Spreadsheets have become one of the most prevalent software applications used by businesses. They are used for everything from simple calculations to impromptu databases. While inherently useful, spreadsheets are frequently used for tasks in which they are ill-suited. In fact, too many companies overlook the importance of accurate fixed asset tracking and rely on spreadsheets to track value, depreciation, and tax calculations. Unwittingly, this results in the direct loss of money and time.
Here’s a riddle: What have you used for a very long time, occasionally pulled your hair out over, contains lots of cells with mathematical formulas, and is very stressful to update whenever a tax law or GAAP principle changes?