Error When Using Minus Sign Excel Thinks Its A Formula The Dark Side of Excel Spreadsheet Reconciliations

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The Dark Side of Excel Spreadsheet Reconciliations

Challenges

We all love Excel. Spreadsheets can be cumbersome to track your account data and complete your month-end closing process. But did you really know that Excel can lead you and your team to the month-end closing process?

Problems with spreadsheets

An expensive reality is not with Excel, but with the manual “Excel spreadsheet reconciliation” process. Many businesses must invest considerable time programming and formatting documents to establish the import of data, formatting during import, and reorganization. Formulas for month-end closing and Start using functions. This should be followed by testing to ensure accurate data is present. Another challenge is that spreadsheets cannot be easily adapted to meet specific business needs, and do not account for changes in business. Increased frequency and complexity in processes or transactions. They quickly become incredibly complex. and can be cumbersome to operate and maintain.

Beyond the significant amount of time required to program your spreadsheets and manually enter financial data, we must also factor in human error. The error rate found in manual reconciliation of accounts is between 0.8% and 1.8%. At first glance this error rate may seem negligible, however if your business processes 100,000 transactions per day that is 800 to 1,800 errors occurring on a daily basis.

Consider the fines and reputational damage associated with accounting errors. A wrong keystroke, removing a pattern or accidentally deleting just one cell can corrupt the integrity of the data, which, at best, requires more time for your financial team and, at worst, can have a negative impact on your financial records and your organization’s financial position.

Excel spreadsheet reconciliation errors

A new solution outside of spreadsheets

Some ERP systems eliminate some of the programming work required with spreadsheets, and automate the bulk of the straight-forward reconciliation work. But the difficulties still remain and you still have to deal with either manual work or a home brewed programmed version of Excel (or some other similar program), still requiring manual reconciliation of accounts. This results in tedious hours of repetitive work for your finance team.

Automated account reconciliation software, on the other hand, makes it possible to automate, standardize and visualize the processing of transactions. Automated solutions are suitable for either small or large companies with a large number of transactions. Especially those with complex transaction structures of multiple banks, suppliers and vendors.

Online software available in the cloud (SaaS) is a viable option for small to medium-sized enterprises as it does not come with huge setup costs or investment in hardware. Additionally, contracts are more flexible and software updates and support are available through the cloud.

There are companies that can offer a unique software solution that is custom-built for data matching. Solutions complimented by extensive expertise to help streamline your entire reconciliation process. They offer a reconciliation package that gives you time to focus on the fruits of faster and more reliable account reconciliation. Try it for yourself and see how automated accounting solutions can benefit your business productivity and your bottom line.

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