Home Accounting and Auditing Accountants hold tight to Excel, but for how long?

Accountants hold tight to Excel, but for how long?

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Accountants Daily reports that organisations may be moving away from Excel because of its inherent limitations – but the old warhorse spreadsheet is not headed for the knackers yard just yet. It is still hugely popular with accountants for its ability to collect data and test different scenarios.

“The new generation of users really want to be in a system where they don’t need to do the content checking and manual manipulation of calculations and understanding formulas, they want that to be done for them because when you think about the sort of technology that the next generation has grown up in, going to something like Excel is a backwards step for them,” says Thomson Reuters’ director of product management ANZ Nicholas Wong.

As we head into the era of Artificial Intelligence (AI), Excel is going to battle to keep up with the needs of companies for more analysis and interpretation of data, rather than an Excel spreadsheet with oceans of data.

“As we focus on things like AI and machine learning and all of the buzzwords around technology, I think people are just going to realise that Excel just doesn’t support the complexity and growth of data within an organisation any more,” added Wong.

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