Reports will always be needed. A dashboard has a sense of impermanence, and rightly so -- if the backend database gets corrupted, then your dashboard isn't going to show the same thing today that it showed yesterday, even for the exact same filter options.
Add to that the ability to do things like highlight lines/items as you go through and all the other tricks humans have built up over the past few thousand years for dealing with paper, many of which are only kind of functional in even the best e-readers never mind some random dashboard and yes, reports are definitely needed.
That said, there is definitely still an overabundance of reporting when not needed. Run a whole report to look up the current price of a single item? Yeah that happens and then is immediately discarded once the information is obtained. That type of "reporting" is definitely a complete waste of time and paper but that's more an issue of stupid people not using the tools available to them than the tools being wrong or bad.
Basically any time you have some piece of data that the accountant might need come end of year, a report is going to be necessary.
A good halfway point seems to be PDFs (or similar.) They're dissociated from the underlying database unlike a dashboard (that is, the data will never change -- or if it does, chances are the entire PDF is corrupt) while at the same time still remaining electronic and not wasting a bunch of paper. It doesn't help the highlighting aspect for reports that someone actually reviews, but for many end-of-day and similar reports that "must" exist but only get looked at when there's a problem, PDF works wonders.