You may already be at risk—without even knowing it
SUMMARY
This article outlines the key risks corporate finance teams face when relying on homegrown applications built with Microsoft Excel to run financial processes.
Reading time: 2 minutes 03 seconds
Threatened sustainability: the hidden risks of using Excel in corporate Finance
In companies with 100 to 2,000 employees, many corporate finance teams still rely on homegrown Microsoft Excel applications to support their critical processes. While this approach may seem fast and flexible in the short term, it introduces major risks to operational sustainability: reliance on key personnel, exposure to security breaches, and lack of formal documentation. Ignoring these risks can lead to major disruptions, loss of sensitive data, or even serious financial delays. It is therefore essential to understand these risks and implement concrete measures to protect the organization.
Risk #1: excessive dependence on one or a few key people
Often, the design and maintenance of complex Excel files depend on one or two employees who know all the details. If these people leave the company, fall ill, or become unavailable, financial processes can be severely disrupted, as no one else has the expertise to run them effectively.
To mitigate this risk, organizations must formally document their processes, use collaborative tools, and prioritize professional solutions that structure and centralize financial applications in a sustainable way.
Risk #2: data security vulnerabilities
Excel files containing salary, budget, or tax information are often stored locally, sometimes without encryption or strict access control. This exposes the company to data leaks or unauthorized access.
To address this issue, companies should adopt platforms that offer high levels of security, including role-based secure access, connection tracking, and centralized management of sensitive data.
Risk #3: lack of documentation and standardization
In many organizations, business rules, calculations, and methodologies used in Excel files exist only in users' minds. This makes internal audits difficult, slows down the onboarding of new hires, and increases the likelihood of errors as processes evolve.
To solve this, it is crucial to structure processes in formal, documented, and regularly updated applications—such as those offered by Swiftfinance, which provides preconfigured, governed modules tailored to each company’s specific needs.
Conclusion
The risks tied to key-person dependency, data security, and lack of documentation can seriously affect the operational continuity of corporate finance teams. The FP&A Swiftfinance solution enables organizations to modernize their environment by ensuring the security, governance, and long-term viability of their critical financial processes—freeing them from the constraints and dangers of homemade Excel solutions.
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Sustainability of financial processes and homemade Excel applications