Managing your company’s compensation through spreadsheets is dangerous.
Drawbacks include:
1. Multiple Users – When more than one user can modify a spreadsheet, it increases the chance of error.
2. Version Control – How do you track which version is correct?
3. Calculation/Formula Errors – How can you be sure the calculations within a spreadsheet are accurate?
4. Lack of Auditability – How can you track who did what and when?
5. Security Risk – Risks of hacking don’t just happen in the office and Business Email Compromise is always a threat.
Managing sensitive and confidential compensation data including salaries, budgets, and commissions that are stored in disparate spreadsheets, accessible to multiple users, and shared via email, presents a huge security risk.
Are you aware that more than 90% of spreadsheets contain serious errors, yet more than 90% of users believe theirs are without error*?
Please read our e-Brief entitled “Don’t Make the Spreadsheet Mistake” and learn how to eliminate risk and securely automate your unique compensation processes with Compose – our award-winning compensation software.
Compose will allow you to reduce time, cost, and errors in compensation planning, administration, and management.
Sources
*Talking Technology – Spreadsheet Solutions”, ACCA, Published 11th Aug 2015
