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Excel for Budgeting & Planning

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.

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.