Excel Hell? Finance Professionals' Devotion to Spreadsheets can Lead to Costly Errors. What are the Greatest Potential Pitfalls and How can They be Avoided? (Technical Notes)
Financial Management (UK) 2011, May
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Publisher Description
All around the world accountants, auditors and financial managers are in love with the electronic spreadsheet - it is the most commonly used piece of equipment in their inventory. Unfortunately, it is also the one that is most prone to significant error. IT experts fear that organisations may be putting themselves at risk as they rely on Excel spreadsheets to report a wider range of financial and management information. A look through news cuttings will show that there have been some high-profile causalities of problematic spreadsheets, such as C&C, the Irish group that owns Magners cider. A spreadsheet error caused the company's shares to fall by 15 per cent in July 2009 after it admitted that its total revenues in the previous four months had dropped five per cent, not risen three percent as previously reported.