Nah, that's why you have product managers. I would have talked to this stakeholder for an hour and realized the solution is not to build another excel.
You don't reject it you understand what the problem is and design the solution and explain it to them.
I'm sure this entire team didn't need to exist in the first place but that's what you get when you only have a business person and the Dev team they hire.
A PM here would have saved the company what, $5m per year?
The second team I was on at Uber fired (with a capital F) six (6) PMs in five months for pushing back on product requirements that came from the CFO. For whatever reason, engineering rolled up to the CTO and product for this team rolled up to finance. The solution for disagreement? Pips!