Tax & Accounting Blog

Questioning Excel: Is your allegiance costing your business?

Accounting, Accounting Firms, Blog, Excel, ONESOURCE, Tax, Technology October 17, 2018

Thomson Reuters’ Director of Product Management ANZ,  Nicholas Wong, spoke to Accountants Daily about the future of MS Excel in the tax and accounting sphere.

While most organisations are moving away from Excel as a tool to collect data, Wong is hesitant to predict the death knell of Excel over the next decade.

“There will always be a place of Excel – I view it as like a bootstrap, so you may want to use it to test out some accounts, run some scenarios, early stage proof of concept, things you would do within a tax and finance function,” said Wong.

Mr Wong believes there is a need to recognise the limits of Excel and incorporate new software and technologies to “gold plate” their processes and data presented to clients.

“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.”

Read the full article: here

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