Living in the Stone Ages: Doing Revenue Recognition by Hand
In May 2012, JP Morgan Chase lost more than $2 billion. The cause wasn’t some massive stock market crash. Nor a rogue trader. It was a shitty spreadsheet. A single error introduced in one formula meant that the bank widely underestimated the risk of their investments. Goodbye $2 billion. If spreadsheet errors can happen to a Big Four bank, they can happen to you. And if these errors are in your revenue recognition spreadsheets, they can easily be enough to ruin your company.
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