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Although more sophisticated software has been around for decades, many treasury functions continue to rely primarily—or even exclusively—on spreadsheets such as Microsoft Excel. Currently, more than half of companies (51 percent) use spreadsheets as their only treasury technology, according to research firm The Aite Group.

“I have seen some companies that turn over tens of billions, who are still doing treasury management on Excel,” says Damien McMahon, a partner in PwC’s Financial & Treasury Management practice. “Excel is still the most commonly used system in treasury.”

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