5 Signs Your Finance Team Has Outgrown Excel
5 Signs Your Finance Team Has Outgrown Excel
Excel has long been the finance team’s most trusted tool. It’s flexible, powerful, and familiar. But as the demands on the finance function intensify, many leaders are starting to realise: what got us here won’t get us there.
In today’s world of economic uncertainty, increased regulatory scrutiny, and constant change, spreadsheets, however advanced are struggling to keep up. According to Deloitte’s 2024 CFO Signals report, the top concern among finance leaders is the ability to respond quickly to evolving scenarios with confidence and accuracy.
Here are five telltale signs your finance team has outgrown Excel and what progressive teams are doing to adapt.
1️⃣ Month-End Feels Like a Manual Marathon
If your close process regularly spills into week two, chances are Excel is contributing to the drag. Multiple versions, disconnected sheets, and email-based approvals all slow things down.
Leading finance functions are moving toward workflow-enabled platforms that consolidate data in real time, automate journal entries, and ensure full auditability. This shift enables faster closes and fewer late nights.
2️⃣ Forecasts Are Lagging Behind Reality
Static spreadsheets make it difficult to adapt to fast-changing business conditions. If you’re still relying on quarterly (or worse, annual) forecasts built on outdated inputs, you’re flying blind.
Finance leaders are now embracing connected planning environments where forecasts are rolling, scenario-driven, and grounded in real-time data, allowing them to model the impact of market shifts before they happen.
3️⃣ You’re Losing Time to Version Chaos and Formula Errors
“Budget_v18_FINAL_REVISED(2).xlsx” we’ve all been there.
While Excel offers control to individual users, it lacks the governance, auditability, and scalability needed at enterprise level. One wrong cell reference or missed update can compromise the integrity of your reporting.
This is why more teams are turning to centralised performance management platforms that provide a single version of the truth, along with built-in controls, data lineage, and collaborative modelling capabilities.
4️⃣ Compliance Is Becoming Increasingly Complex
From IFRS and ESG to integrated disclosure reporting, regulatory complexity is increasing. Managing this manually through spreadsheets is not only inefficient, it’s risky.
Modern platforms now embed regulatory intelligence and disclosure management tools directly into the financial reporting process, helping finance teams stay ahead of compliance obligations with minimal disruption.
5️⃣ Your Finance Team Is Working Harder, Not Smarter
When highly skilled finance professionals are spending the bulk of their time wrangling data instead of interpreting it, it’s a sign the operating model needs to evolve.
Finance transformation is not about replacing people with tools, it’s about freeing them to deliver more value, more consistently.
Where Does CCH Tagetik Fit In?
At CIBA Industries, we’ve seen this evolution play out across industries. As finance leaders shift from spreadsheet-driven operations to more intelligent, unified platforms, tools like CCH Tagetik have become critical enablers, bringing together financial close, planning, analytics, and disclosure into a single, trusted system.
It’s not about replacing Excel entirely. It’s about elevating the role of finance by ensuring the tools match the complexity and speed of today’s demands.
If any of these signs resonate, it might be time to rethink the role of Excel in your finance team’s future.
We’re here to help you explore what a modern, agile finance function could look like, grounded in best practice and powered by the right platform.