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The Story

Itís 2:30 Friday afternoon

  • Your staff has just completed the quarterly forecasts which are to be presented at the Executive Board meeting Monday morning
  • You began your review of the Excel spreadsheets
  • You get out your calculator and begin to sweat
  • The numbers do not look right
  • What can you do this late in the process? 
  • Panic!

 

You are not alone

  • Studies by KMPG, PricewaterhouseCoopers, and, recently, Dartmouth College concluded that there is over a 90% probability that there are significant errors in your spreadsheet; and, that they are due to human error

 

Itís now Monday morning

  • Your staff worked on overtime throughout the weekend
  • The numbers are close
  • Now the Board is asking you to prepare financials on a possible major acquisition
  • You have two weeks to gather data and present several acquisition scenarios
  • There goes your family life and that of your staff
  • Spreadsheet design experts agree that it takes an average of 8 weeks to develop and test a detailed Excel model

 

But wait!

  • The above scenarios represented the old fashion methods for financial forecasting, planning and analysis.
  • You, Oh Wise One, have implemented Firebird which is definitely not your grandmotherís spreadsheet
  • Last Friday you were able to quickly review the spreadsheet modelís formulas using both the Model Illustrator and Cross-referencing reports
  • The error was also quickly corrected using the Model Editor
  • All reports were rerun in time to be home for dinner with the family

 

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