Microsoft Excel is a highly flexible and powerful business application –  in truth, organizations across the business world use Excel on a daily basis for a countless number of tasks. However, Can Excel be used as an enterprise-level budgeting tool?

The Pros of Excel

Highly available – Nearly every company around the globe uses excel. Microsoft office application can be found at nearly 500 million desktops today. making it easy to include members of your team in the budgeting process without additional onboarding or license.

High User Adoption – Most users are familiar with Excel’s interface and functionalities. Even new users can quickly figure out how to do computations and create formulas.

We always Used this Way – Most of the Team members in organizations are used to working in spreadsheets and have their workflows already set. Even if it’s more time consuming, using Excel doesn’t require change.

The Cons Of Excel

  • Audit Trail and data integrity;
  • Business rules and permissions;
  • Scalability to the big data level;
  • Source system integration;
  • Enhanced analytical capabilities;
  • Detailed audit trail capabilities, and more.

Excel is a great tool for Personal productivity. But when it comes to enterprise budgeting.  It wasn’t designed to support corporate processes such as financial reporting, budgeting, planning, and forecasting. Excel also lacks in the following criteria,

What Happens With Excel in Budgeting

When we use excel for budgeting software finance people will face the following issues:

  • We create multiple versions which may create confusion while consolidating in meetings.
  • Collecting data in Excel is a more time-consuming process, moreover integrating with other system sources is complex only with Excel.
  • There are more possible chances of error data, which causes a lack of confidence in data.

Moving from Excel to Traditional Enterprise budgeting software

Upfront costs: The most obvious expense that you will encounter is, your initial investment for new traditional enterprise software.

Training: Moving your processes away from Excel means that your users will have to deal with a new interface, new tools, and technologies, and the resulting steep and time‐consuming learning curve that will no doubt mean a large loss of efficiency until users get up to speed.

Implementation: In addition to training, your team and the vendor services group will no doubt spend an excessive amount of time re‐creating your spreadsheets and business rules in the new application.

Support: Ongoing maintenance fees, as well as the costs of any necessary reprogramming you discover, is needed to represent operating costs that can be both high and recurring.

Getting the Best of Both Worlds (Excel + Enterprise Functionality)

Best Of Excel and Traditional budgeting Software with PivotXL

Excel Web Templates – provide the familiarity of Excel, Include excel built-in functionalities and hosted in a highly secured environment.  Users can always stay on top of excel.

With the help of PivotXL, you can get the best of both worlds, PivotXL provides a Microsoft certified excel add-in which helps you to save your excel templates and data in cloud environments with data versioning and high security.

Excel Add-in – PivotXL has Microsoft certified Excel add-in allows users to perform interactive, Excel-based reporting and analysis based on data residing in our cloud-based solution.

PivotXL - Microsoft Office Store

By moving from Excel to PivotXL, organizations can see drastic improvements in the overall financial process:

By moving from Excel to PivotXL, organizations can see drastic improvements in the overall financial process:

  • Reduced a labor-intensive, 3 months process under 3 weeks
  • Eliminated multiple locations rework
  • Department managers/ Cost Center managers have been actively involved in creating ownership and financial accountability
  • Department managers who previously had no visibility into their financial data to now they can generate their own finance reports
  • Enabled managers to react quickly to changes in the business

For any growing organization that wants to have efficient and accurate planning and performance management processes, Excel alone is not the best solution. Combining with Cloud-based CPM software gives the perfect fit for organization needs.