The role of a financial controller has evolved significantly over the last few decades.
CFOs, CMOs and CEOs now rely on financial controllers for critical information and strategic guidance. A financial controller is often a key person within the company who consistently has their eye on the finances to ensure there are no surprises at the end of the quarter.
One tool that has been important to financial controllers for years is Excel.
The spreadsheet program created by Microsoft has offered financial controllers flexibility and reliability for keeping track of the numbers and managing complex calculations.
As a stand-alone software, nothing comes close to Excel’s abilities to process mathematical equations and to manage and store data. Calculations that would normally take hours to complete can be presented in spreadsheets in seconds.
Any number of what-if scenarios can be shown with a few assumption updates. What’s more, there are enterprise-class solutions that complement and leverage the power of Excel.
But there are few inherent problems with Excel –
- There is no error control – “It’s easy to inadvertently change a cell or make mistakes – I’ve seen people suddenly realize that a macro was wrong by one cell after using the process for a long time and then have to go back and figure out when that happened.
- Difficult to collaborate – Nowadays no financial controller or analyst works alone. We are all part of bigger or smaller teams and we all need to communicate around the applications we build.
- Little reusability – The lack of a verified and reliable way to collect data from multiple sources makes reusability limited to very simple processes.
One of the primary tasks of a financial controller is ensuring that all company transactions are properly recorded and maintained. For some businesses that have thousands, or even millions, of transactions a year — keeping track of it all in Excel could be a nightmare.
This is where VersionXL gives you the ability to work, sync & push the changes and view the entire commit history within the excel sheet. Financial controllers can now do more than gather data and press buttons that pump out new reports.
The integration with powerful version control and collaboration enables the team to use this information to better understand operations, reduce costs, increase profits and identify strategic opportunities for the company.
While full-service software has certainly replaced a lot of the work that was once done on Excel, financial controllers still use Excel as their primary solution for plenty of tasks that rely on manual input, from record-keeping to the preparation and interpretation of financial statements. Identifying the right finance tools is an important step for any financial controller who wants to maximize their impact on the organization. This is where VersionXL becomes very important as it’s quick to set up, reliable & secure, and promotes collaboration within the company without having a steep learning curve.