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Prevent errors in spreadsheet solutions

Companies rely heavily on spreadsheet solutions as tools for decision making based on input and reports obtained through the spreadsheet solutions. Errors however, have devastating effects in terms of cost associated with locating the errors and then rectifying them.

The more prevalent danger which is often overlooked is the cost of an undetected error. No matter whether companies make use of advanced features, without auditing measures and adequate training errors can go undetected causing financial havoc.

Consequences of errors

Opportunities can be missed because a wrong decision was made based on incorrect information. Lawsuits can occur and confidence can dwindle in the accounting and forecasting practices of a company.

Example of why spreadsheet solutions require auditing

Entity X, a R10 million corporation, makes a wrong choice based on inadequate forecasting figures. If the decision only affects 2% of their income, it would cost R200 million. If the entity is a public company, the error will have more severe consequences such as loss of confidence by the public and thus also mean than the entity will lose its standing in the industry.

What can be done?

It doesn’t mean that spreadsheet solutions should not be used; only that adequate training in error blocking and identification is required. In addition professional packages such as Spreadsheet Professional help to quickly locate and rectify input errors. At Miricle Solutions we provide free and fee based training that can be downloaded while extensive corporate training is also available. Our auditing software packages form the third leg of prevention. Contact us today and prevent costly financial planning mistakes.