The ACCA found that more than 90% of spreadsheets contain serious errors, while more than 90% of spreadsheet users are convinced that their models are error-free. While there is something both humorous and frightening in this statistic, it is also representative of the cognitive dissonance causing stress for accounting professionals today.
A recent global survey of more than 1,500 respondents found that the majority believe their finance and accounting processes are best-in-class. Yet, respondents reported that the complexity of F&A processes, largely held together by detailed spreadsheets, increases the risk of using inaccurate financial data to drive business decisions
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