(This article is a follow-on to GL Recons with EXCEL is Dead which posed the questions about the unreliability of spreadsheet based GL reconciliations. As any CFO knows, the numbers that bubble up from the general ledger into the balance sheet need to be trustworthy.
Moving Away from EXCEL Based GL Reconciliations
GL Recons Still Using Excel Are DEAD!
In my estimation, about 50% of Group CFOs still base their financial statements on numbers generated from spreadsheets. Which is a problem because nine out of ten spreadsheets contain errors, a fact I have driven home in my previous articles. As a CFO, I know that the buck stops with you. But how are you supposed to present reports and make accurate forecasts based on numbers you can’t totally trust?