If you need to issue recurring, complex, lengthy documents, however, these are the wrong tools as they inevitably lead to two significant problems:
The complexity of financial reporting means that the amount of time required to use spreadsheets and word processing tools is considerable:
Accuracy is critical to credibility. For example, you must ensure that the total of Revenues by Type on page 212 agrees to the total of Revenue by Source on page 290. In a 400+ page budget book or a large set of financial statements, there are likely hundreds of these items to verify. Missing even one is not acceptable, but is all too easy with a spreadsheet-based solution. Want some proof?
You spend a tremendous amount of time to mitigate this risk. Dozens, hundreds, even thousands of hours are invested each reporting cycle reviewing and double-checking your reports and implementing many strategies to work-around the spreadsheet weaknesses.
If you think you could be doing something better with this time, consider better solutions.
Are cloud-based spreadsheet tools a real solution? Not for complex reporting. Read why here.