Spreadsheets forever? 58% of finance leaders choose Excel over AI
Despite the meteoric rise of artificial intelligence and mounting cybersecurity threats, finance leaders are holding fast to a trusted companion from the 1980s – Microsoft Excel. A comprehensive new report reveals that 58% of finance leaders still rely on spreadsheets as their primary automation tool, even as cybercrime damage costs are projected to reach $10.5 trillion annually by 2025.
The findings, detailed in Rossum’s Document Automation Trends 2025 report, which surveyed over 470 finance leaders across the UK, US, and Germany, paint a picture of a profession caught between comfort and necessity. The revelation comes at a time when cybercriminals are rapidly adapting to new technologies, using AI to create sophisticated fraud schemes that traditional tools struggle to detect.
Perhaps more striking is that beyond the Excel loyalists, 26% of finance departments report using no automation tools whatsoever, highlighting a significant technological gap in an era where digital transformation is increasingly crucial for survival.
“AI is not going to replace humans, but humans with AI are going to replace humans without AI,” warns Harvard Business School’s Karim Lakhani, as quoted in the report. This observation takes on new urgency given that nearly half (49%) of finance leaders have zero automated processes in their departments.
The reluctance to embrace newer technologies appears rooted in practical concerns. When questioned about implementation challenges, 32% of finance leaders cited cost as a primary barrier, while 25% pointed to tool complexity. Another 19% reported challenges with integration, highlighting the technical hurdles many organisations face when attempting to modernise their financial operations.
Yet, the stakes for maintaining the status quo are rising. The report details how modern cybercriminals are leveraging AI to produce millions of fraudulent financial documents, create sophisticated phishing campaigns, and develop convincing deep fake videos. In January 2024, these threats materialised when a finance worker at a multinational firm was deceived into transferring $25 million to fraudsters who used deep fake technology to impersonate the company’s chief financial officer during a video conference call.
Despite these risks, there are signs of growing awareness. The survey found that 34% of finance leaders recognise AI as a double-edged sword, seeing equal opportunities and risks in its adoption. However, this balanced view hasn’t translated into widespread action, with 38% of respondents stating that automation isn’t currently a priority for their organisations.
Looking ahead to 2025, the report suggests that finance leaders face a critical juncture. While Excel’s familiar interface and flexibility continue to appeal, the increasing complexity of modern finance operations – including multiple document types, formats, and channels – demands more sophisticated solutions. The e-invoicing market alone is projected to reach $15.5 billion by 2026, up from $4.95 billion in 2021, according to Billentis’ market forecast cited in the report.
The path forward may lie in a more nuanced approach to digital transformation. The report finds that 66% of finance leaders don’t fear losing their teams to advanced automation, suggesting an understanding that technology should augment rather than replace human capabilities. This perspective aligns with findings showing that 34% believe AI skills will be crucial for finance professionals in the future, while 32% emphasise the importance of adaptability and continuous learning.
As finance departments navigate this technological crossroads, the report suggests that success in 2025 will belong to organisations that can strike the right balance between leveraging familiar tools and embracing necessary innovation. The challenge isn’t about abandoning trusted solutions like Excel entirely, but rather about complementing them with advanced technologies that can address modern threats and opportunities.
For now, however, the spreadsheet remains king in finance departments across the globe – a testament to both its enduring utility and the profession’s cautious approach to change.