Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook™ page of the PKF Texas website.
One of the most common business tools used today is the spreadsheet. Originally conceived and designed to be an individual productivity tool, most business people use them collaboratively, to pull information together or help manage processes. They are easy to use, versatile, low cost and millions office workers, clerks, accountants, and executives use them every day.
A recent survey by Ventana Research confirmed that while the benefits of this tool of the modern age are tremendous, a large amount of risks and hidden costs come into play as their use expands within an organization.
If you find yourself saying: “Spreadsheets, I love’em and I have’em” at the same time, then you need to take charge of the situation. Here is an easy three step plan to begin addressing the problem:
- Take an inventory of the spreadsheets used by your company every day. Assign ownership to each spreadsheet.
- Develop a series of internal controls for the creation and use of spreadsheets and assign accountability to the owners.
- And finally, look for alternatives to the spreadsheet, including use of additional applications or resources within your own ERP system.