The spreadsheet has been a tool in the global, federal, state and local tax accounting professional’s arsenal for decades. As time passes, spreadsheet complexity grows, thereby increasing the inherent risk of relying on these documents. Critical spreadsheets for tax provisioning, tax reserves and tax compliance all leave tax accounting organizations vulnerable to costly errors.
How costly? Ripped from the headlines are tales of regulatory fines, IPOs stalled, stock prices that plummet and shareholder trust eradicated; mostly due to human error when using critical spreadsheets.
Incisive solutions for corporate tax professionals allow them to spend more time on strategic initiatives by providing multiple benefits including the ability to:
- Create complete confidence in spreadsheet data
- Automate insight into risk
- Impose the “right” amount of controls
- Find and fix errors
- Locate and maintain an accurate inventory of spreadsheets
More Strategic, Less Tactical
Tax professionals easily get bogged down in the tactical areas and have less time for more strategic efforts like creating “what if” scenarios. Tasks that used to take weeks can now take minutes. Analysis scenarios need flexibility to easily jump back and forth and find differences. Incisive software tracks every revision and automatically finds differences across multiple revisions or different workbooks.
Addressing compliance obligations is critical to every tax organization. Manually monitoring and tracking every revision made to critical spreadsheets is an impossible task. Access control is more achievable, but difficult to do well. Incisive software enables both goals to be achieved easily through robust software that maintains a complete audit trail of every revision as well as locking down documents so only the right people have access.
Checking every cell in a spreadsheet cannot be done manually. Simple mistakes or fraud can easily go unnoticed and dramatically affect outcomes. Incisive software automates the error checking process, making it simple to find errors and identify potential fraud. Once identified these can be quickly fixed to ensure that all data is accurate and reliable.
Uncover Hidden Risk
Networks overflow with spreadsheets most of which have no issues, but identifying the ones that do is difficult. An error in one spreadsheet can affect many others. Quickly identify and monitor risk over time to locate and address problems before it affects critical business processes.