There are plentiful examples of spreadsheet applications leading analysts astray. Believe all the scary stories. Spreadsheets can silently damage your data, converting numbers to dates or dropping leading zeros from what should be fixed-length identifier (where did the U.S. Zip Code 01002 go?).
For a set of best practices when working with data in spreadsheets, take to heart the advice offered by Data Organization in Spreadsheets. Please!