• The Aquorn Team

The Spreadsheet Problem

Spreadsheets are one of the most utilized programs in the corporate sector and the public finance sector is no different. It offers solid analytics, graphics, and ability to summarize and analyze large amounts of data.

In the public finance sector, there is not a single financing completed that hasn't had multiple spreadsheets created across multiple organizations in the exercise of analyzing need, structuring the deal, or managing the outstanding obligation.

Despite its popularity, huge risks are created in using spreadsheets for financial analysis and management tasks. The program doesn’t offer the types of audit trails nor security that any agency requires with every other aspect of these crucial business functions.

PricewaterhouseCoopers and KPMG analysis reports material errors in 90%+ of corporate spreadsheets

When used for its intended purposes, spreadsheets can be very helpful, but over-relying on their capabilities presents huge risks. There is no automated error checking. Attempting to execute manual error checks is highly complicated. Fraud is a huge concern as numbers are easily changed, without an audit trail. The user experience is not always intuitive for users of different experience levels.

A more secure and intuitive way of managing complex debt cash flows exists - platforms that handle core calculations and and data management for public sector financings that integrate with existing systems including enterprise resource planning, general ledger, compliance and document management. Organizations who go down this path experience incredible benefits on efficiency, compliance, collaboration and security.

Governments of all sizes can benefit from innovating away from spreadsheets and leverage technologies designed to address their specific challenges.