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Blog
Are you using Excel for CSRD? Then you risk making costly mistakes
Veröffentlicht am
26
.
September
2024
Webinar am
.
,
Die Corporate Sustainability Reporting Directive (CSRD) presents companies with new challenges in sustainability reporting. While many companies at first glance at Microsoft Excel As a cost-effective and well-known tool, it quickly becomes apparent that Excel is reaching its limits when it comes to the complex requirements of CSRD reporting requirements. Although it appears to be a viable solution at first glance, it involves numerous risks and disadvantages that jeopardize the efficiency and security of reporting.
Why many companies still rely on Excel
The high number of companies (27%) using Microsoft Excel for their CSRD reporting want to use. Excel, as a widely used and multifunctional tool, offers various advantages at first glance: It is cost-effective, known to almost every employee and enables flexible data entry and analysis. But it is precisely this flexibility that also poses major risks when it comes to secure and standardized reporting goes.
In an analysis by PwC, Excel is therefore viewed critically:
“Excel is not an optimal software solution for reporting in the long term because the program does not allow secure, verifiable documentation. Different editing versions are not completely comprehensible, even the user
and the potential changeability of content is problematic. It is therefore critical to see that respondents want to use Excel most frequently for CSRD implementation — at least in light of a future audit. ”
The weaknesses of Excel in CSRD reporting
1. No automatic documentation and history tracking
Excel does not provide the option to automatic documentation and Tracking changes. This is a significant disadvantage, particularly in CSRD reporting, which requires transparency and traceability. There is no history that makes all processing steps clearly comprehensible, which can lead to problems during audits and external audits.
2. Lack of standardization and complex auditing
CSRD reports must standardized and be compliant with regulatory requirements. However, Excel does not allow reports to be automatically updated or adapted to new regulations. Individually created templates are susceptible to errors and make it difficult to Statement to auditors. It is therefore difficult to guarantee a uniform and verifiable database.
3. Lack of parallel processing and assignment of rights
Especially in larger organizations, where different teams are involved in sustainability reporting, parallel processing is required. However, Excel is not a good way to concurrent editing by multiple users and has no integrated rights management. As a result, sensitive data is less protected and processing is significantly slower.
4. High maintenance costs and complexity
Excel spreadsheets must be laboriously maintained manually and regularly updated. Especially with many Locations and data points Data management quickly becomes confusing. Multiple files are often used, which must be linked together, increasing the risk of errors and data loss.
5. No reminder and multi-language features
Excel does not provide Reminder features for deadlines or missing data, which is particularly problematic in CSRD reporting, which often requires tight timelines to be met. There is also a lack of simple solutions for managing reports in multiple languages, which makes reporting even more difficult for internationally active companies.
6. Security risks and data protection issues
In Excel, there are no built-in mechanisms for Securing data or to protect against unauthorised access. A clean Assignment of rights can only be implemented over several files in a laborious and error-prone manner. This is particularly important with regard to Data protection requirements represents a significant risk.
7. Lack of AI support and regulatory updates
While specialized software solutions often use AI-powered tools If you work that automatically generate and optimize reports, Excel does not provide such support. It's missing automatic updates for new regulations, and also important features such as tagging or the option to report in XBRL format (a standardized format for machine-readable reports) does not exist.
Why specialized software like Mavue is the better solution
Specialized software solutions for CSRD reporting offer significant advantages over Excel:
- Guided processes: Pre-designed templates and workflows ensure that all CSRD requirements are met completely and correctly.
- Automated documentation and change tracking: Changes are automatically tracked and documented, which ensures the traceability and security of reporting.
- AI-powered assistance: Use modern software solutions artificial intelligenceto analyze data and generate reports efficiently.
- Multilingualism and reminder functions: Automatic reminders and the ability to generate reports in multiple languages make the process much easier.
- Privacy and security features: Integrated security mechanisms and clear rights management ensure the protection of sensitive company data.
conclusion
While Excel appears to be a simple and cost-effective solution at first glance, it quickly becomes apparent that the program meets the complex requirements of CSRD reporting requirement has not grown. The multitude of manual tasks, the lack of standardization and the risks of data protection and traceability make Excel a risky choice for companies that want to be compliant and efficient in the long term. Professional software solutions On the other hand, they offer the necessary support to create reports securely, transparently and efficiently — with significantly less effort and greater security.
Webinar invitation
Would you like to know how you can master the transition to specialized software? Learn more in our webinar “Navigating CSRD Software Chaos: How to Find the Perfect Solution.” On October 31, 2024 at 11:00 AM We'll show you why Excel is no longer enough and how you can find the right software for your company. Secure your spot now and stay up to date with CSRD coverage!
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