Checksums to combat Excel Hell
Cell-based modelling is a root cause of Excel Hell. Some of the unavoidable issues include:-
- Simple errors in formula construction, returning error values such as: #VALUE! ; #REF! ; #NAME? ; #N/A; etc.
- Errors in formulas dependent on other feeder cells that only become apparent later on, usually in different tabs to the tab you are currently working on, but missed because you cannot see them or are not alerted to them.
- Changing the spreadsheet structure which frequently creates errors containing the notation #REF! which ripples through financial statement rollups, thus making them unreadable.
At the most basic level, even very simple checksums can help you maintain the integrity of every spreadsheet you construct. However, most people fail to plan this aspect, usually due to time-pressures, but also on account of lack of know-how or even pure laziness! But why not build every new spreadsheet from a template already containing a basic Checksum structure?
5 Quick Wins to Improve Forecasting Techniques
In this section, FD4Cast teams up with Steve Morlidge, author of 'Future Ready: How to Master Business Forecasting', in order to produce a brief 'Quick Win' guide for better forecasting techniques. For the PDF version please click here.
As any FD knows, forecasting could never be considered to be an exact science. The more complex a forecast is to build, the odds are that its usefulness may decrease. Similarly, forecasting should never be assumed to be just ‘plain common sense’.
