Excel for Budgeting & Planning

Most financial professionals have used Excel at some point in their careers. After all, it is widely accepted by the accounting and finance community as the one of the simplest budgeting and planing solutions. However, it’s important to evaluate the pros and cons as a way to ensure that you are using this tool in the most effective way.

Pros of Using Excel

One of the most obvious pros for using excel is how commonly it is used. Most, if not all, financial professionals have used it 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.

However, while it may seem like a no-brainer to simply resort to an enterprise solution, there are a slew of additional concerns to weigh. For example, most financial professionals already knew Excel well before they entered the workplace. A new system will require upfront costs, additional training, and across the board integration. This boils down to more cost and time.

The Best of Both Worlds.

Perhaps the solution is a system that incorporates Excel into the integration. A new eBook presented by Vena Solutions titled Enterprise Budgeting & Planning with Excel for Dummies teaches financial professionals how to use both the new and old systems in ways that complement each other.  This combination could be just the ticket, when it comes to implementing an improved system with more sophisticated options.

You may also enjoy, Where is Technology Taking Auditing and Accounting?

Consulting for Your Finance and Accounting Career

Many seasoned Finance and Accounting professionals are taking the consulting route because they desire exposure to diverse industries, short-term projects and flexible schedules that can provide them with better work-life balance.  

Consulting is good for your career because you will:

Stay on Top of Your Game

The minute you start consulting, you are seen as the expert in the room. Finance and accounting teams will look to you for up-to-date information about:

  • Trends in their business sectors.
  • Financial system management. 
  • Changes in current laws and regulations at federal, state, and local levels that affect their business.

Become Informed about Real World Concerns

Working with various companies that serve a range of clientele and communities, informs your consulting role.

  • Your knowledge of financial effects is broadened.
  • Real world challenges and solutions from large and small businesses carry over to your work with others.

 Build Your Network

You will meet businesses and individuals who learn about your consulting skills.

  • Your growing network will include other consultants with diverse experiences. Promote opportunities to learn from each other.
  • Reach out to other financial consultants within a sector or community to expand your knowledge and contacts.

Increase Vision and Innovation

Consulting promotes innovation. Take these steps to assure that’s true for you!

  • Watch as your knowledge and perspective expand and deepen.
  • Reflect on the dominant challenges that clients confront.

Consulting can be a rewarding path and Finance and Accounting Consultants are becoming more attractive to companies that need quality financial talent on an interim basis.  With that in mind, now is the perfect time to consider making the move. 

If you have the right combination of skills, education and experience to meet the high standards of today’s employers, take a look at our current consulting opportunities by clicking here. At DLC we hire consultants with experience in Fortune 1000 companies and are Big 4 CPAs and/or MBAs from the Top 25 Business Schools. We look forward to talking to you.