Microsoft Excel Program

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Microsoft Excel Program Spreadsheet Risks

Although the Microsoft Excel programis perfectly suited as package for recording financial data for tax return purposes, uncontrolled spreadsheet entries pose a serious problem. Businesses should implement quality control systems for spreadsheet entries in theMicrosoft Excel program.

One of the best packages for spreadsheet control is Spreadsheet Professional available from Audit Excel. Without adequate control the spreadsheets become liabilities rather than effective financial data tools.

The three most important steps that businesses can take to ensure full compliance with Best Practice and statutory regulations are:

• Find all spreadsheets in theMicrosoft Excel program which are relevant to tax and financial governance regulations in the company.
• Apply measures to increase accuracy and correct usage of spreadsheets.
• Obtain an auditing package such as Spreadsheet Professional to locate and correct mistakes in the spreadsheets regarding entries and formulas used.

Auditors make use of the company’s spreadsheets to review a company’s financial standing and history. Incorrect spreadsheets can however, mean that the information received by the auditor is unreliable and dangerous to say the least.

Two of the most common spreadsheet risks are:

• Lack of spreadsheet skills – if the entries and formulas used are incorrect, the validity of information in the spreadsheets become questionable. For this reason it is extremely important to ensure that your staff gets the right training, which is available through Audit Excel.
• Recycled spreadsheets where previous spreadsheets with their formulas are used over and over. You require a quality control system and Spreadsheet Professional to identify incorrect entries and formulas as well as damaged cells.

Both these risks are addressed through adequate training, quality control measures, and the Spreadsheet Professional package. Contact us to book training for your staff on the correct usage of the Microsoft Excel program and to obtain the Spreadsheet Professional package.