CFO Dive: Bad Use of FP&A Costs U.S. Companies $7.8B a Year

“Manual data inputting leads to errors, which can lead to reputational hits. It also leads to siloed operations, which can put an organization at the mercy of a single employee. When a bookkeeper at the Florida Republican Party passed away, the organization couldn’t access the data the person managed, causing it to miss a Federal Election Commission reporting deadline. “The employee did not share with other members how to work the software, rendering it unworkable after he died,” the report says. That kind of thing, along with reporting errors, can impact the organization’s reputation, which, for a company relying on investment capital, can impact the amount of money it can attract and at what cost.”

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