Using Excel to control company spending could be accounting for regular company spending mistakes, according to new research. Almost thirty percent of businesses are making spending mistakes on a quarterly basis, while nearly 40 percent of the same businesses asked are using Excel to track company spending.
Key research findings:
- Spending mistakes are made quarterly by almost 30% of businesses
- Almost 40% of businesses are still using spreadsheets to track their spending
- Only 18% of businesses are using a dedicated online PO (purchase order) system to track company spending
More details about the research:
Answers to the question: “How often are spending mistakes made at your organization?”
#1: Quarterly (27%)
#2: Weekly (20%)
#3: Never (19%)
#4: Monthly (18%)
#5: Annually (16%)
Answers to the question: “What kind of PO system do you currently use to control spending in your company?”
#1: Excel spreadsheet (39%)
#2: Paper-based (19%)
#3: Dedicated online PO system (18%)
#4: Other (15%)
#5: ERP (9%)
Demographics: 100 US-based respondents from a panel of SMBs (small and medium-sized business owners). Respondents are aged between 25 and 54 and have an average inferred annual income of $50k – $150k.
This research was conducted to better understand the extent to which organizations are making spending mistakes and how they choose to track company spending.
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