Background
Let’s face it: Spreadsheets have been the go-to tool in finance for decades.
Whether it’s tracking expenses, creating forecasts, or running analysis, spreadsheets are woven into the fabric of financial operations. But as much as we rely on them, there's a growing recognition that they may be holding finance teams back in ways that aren't immediately obvious.
In this blog, we’ll peel back the layers and expose the hidden costs of spreadsheets—costs that don’t just drain time and resources, but also limit strategic growth.
The Hidden Costs Lurking Behind Your Spreadsheets
1. The Risk of Data Inaccuracy Spreadsheets rely heavily on manual data entry. A misplaced decimal point, a wrong formula, or an accidental keystroke can cause significant financial errors. These mistakes can be difficult to catch, and even harder to trace once they’ve trickled down through complex financial models. In the fast-paced world of finance, these errors don’t just mean incorrect reports—they can lead to costly compliance failures or missed business opportunities.
How does this affect you? You may be confident in your spreadsheet skills, but the reality is that the more data you handle manually, the more your risk of errors escalates.
2. Time Drains You Didn’t Account For Every finance team knows the hours it takes to input, clean, and organize data in spreadsheets. What often goes unnoticed is just how much of your team's time is being poured into these repetitive, low-value tasks. Time that could be spent analyzing data, forecasting trends, or identifying opportunities is instead devoted to copy-pasting, formatting, and double-checking formulas.
What could you do with this time back? More than you might think. Removing these bottlenecks can free your team to focus on strategic initiatives that drive real business outcomes.
3. Scaling Up: Spreadsheets Can’t Keep Up As your business grows, so does the complexity of your data. Spreadsheets can handle the basics, but when faced with large datasets and intricate models, they start to struggle. Slow processing, crashes, and performance issues become the norm, frustrating teams and delaying critical reporting. This becomes even more problematic as data gets siloed in different versions of spreadsheets across departments.
How does this impact the bottom line? Delays in financial reporting can mean missed deadlines, less agility, and ultimately, a reduced ability to react to market changes swiftly.
4. The Collaboration Challenge Finance isn’t a one-person show. Teams need to work together on reports, forecasts, and analyses. But collaboration with spreadsheets quickly devolves into version control chaos. Who has the latest file? Who made that last change? Critical data can get overwritten, or worse, lost altogether in the shuffle of multiple versions being passed back and forth.
Is your team playing “find the latest version”? This version confusion is more than a nuisance—it’s a potential liability when it comes to ensuring the accuracy of your data.
How to Get Started with Smarter Finance Tools
Recognizing the hidden costs of spreadsheets is just the first step. The next is transitioning to tools that help you overcome these challenges without adding complexity. Enter code-free analytics platforms like Alteryx, which are designed to do the heavy lifting for you.
Where to begin? Start by identifying the repetitive tasks that are eating up your team’s time. From data reconciliation to reporting, automation can streamline these processes, leaving your team with more bandwidth for high-value work. And the best part? With code-free tools, you don’t need IT intervention to get started.
The Challenges You May Face (and How to Overcome Them)
1. Resistance to Change Let’s be honest—many finance professionals are comfortable with spreadsheets. The idea of moving to a new platform can feel overwhelming. But the reality is that resisting change often results in being stuck in outdated, inefficient workflows.
2. Integration with Existing Systems One concern finance teams often have is whether new tools will play nice with existing systems. Rest assured, many automation platforms are designed to integrate seamlessly with popular ERP systems, ensuring your data flows smoothly.
Working with Keyrus
At Keyrus, we specialise in helping finance teams move beyond spreadsheets to embrace tools that drive real value.
Our expertise in data analytics and automation allows us to craft solutions tailored to your unique challenges, whether it’s speeding up your reporting process or reducing the risk of manual errors.
Ready to take the leap? Schedule a discovery session with us, and let’s start unlocking the full potential of your finance team!