.