The Startling Reality of Errors of Accounting: Why They Happen and How to Prevent Them
                     About Us
• Established in 1988, CIMCON Software, LLC is a pioneer in end-user 
computing and model risk management, serving over 800 companies 
across industries. Recognized by Gartner, Insurance ERM, and others as a 
top risk management vendor, CIMCON brings 25+ years of experience and 
industry best practices to support AI & GenAI readiness and governance. 
With the largest global installed base, our feature-rich, extensively tested 
solutions offer unmatched depth, support, and reliability.
• Errors of accounting are comparable to 
weeds in a garden—easy to overlook but 
potentially disastrous if left unattended.
• The majority of accounting tasks are 
completed through spreadsheets, and it’s 
startling to know that 90% of 
spreadsheets with over 150 rows contain 
errors of accounting.
• Even seasoned professionals can only spot 
around 54% of these errors on average. These 
errors can originate from data entry, flawed 
formulas, spreadsheet logic, or even incorrect 
links to other data sources.
Why Accounting Errors 
Are Common
Several key reasons account for the high frequency of errors of 
accounting:
– Poor Version and Change Control: When multiple individuals work on the 
same spreadsheet, the most current version can get lost in the shuffle, leading to 
errors of accounting.
– Lack of Proper Documentation: Without adequate documentation, errors of 
accounting can remain undetected or misunderstood, making them difficult to 
rectify.
– Insecure Access: Unrestricted access to spreadsheets increases the risk 
of unintentional or even malicious changes, leading to more errors of 
accounting.
How to Solve This 
Problem
Mitigating the risk of errors of accounting is achievable through our 
suite of solutions:
• Control user access to spreadsheets.
• Implement rule-based workflows.
• Automated inventory of all End User Computing (EUC) items.
• Detailed risk assessment for each EUC.
• Implement version control with cell-level audit trails.
• Error-check and comprehensive documentation.
• Accelerate reviews with workflow-based alerts.
These features directly tackle the common causes of accounting errors, 
offering a robust preventive mechanism.
The Severe Risks 
Associated with Errors 
of Accounting
Ignoring errors of accounting can lead to far-reaching consequences 
su•chF iansa:ncial Loss: A simple accounting error can lead to financial setbacks and affect 
• Rsteopcku tvaatluioen.  and Market Share: Errors can damage your reputation, leading to loss of 
• mVualrnkeetr asbhailriety.  to Fraud: Errors create vulnerabilities that are prone to fraudulent 
• aCcotsivti toief sA. uditing: Errors lead to increased scrutiny and thereby increased 
costs for auditing and compliance.
• Regulatory Fines: Non-compliance can result in hefty fines and legal ramifications.
• Loss of Job: Consistent errors can lead to job losses across different 
management levels.
Being aware of these risks emphasizes the need for proactive measures to 
prevent errors of accounting.
Contact Us
Boston (Corporate 
Offi+c1e )(978) 692-9868
234 Littleton Road
Westford, MA 01886, 
NewUS YAork
+1 (978) 496 7230
394 Broadway
New York, NY 10013
THAN
K
You