That’s a question everyone working in the Financial Services industry should ask themselves because while this software is a staple for many – especially small-to-medium enterprises – the answer is a resounding no. See, while running repetitive daily tasks in Excel is done by many fund managers, the reality is that the best tool for the job is a piece of dedicated code that runs your processes in the background.
When using Excel to run repetitive daily tasks, the chances are that your financial data will become corrupted. This is because Excel requires a huge amount of manual work where you copy and paste data from different sources into a single sheet, which can lead to
To add insult to injury, in many cases, there is no way to easily discover errors in Excel files that are particularly large, or which come with complex formulae. This continues to add to your workload as any mistake will need to be searched for manually.
Indeed, as we have seen over the past few weeks, whether we’re talking about making data entries in Excel or running multiple Excel data calculations, automation is usually your best option.
AUTOMAN is our data-processing software that can replace running repetitive daily tasks in Excel.
To do this, it uses customised algorithms to collect the data you need (from any sources and in any format), normalise it against your database, and then run calculations based on the raw data every time.
This reduces the risk of errors, but it also saves you almost 100% of the time you’d have otherwise spent on such a task. One of our clients, for example, went from spending 16 days a month sorting out the data for his clients’ financial statements to waiting just six minutes once a month to have all the same data available.
By collecting, transforming, and saving data automatically, AUTOMAN does away with many of the problems and limitations of Excel, including working with time-stamped data and being able to schedule calculations based on when data will be available from your sources. What’s more, the software can pinpoint exactly when and where some of the data may have problems according to custom rules and controls, making life infinitely easier.
So, our advice is to give AUTOMAN a chance because, who knows, it may just revolutionise the way you deal with your data!
Get in touch with us to find out more!