To track compliance a company needs to be able to manage and analyse financial information. Sometimes spreadsheets may not be able to do this, however there are pros and cons of using Microsoft excel for this matter.
Firstly spreadsheets are convenient to use for a lot of compliance officers, and they are usually inexpensive to run. In addition spreadsheets are good at recording simple requirements and proficient at stand-alone necessities.
However spreadsheets can be time consuming and can be difficult to manage. They also require a lot of manual attention, and therefore can be passed on to different hands, which may mean mix ups and confusion within the spreadsheets.