ao link
Business Reporter
Business Reporter
Business Reporter
Search Business Report
My Account
Remember Login
My Account
Remember Login

Modernising reporting in regulated industries

Sebastian Dewhurst at EASA explains why CFOs must rethink the role of spreadsheets

Linked InXFacebook

For years, spreadsheets have been the backbone of financial and operational reporting. They are flexible, familiar, and deeply embedded in the daily operations of almost every organisation. But in today’s increasingly regulated business environment, the risks of relying on traditional spreadsheets are becoming too great to ignore.

 

In sectors such as finance, pharmaceuticals, energy, and manufacturing, where compliance, accuracy, and transparency are paramount, spreadsheet-driven processes are no longer fit for purpose. These tools may once have been the fastest way to get data into the hands of decision-makers, but as reporting requirements grow more complex, their limitations are becoming clear.

 

It’s time for organisations, particularly CFOs, finance leaders, and operations executives, to modernise their reporting infrastructure.

 

 

The problem: outdated tools in a regulated world

Spreadsheets have endured because of their convenience. Anyone can open one, make changes, and run calculations in minutes. But that same flexibility is what makes them risky in regulated industries.

 

Most spreadsheets evolve organically over time, expanded, copied, and shared across departments without clear ownership or documentation. This often leads to:

  • Human error: Studies consistently show that over 90% of complex spreadsheets contain mistakes, from incorrect formulas to misplaced data.
  • Version control issues: Multiple versions circulate via email or shared drives, with no reliable record of who changed what and when.
  • Lack of auditability: In heavily regulated sectors, the inability to track every data input or formula change can pose a serious compliance risk.
  • Security and access gaps: Sensitive financial or operational data may reside in unsecured files, exposing organisations to regulatory breaches or cyber risks.

For CFOs, these vulnerabilities translate into operational inefficiencies, regulatory exposure, and potential reputational damage. In an era where regulators expect detailed traceability and real-time reporting, the spreadsheet model has become a liability.

 

 

The solution: converting spreadsheets into web-based applications

Modernising reporting doesn’t have to mean discarding years of accumulated business knowledge. Many of the most valuable models organisations use — forecasting tools, risk calculators, cost trackers — already exist within spreadsheets. The key is to evolve them.

 

By converting critical spreadsheets into web-based applications, companies can retain the functionality they rely on while embedding governance, security, and automation into the process.

 

Here’s what this transformation offers:

  • Automated Audit Trails - Web applications automatically record every user interaction, input, and change. This means audit logs are built in from day one, making compliance with regulations such as SOX, IFRS, or FDA 21 CFR Part 11 far easier to demonstrate.
  • Improved Data Accuracy - Instead of multiple copies of the same spreadsheet circulating across teams, a web-based system ensures everyone works from a single, verified version. Built-in validation rules further reduce the likelihood of human error.
  • Real-Time Reporting - By connecting directly to live data sources, web applications deliver up-to-date insights as information changes. This enables CFOs and operations leaders to make faster, more informed decisions without waiting for manual data consolidation.
  • Simplified Compliance and Control - Role-based permissions and approval workflows allow only authorised users to make specific changes, supporting the strict control frameworks demanded in regulated industries.
  • Operational Efficiency - Automation reduces repetitive manual work, such as data collection, reconciliation, and formatting, allowing finance and operations teams to focus on higher-value strategic analysis.

 

Why CFOs and operations leaders should act now

Regulatory expectations around data integrity and auditability are only increasing. From ESG disclosures to financial transparency, regulators and stakeholders alike want consistent, traceable, and timely information.

 

For CFOs and operations leaders, this environment presents both a challenge and an opportunity. Those who continue to rely on uncontrolled spreadsheet processes risk falling behind. But those who embrace web-based automation can unlock a host of advantages:

  • Stronger compliance posture through built-in governance and traceability.
  • Reduced risk exposure by eliminating manual errors and version confusion.
  • Greater agility as reporting cycles shorten and insights become available in real time.
  • Improved confidence in the data underpinning strategic decisions.

Crucially, converting spreadsheets into web-based applications doesn’t require starting from scratch. Platforms make it possible to take existing, business-critical spreadsheet models and publish them as secure, governed web tools, without rewriting code or rebuilding systems.

 

 

A modern reporting framework for a regulated future

The modern enterprise runs on data, but data alone isn’t enough. What matters is how reliably that data can be processed, analysed, and reported, especially when regulatory scrutiny is high.

 

By moving away from traditional spreadsheets and embracing controlled, web-based reporting applications, organisations can create a foundation for trustworthy, scalable, and auditable reporting.

 

For CFOs and operations leaders, this shift represents a chance to move beyond the manual, error-prone processes of the past and build a reporting environment designed for the future, one that supports compliance, enhances decision-making, and empowers teams to focus on what really matters: driving the business forward. 

 


 

Sebastian Dewhurst is the Founder of EASA

 

Main image courtesy of iStockPhoto.com and jxfzsy

Linked InXFacebook
Business Reporter

Winston House, 3rd Floor, Units 306-309, 2-4 Dollis Park, London, N3 1HF

23-29 Hendon Lane, London, N3 1RT

020 8349 4363

© 2025, Lyonsdown Limited. Business Reporter® is a registered trademark of Lyonsdown Ltd. VAT registration number: 830519543