Most accountants have a love/hate relationship with Microsoft Excel. For complex calculations where data is continually changing and those that require the use of cell functions, Excel is often the go-to tool to get the job done. Spreadsheets are used for budgeting, forecasting, financial reporting, determining tax computations, operational analysis and much more.
However, spreadsheets are by no means perfect. On their own, they provide little to no protection against data corruption, and no way to validate numbers or error checking, nor do they offer the transparency that accountants and audit teams require today. As many accountants have learned first-hand, simply double-checking numbers will not cut it.
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