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Spreadsheet Errors Add Up To Billions

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[ Business]

Lack of formal change management and poor use of security features could be costing businesses up to $10 billion USD per year.

Microsoft Excel, one of the most widely used computer applications on the planet, may be the focal point for business losses, according to a Bloor Research white paper composed by Philip Howard.

Citing data from Big Four accounting firms PricewaterhouseCoopers and KPMG, Mr. Howard identifies numerous areas where spreadsheets can host money-costing problems:

  • Errors in data and in formulas
  • Spreadsheet security
  • Minimal auditing or change management of spreadsheet data within firms

The white paper recommends the use of more stringent change management procedures by companies, including full audit trail logging and role based security. This is probably a prudent recommendation in the face of necessary Sarbanes-Oxley compliance by many firms.

David Utter is a staff writer for WebProNews covering technology and business. Email him here.

Spreadsheet Errors Add Up To Billions
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