How To Tell When You’ve Outgrown Excel for Budgeting and Forecasting
There’s no denying that Excel is a powerful tool for budgeting. For the majority of companies that rely on Excel for budgeting and forecasting, they understand the great value it brings. However, this value often comes at a price, whether it be lacking security, lengthy formatting time, inaccurate data, etc. Are there are certain situations when Excel just isn’t enough?
Perhaps it isn’t necessarily a case of Excel not being enough, but rather your organization needing more. How can you tell when you’ve outgrown Excel for your company’s budgeting and forecasting?
Here are some key identifiers:
- You rely upon multiple contributors to one spreadsheet
- Frequent reviews and edits of the content in the spreadsheets are required
- The spreadsheets become so complex that only one specific person in the whole company is allowed or able to maintain them
- You require manual entry of data into several different systems/spreadsheets
As mentioned earlier, Excel is definitely a great tool for companies to use when budgeting. However, as your company and processes grow and evolve, Excel’s limitations may become increasingly evident.
So why invest in an enterprise solution that does more with Excel?
Integration is a major benefit. For example, if you have several systems (sales, shipping, payroll, accounting, etc.) that all share information, why enter all of that information in every system? With integration automation, that information is only entered once, and then is automatically shared with all relevant entities. This can eliminate costly manual entry errors, and also saves times and resources.
What about spreadsheet complexity? With Excel, you have some control over visibility, but not a lot. As such, spreadsheets may contain a bunch of information the various users don’t need to or shouldn’t bee seeing. This increases confusion and the time it takes to budget. With a specialized system, you have better control over this. It allows for your team members to gain greater control over their numbers and makes it so that not just one single person is forced to maintain everything.
Once your company reaches a certain size or has a variety of processes that need to ‘speak’ to each other, a centralized system gives you that power. The True Sky system uses Excel as an interface, giving you the best of both worlds. It provides integration, security and accuracy, all while using the familiar interface of Excel.
If your company has outgrown its current usage of Excel for budgeting, get in touch with us today and see how we can help! Call us at 1 855 878 3759, send us an email to email@example.com, or visit www.truesky.com for more information.