Here are five reasons why Excel is not the right application for Financial Close and Consolidation for growing companies.
Even a small amount of growth can make a once simple financial close process aggravating. Major changes can cause hair-tearing frustration, and change is the new norm. The flexibility of Excel becomes fragile and brittle after years of formula tweaking by different people. Time is spent providing increasingly more reports for each group in the organization – showing information sets in their own special way. The Financial Close and Consolidation process slows to a crawl as data accuracy is called into question or the auditors look for more detail.