Spreadsheets Still Dominate—and Still Cause Headaches

Spreadsheets remain the most common workaround for system gaps. They’re flexible, familiar, and easy to spin up. But at scale, they introduce more problems than they solve.

Finance leaders often cite issues like:

• Version control errors
• Broken formulas and logic
• Manual re-keying between systems
• Lack of audit trails or role-based access
• Difficult collaboration across teams or regions

You may already know the costs. According to a survey by FSN, 80% of finance teams say they spend too much time on data gathering and not enough on analysis. That’s because fragmented systems force them to pull data manually, reconcile inconsistencies, and prepare custom reports that could have been automated.

Every spreadsheet workaround represents lost time—and a missed opportunity for insight.

Why Fragmentation Slows Finance Down

If your team is stuck in reconciliation mode, they’re not focusing on what matters most: guiding the business forward. Here’s where fragmented systems cause the biggest drag:

1. Slow Close Cycles

When each entity runs on its own system—or when data is manually gathered across platforms—month-end and quarter-end closes take days or even weeks longer than necessary. Teams often spend more time collecting numbers than reviewing them.

2. Limited Visibility

Disconnected systems create data silos. You can’t see real-time performance across the full business, and generating consolidated financials often requires offline work and late-stage adjustments.

3. Compliance and Audit Risk

Inconsistent data sources, manual overrides, and lack of system controls increase the risk of material misstatements and audit issues. Your internal controls suffer when data passes through too many hands and tools.

4. Team Burnout and Inefficiency

Finance professionals didn’t sign up to be spreadsheet janitors. When skilled team members spend hours each week on manual reconciliations, copy/paste work, and data hunting, you risk turnover and missed strategic opportunities.

What Modern Finance Teams Are Doing Instead

CFOs leading high-growth or multi-entity companies are taking a different approach: moving away from pieced-together systems and toward integrated accounting platforms that centralize operations and enable real-time visibility.

Here’s what that shift looks like:

Unified Data, One Source of Truth

All entities operate within the same system, under a shared chart of accounts and standardized policies. You eliminate duplication, reduce errors, and gain confidence in the numbers—no matter how fast you’re growing.

Automation Built for Finance

Routine tasks like intercompany eliminations, currency revaluations, and recurring journal entries are handled automatically. Month-end processes are streamlined, not reinvented every cycle.

Real-Time Consolidation and Reporting

You no longer have to wait until the 10th of the month to see how you performed on the 30th. Consolidated financials update in real time as transactions occur across entities.

Integrated Approvals and Controls

Workflows like spend approvals, journal reviews, and compliance checks are built into the system, with audit trails and access controls aligned to your org structure.

Case in Point: G-20’s Shift from Manual to Modern

G-20, a multi-entity family office, once relied on manual approvals and fragmented processes to manage financial reporting. The result? Delays, inefficiencies, and heavy reliance on staff to manage approvals and reconciliations manually.

By integrating their workflow automation with a centralized accounting platform, they cut financial reporting delays by nearly half and saved 25% of staff time on approvals. With streamlined intercompany and entity-level reporting, their finance team now operates with greater speed and control—without chasing spreadsheets.