Why Spreadsheets Are A Risk ….
For those companies that are still using spreadsheets, I refer you to the rapid demise of Conviviality. A recent article in The Sunday Times*: “… a case study on how a £500m company can fall apart in a matter of weeks” details how human error, in manually updated spreadsheets, caused a £30m tax bill to be overlooked; a rogue figure of £5.2m to be entered into profits; and a board meeting, where the FD quoted supplier credit as £25m when the actual figure was closer to £50m.
The article details how “…. what one insider called a “fat-fingered” human error on a spreadsheet set in motion a chain of events that rapidly tipped Conviviality into administration, wiping out investors and putting 4,000 jobs at risk.”
Maybe a TMS wouldn’t have saved this Company … I leave you to decide.
* 15/4/18 – Revealed: how not to run a p***-up at an off-licence . . .
Please call, if you would like impartial advice on whether a TMS could be beneficial to you.