The hidden side of month-end: the Excel file jungle
SUMMARY
This article highlights three major challenges faced by corporate Finance teams using homemade Excel files to manage non-accounting processes in mid-sized organizations, and how specialized applications can help mitigate these risks.
Reading time: 3 minutes 40 seconds
Month-end close: a repetitive and often chaotic sprint
In mid-sized companies with 100 to 2,000 employees and 5 to 15 departments, the monthly close is a high-pressure period for corporate Finance teams. This stress arises from a series of critical tasks that must be completed in a short timeframe, with multiple dependencies across teams and tools. The dual challenge is to deliver reliable financial statements quickly while meeting the analysis deadlines set by management. This recurring pressure impacts not only workplace well-being but also the reliability of reported data. It is therefore essential to rethink these processes to improve efficiency, reduce error risks, and free up time for strategic analysis.
Challenge #1: Lack of control and governance over Excel files
Excel files circulate between colleagues, are stored locally or on unsecured shared drives, and evolve without documentation or history. At month-end, this leads to wasted time, hard-to-detect errors, and heavy reliance on the memory or discipline of a few key individuals.
To mitigate this risk, organizations can implement a centralized platform that structures these processes while retaining Excel as the user interface. Files are no longer independent but linked to a governed database with access rights, version tracking, and real-time progress visibility.
Challenge #2: Difficulty collaborating effectively across departments
Non-accounting processes often involve HR, IT, Sales, or Operations managers who must provide financial data to include in the close. Relying on separate Excel files complicates collaboration, multiplies manual follow-ups, and lengthens deadlines.
Integrated collaborative solutions allow defining user roles, schedules, and workflows within a single environment. Each participant inputs data into standardized templates accessible via Excel but connected to a central system that automates integration and tracking.
Challenge #3: Lack of documentation and dependency on key personnel
Homemade applications are often the result of a resourceful but undocumented initiative by a colleague skilled in Excel but with idiosyncratic usage and many manual steps. This creates a significant risk for process continuity if the key person leaves the organization.
Mitigating this risk involves adopting a solution that enables easy deployment of specialized applications while embedding process knowledge and expertise within the applications themselves, making operations independent from the individuals involved.
Conclusion
Excel remains an essential tool for Finance, but its unmanaged and ad-hoc use weakens month-end reliability. FP&A SwiftFinance transforms these files into professional-grade applications: integrated into the analytical model, secure, governed, yet still operable directly within Microsoft Excel. A modern approach combining flexibility, rigor, and performance for your non-accounting processes while ensuring their long-term sustainability.
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Risks of managing non-accounting processes in Excel