While a host of different budgeting, forecasting and reporting technologies have faded in and out of popularity over the years, the simple spreadsheet has continued to be a mainstay of finance teams at credit unions for decades.
According to CFO Magazine, “Microsoft gauges the number of Excel users worldwide at more than 400 million, and Forrester Research estimates 50 to 80% of enterprises still use stand-alone spreadsheets for critical applications like financial reporting.”
The ubiquitous Excel spreadsheet is simple enough for any beginner to understand yet powerful enough to support high-level applications and modeling. However, are spreadsheets being utilized properly to best support the institution's business objectives?
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