A recent survey by Kyriba of members of the Association of Corporate Treasurers (ACT) provides statistical confirmation of something finance executives have known for years: Spreadsheets are not the most efficient tool for managing the treasury function.

The vast majority of the survey's 269 respondents, mostly from the U.K. and Ireland, engage in operational cash management (78 percent) and in cash position reporting and forecasting (75 percent) on a daily basis. Many also engage in risk management (66 percent); providing data for corporate decisions (58 percent); and high-level, strategic financial analysis (43 percent) from day to day.

Nevertheless, 48 percent of companies with less than £100 million in annual revenue use spreadsheets to complete their daily cash management activities. Even among companies with more than £10 billion in revenue, 11 percent use spreadsheets for cash management, while 46 percent use a client-server-based treasury management system, 9 percent use a software-as-a-service treasury management system, 26 percent use their ERP system, and 7 percent use a system developed in-house (see graph below).