What is the Cost of Using Out of Date Spreadsheets?

This week’s track and trace system reports highlighted, on a large scale, the problems associated with using out of date spreadsheets. So why are organisations relying on old technology, when there are better alternatives?

The UK’s Coronavirus track and trace system encountered problems this weekend, when an error believed to have been caused by a spreadsheet containing lab results, reached its maximum size and failed to process nearly 16,000 positive test results.

It would be wrong to say that Microsoft Excel does not have it’s uses. The problem here was that the requirements of the track and trace system far exceeded the capabilities of Excel, and this is also the case in many other business processes.

The reality is, that the evolution of technology has meant that there are better alternatives to Excel.

Is Excel holding your organisation back?

All finance teams will have experience with spreadsheets. Over the years they have become a large part of many processes, and their functionality is vast. So much so, that they quickly became a key part of the manual expense management process.

Collecting and organising data for staff expenses on a spreadsheet for a handful of employees is reasonable, but when organisations grow, and there are more employees or more complex expense claims, suddenly the task becomes much larger.

Perhaps some of these limitations may sound familiar?

• There is far too much room for error – one wrong cell value, or formula can lead to a stream of incorrect figures
• When different people are working on a single spreadsheet, it can be difficult to keep track of the most up to date version
• Spreadsheets take up a lot of time – maintaining them can take hours, days, weeks and even months. Inputting data, changing formula to meet the demands of a growing business, and matching up data can be very laborious
• There is a high risk of fraud with expense claiming. How many times have mileage claims been processed with a spreadsheet, with no backup data to confirm routes and actual miles travelled

Although spreadsheets have their place, in terms of expense management, the functionality can also be overwhelming, and there is a more user-friendly solution available which can solve the problems spreadsheets present.

What is the alternative?

MyExpenses has for many years now, been providing an alternative solution to assist organisations with expense processing. Here are just a few of the benefits of using software for your expenses:

Processing time is vastly reduced
The entire process is handled, from the employee claiming, to the checks and authorisation required, to the payment being made.

A claim can be started by an employee from anywhere in the world and can be completed in a matter of minutes.

Authorisation is a simple task and once the claim is ready; batch payment files can be created to export into your accounting software.

Reduce the risk of fraud
Your software will contain inbuilt policy rules (set by you). If the claimant has broken one of these rules, they are required to change the claim before they can submit. Mileage is tracked accurately using postcodes.

Stay compliant
VAT is calculated automatically, making sure you are compliant.

Greater Visibility
Using MyExpenses allows you to see the overall picture. We offer an extensive collection of reports as standard, and if there’s something more company specific you require, we can create it for you.

Automating your expenses is crucial to eliminate the problems caused by a manual processes. Find out more about automating your expenses here.