The Spreadsheet Underground: Why Enterprise Financial Truth Lives in Files No System Can See
Across America's largest corporations, CFOs and finance teams are quietly maintaining the organization's most consequential financial models in personal Excel files and improvised databases that no ERP system has ever touched. This parallel financial infrastructure persists not out of negligence but out of necessity—and it is exposing enterprises to risks that no audit committee has fully reckoned with. Understanding why this shadow economy endures is the first step toward addressing it.