Skip to main content

5 Reasons Why Excel Isn't Enough For Financial Reporting

by Dan Edwards
CPA, Managing Director, Crowe LLP

Conduct a simple Google or Bing search on "Excel Financial Reporting" and you'll find that it returns over 5 million results. People have clearly given it a lot of thought out there. The results include templates, add-ins and even copies of real financial reports that are meant to be modified and reused. There's certainly a lot of noise out in the digital jungle, but is Excel really the best tool for financial reporting and analysis? I think we'd be utterly remiss if we didn't consider the other options on the market.

Wait, Do We ACTUALLY Understand It?

Excel is undeniably one of the most popular programs that's installed on practically every corporate PC, and that's whether we like it or not. We're almost forced to love it and use it. Despite being buried in it every day, only 11% of users truly consider themselves to be "power users," according to Ventana Research. The majority of users rate their skills as simply adequate and can barely attest to the formulas they use or substantiate their methods.

Still, Excel is a very powerful tool (in the right hands) and, as an accountant myself, I have successfully used it for many different purposes during my career. I don't want to give you the impression that I'm one of those BI elitists who blindly discounts or bashes the application. Having said that, however, I've always carried some evenhanded concerns about relying on Excel for all financial reporting and analysis in a company. Should we be considering other programs specifically designed for the task?

Jack Of All Trades?

Excel reminds me of a Swiss Army Knife that has a knife ...

FREE Membership Required to View Full Content:

Joining gives you free, unlimited access to news, analysis, white papers, case studies, product brochures, and more. You can also receive periodic email newsletters with the latest relevant articles and content updates.
Learn more about us here

About Dan Edwards

Dan is a CPA with over 25 years of experience in the ERP industry. During this time, he has worked in many different roles allowing him to truly understand the complete industry. The combined experience of marketing, sales, presales, consulting and training allows him to provide a truly unique perspective to prospects and customers.

He is a frequent speaker and presenter at Microsoft and other related industry conferences and events including Microsoft Convergence, AXUG Summit, Microsoft Technical Conference and Power BI World Tour.

More about Dan Edwards