A recent Wall Street Journal article reiterated a point we have been emphasizing for years: When it comes to accounting, Excel is outdated and inadequate for all except the smallest businesses. It is a spreadsheet tool, not an actual piece of financial management software. As a result, it tends to be inefficient and unproductive, particularly for companies geared for growth.
The WSJ cites companies as diverse as P.F. Chang's China Bistro and Wintrust Financial Corp that ran up against the limits of Excel and suffered setbacks as a result. All of them introduced more sophisticated software later, but let's focus on why that was necessary in the first place.