Yes, but their role is changing. Spreadsheets remain powerful for calculations, modelling, and ad-hoc analysis, but they are increasingly used as analytical tools rather than as the core system of record for financial operations.
They lack structured audit trails, access control, automated data validation, and integration with other systems. Research reviewed by the European Spreadsheet Risk Interest Group highlights how complex spreadsheets frequently contain hidden formula errors, inconsistent logic, or undocumented adjustments, and multiple circulating versions make it hard to identify the authoritative record.
They bring transaction capture, document management, reconciliation, and reporting into a single environment. Bank transactions can be imported automatically, invoices digitised through document recognition, and reconciliation performed continuously, keeping the financial record accurate and up to date in real time.
No. Regulatory frameworks increasingly encourage digital financial infrastructure. The European Commission supports the digital transformation of businesses, and the OECD's Tax Administration 3.0 envisions tax reporting becoming integrated with digital business systems and automated data flows.
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