Lies, Damn Lies and Spreadsheets; How to Prevent Spreadsheets from Ruining Your Business

Posted by nialldevitt under Management
From http://tweakyourbiz.com 334 days ago

This article looks at some classic spreadsheet errors in layman’s terms and suggests some preventative measures.

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Written by elainerogers
331 days ago

Niall & Helen, a super article - thanks for highlighting the vulnerability and volatility of spreadsheets and their users!!

=20+15*2 - A most common error in spreadsheets is lack of knowledge of simple mathematics. Some would use this simple formula to return an answer of 70, however a spreadsheet will return 50. No amount of auditing/checking will proof something like this.

I had a client who used Excel for accounting - when moving over to an accounts package, they realised they had not invoiced for 2 contracts!! OK it was only 1000 Euros, but that is a lot of money to be missing out of a small business cash flow!

Again, thanks for highlighting. Self taught spreadsheet users can be the most dangerous kind, especially when they mentor others!

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