Most financial professionals have used Excel at some point. After all, this go-to method is certainly a popular option that many people believe is the simplest solution when it comes to budgeting and planning. However, it’s important to evaluate the pros and cons as a way to ensure that you are using the tool in the most effective way.
Pros of Using Excel
One of the most obvious pros for using excel is based completely on how commonly it is used. Most, if not all, financial professionals use this option for budgeting and planning already. In many ways, this streamlines the exchange of information and makes it easier for everybody to be on the same page.
There is no denying how flexible it is to use Excel. There are many functions available that allow people to customize their budgets in a way that is most useful for their particular company. While it is incredibly familiar to many professionals, it’s also easy to adjust in order to get the most for their particular needs.
Cons of Using Excel
The biggest pain point for using Excel boils down to its lack of features, primarily for the financial sector. Some of the most missed features include system integration, data scalability, and version control and data integrity, just to name a few.
However, while it may seem like a no-brainer to simply resort to an enterprise solution, there is a slew of additional concerns to weigh. For example, most financial professionals already know Excel well before they enter the workplace. A new system will require upfront costs, additional training, and across the board integration. This boils down to the need for more money and time, which many companies simply don’t have.
The Best of Both Worlds.
Perhaps the solution may be a system that incorporates Excel into the integration. A new eBook presented by Vena Solutions titled Enterprise Budgeting & Planning with Excel for Dummies allows financial professionals the opportunity to learn how to use both the new and old systems in a way that complement each other. This combination could be just the ticket when it comes to finding a better system that has more sophisticated options with the traditional program so many already use.
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