Spreadsheets still form the backbone of finance departments around the world. They offer flexibility in gathering, consolidating, and analyzing data in a simple way. But as companies grow and data becomes more complex, handling financial data through Excel can start to feel like an increasingly unmanageable project – a bit like trying to gather all financial data in “The One Spreadsheet.”
Many finance departments rely on Excel to manage data from several different sources, such as ERP, HR, and CRM systems. This often requires manual effort and adjustments to make the spreadsheets usable.
However, with multiple systems, increasing amounts of data, and complex structures, this becomes a cumbersome and risky method. Manual processes and person-dependent spreadsheets often lead to inefficiency, risk of errors, and missed opportunities to make the best decisions for strategy and business development.
Without a dedicated platform, finance departments often spend too much time and energy gathering and maintaining data, rather than working with insights.
With the Profitbase CFO Platform, you can automate the collection and maintenance of financial data in one secure system. The platform gathers both financial and non-financial data from multiple systems in one place, making it easily accessible to the entire company. This frees the finance department from the manual and time-consuming task of hunting for numbers in a sea of spreadsheets and fragmented systems.
In addition to streamlining data management, the platform offers solutions like budgeting and forecasting tools, consolidation, and risk management. It integrates seamlessly with Power BI to visualize and report planned figures, making the decision-making process faster and more accurate.
Many finance departments are moving towards digital transformation, but it can still be challenging to break the habit of relying on spreadsheets. What are your biggest challenges with collecting, consolidating, and maintaining financial data?
Are you still using “The One Spreadsheet,” or have you started exploring other solutions?
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