The IFERROR formula was designed to solve a common aesthetic problem that most of us have encountered when using Excel – when we know that there are errors in our data, but we'd prefer not to see Excel's standard error message notation.
Enter the IFERROR formula. IFERROR has become very popular because it allows you to mask Excel's error message with a blank space, or a custom message of your own, such as "Not Found".
IFERROR becomes problematic when you encounter an error condition in your data set that you were not expecting. While IFERROR is definitely efficient and also very intuitive, it's not always the best formula to use to mask errors because it can clearly cause problems down the line. This article discusses alternatives.
Full article: Why you should be cautious about Excel's IFERROR formula
