DataRails, a financial planning and analysis platform for Excel users, surveyed 200 CFOs of businesses of up to 500 employees in the U.S. and United Kingdom, according to an April 14 news release.
Five details:
1. Seventy percent of CFOs said they rely on Excel for financial budgeting and forecasting, but only 18 percent considered themselves experts; 30 percent called their skills advanced.
2. The survey found that 41 percent of financial planning and analysis processes are manual. Skilled financial analysts spend 10 hours a week on spreadsheet work; that includes many hours of work for the CFOs themselves.
3. Thirty-one percent of CFOs said constant spreadsheet work left them bored.
4. Forty-eight percent said manual processes reduce the time spent with family and friends.
5. Forty-seven percent said the manual processes impair their ability to participate in strategic decision-making.
Read the full report here.
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