{"id":2176,"date":"2015-10-08T16:39:27","date_gmt":"2015-10-08T16:39:27","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2176"},"modified":"2015-10-08T16:39:27","modified_gmt":"2015-10-08T16:39:27","slug":"spreadsheet-errors-marked-as-major-business-risk","status":"publish","type":"post","link":"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/","title":{"rendered":"Spreadsheet errors marked as major business risk"},"content":{"rendered":"<p><strong>As business accounting becomes increasingly reliant on technology, errors in spreadsheets could pose a threat to the financial stability of many companies, according to the Institute of Chartered Accountants in England and Wales (ICAEW). <\/strong><\/p>\n<p>A report reveals that half of accountants feel that errors occur in spreadsheets with a frequency that is \u201cvery high\u201d or \u201cfairly high\u201d. Three quarters of those surveyed labelled spreadsheet errors as a major potential risk for businesses.<\/p>\n<p>The report found that:<\/p>\n<ul>\n<li>54% of errors come from not being able to track who has made changes<\/li>\n<li>42% come from too many people having access<\/li>\n<li>39% of mistakes are the result of a lack of training.<\/li>\n<\/ul>\n<p>Two thirds of respondents believe that it is likely that a large UK company will suffer financial damage as a result of spreadsheet failures in the next 2 years.<\/p>\n<p>Richard Anning, head of ICAEW\u2019s IT faculty, said:<\/p>\n<p>\u201cWe know flawed spreadsheet design and lack of formalised training can lead to significant costs. Errors, however, often remain unspotted which means the damage is difficult to recognise or measure.\u201d<\/p>\n<h2>Minimising spreadsheet risk<\/h2>\n<p>There are a few simple steps that a company can take to reduce the risk of spreadsheet failure:<\/p>\n<ul>\n<li>make sure you have a system of peer review in place<\/li>\n<li>ensure people have the right training<\/li>\n<li>limit the amount of people who can actually make changes to a spreadsheet, even if the number of people using it is higher.<\/li>\n<\/ul>\n<p><em>Talk to our expert team about your business today. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As business accounting becomes increasingly reliant on technology, errors in spreadsheets could pose a threat to the financial stability of many companies, according to the Institute of Chartered Accountants in England and Wales (ICAEW). A report reveals that half of accountants feel that errors occur in spreadsheets with a frequency that is \u201cvery high\u201d or&hellip;&nbsp;<a href=\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Spreadsheet errors marked as major business risk<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[20],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spreadsheet errors marked as major business risk - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"As business accounting becomes increasingly reliant on technology, errors in spreadsheets could pose a threat to the financial stability of many\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spreadsheet errors marked as major business risk - Manchester Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"As business accounting becomes increasingly reliant on technology, errors in spreadsheets could pose a threat to the financial stability of many\" \/>\n<meta property=\"og:url\" content=\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\" \/>\n<meta property=\"og:site_name\" content=\"Manchester Chartered Accountants\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/jackrosstax\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-08T16:39:27+00:00\" \/>\n<meta name=\"author\" content=\"Jack Ross\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Ross\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\"},\"author\":{\"name\":\"Jack Ross\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#\/schema\/person\/d65ae99f63f346e53c611cb62a38c818\"},\"headline\":\"Spreadsheet errors marked as major business risk\",\"datePublished\":\"2015-10-08T16:39:27+00:00\",\"dateModified\":\"2015-10-08T16:39:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\"},\"wordCount\":250,\"publisher\":{\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/#organization\"},\"articleSection\":[\"Business Advice\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\",\"url\":\"http:\/\/my-brains.co.uk\/jackross\/spreadsheet-errors-marked-as-major-business-risk\/\",\"name\":\"Spreadsheet errors marked as major business risk - 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