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Myths and Risks of Using Excel for Lease Accounting

Myths and Risks of Using Excel for Lease Accounting

About the New Lease Accounting Standards

Myths and risks of using excel for lease accounting on tablet

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Hidden Challenges

  • Portfolio Management
  • Data Stewardship
  • Meeting Compliance

Where Does Excel Stand When?

  • Testing the Accounting
  • Handling Lease Complexity
  • Preparing for Audit

Excel Weaknesses Exposed, Risks Quantified

Excel is a great tool for data analysis and decision support. Its danger is brought front-and-center when it’s used to manage processes for which it was not designed like accounting. The harsh reality is the tool is not to blame for the multitude of errors that result from its use on the wrong task. Rather it’s the people who choose to use an ill-designed tool for a complex task that are too blame.

A partial list of the companies that have publicly blamed an accounting or significant financial error on Excel is shown above. However, the list of companies that have experienced the same problems but not made a public disclosure is much, much longer.