Halloween is a time for telling scary stories and watching horror films. The scenes of witches and vampires usually spark some unwelcome nightmares. Luckily, Halloween only comes once a year.
For finance teams, however, the nightmares seem to come every month—right when it’s time to close the books—and then again for quarterly board meeting reports and the annual planning season. Late hours can leave finance teams feeling like zombies with the deluge of spreadsheets and pending deadlines adding to the stress.
Leading up to Halloween, we’ve been posting some of finance’s biggest nightmares, from noticing a broken spreadsheet formula at 2 A.M., to finishing your budget after January 1st, to trying to decipher other people’s spreadsheet models. Those are scary nightmares, for sure, but also the unfortunate reality for many of us in finance.
But it doesn’t have to be that way.
Here’s How Host Analytics Can Banish Your CFO Nightmares Forever
Overloading Excel and being forced to rebuild hours of work due to a freeze or crash is a scary thought. But with Host Analytics’ cloud-based solutions, projections and forecasts are always backed-up and saved – and never susceptible to a crash. Because Excel spreadsheets weren’t built to handle the complexities of an organization-wide financial planning process, they aren’t great at creating connected models across an organization. Simply put, they are the wrong tool for today’s modern and complex financial processes.
Many CFOs fear the discovery of formula errors just hours before a critical meeting. But with Host’s purpose-built modeling and forecasting solutions, finance teams can ensure calculations are always correct and never unintentionally edited. With Host Analytics’ MyPlan, CFO’s can focus on making strategic business decisions instead of consolidating and deciphering other people’s budgets. Automated alerts and reminders can help budget owners stay on-track and on-task and avoid scary surprises as deadlines approach.
CFO Nightmares not only keep finance specialists up at night but also drag down a company’s performance. A faulty formula or crashed spreadsheet can crush your productivity and, worse yet, can cost the team its credibility with the rest of the organization, just as a missed deadline or a spreadsheet with out-of-sequence rows can impact strategies and decisions.
This can all be easily avoided.
In some ways, the nightmares feel like the cliche horror movies where petrified characters wander into the obviously haunted house, despite moviegoers yelling warning calls at the screen. The movie characters are doomed to meet a ghastly end because they ignored the warning signs.
When to comes to end-of-period financial processes, finance teams may be dooming themselves with the same fate. By continuing to rely on Excel, even after so many frightful moments and close calls, finance teams are sure to know what the outcome will be. The only true savior is good common sense.
This Halloween, put a stake through the spreadsheets and start using Host Analytics’ cloud-based enterprise performance management software to automate and accelerate the planning, reporting, and consolidation processes. By identifying the 5 Signs You Are Abusing Excel and learning how to move to a better, faster, more reliable solution, finance teams can finally stop those financial nightmares and start getting a good night’s sleep again.