Stop struggling with Excel
Companies of all sizes use Excel for budgeting, business planning and reporting. It is probably one of the most famous software ever created and is part of the Microsoft Office Suite. Excel allows users to create spreadsheets with calculations based on formulas, macros (automated tasks), pivot tables and graphic material such as charts. Excel can be used for everything from basic spreadsheet calculations to coding in Visual Basic Editor. While Excel is a useful tool that can be used for a range of purposes, it is not suited for advanced planning, budgeting and reporting for larger organizations looking for powerful control features, accurate results and lower risk. We will explain why we believe that is the case.
1. Planning in Excel comes with a risk
Many companies, especially finance departments, use Excel to perform a variety of business-related controls, such as annual budgets, forecasts, sales planning, reporting and analytics. While Excel has the capabilities to perform such tasks, it requires rigor to keep Excel free from errors and to make sure that the latest document version is in use. The following scenario is not uncommon: the Finance departments sends out budget templates to all budget users in the organization, e.g., sales, marketing, etc. Thereafter, the individual forms are sent back, and the Business controllers will need to compile and manually gather all the data to form one cohesive budget document. After a couple of days, department X wants to make changes and sends a new version to Finance. The following day, department Y also wants to make changes. Finance is left with numerous different document versions, making it difficult to keep track on the right version. This increases the risk of errors in the final budget process.
2. Manual data entry and transfer is time-consuming
Data in several Excel documents are not automatically consolidated to form one cohesive budget or planning form. As mentioned above, this creates a lot of extra work for the finance department, which will need to manually compile all figures, sometimes from several hundreds of different documents.
3. Excel is not a database
Excel was not designed to be a database. There is no built-in planning data store. Therefore, historical figures are not automatically inserted into Excel sheets. This creates yet another cumbersome task for the finance department, which will need to extract historical data from other data sources and manually insert it to Excel.
4. There is no built-in functionality for collaboration and control
There is no built-in workflow or collaboration features in Excel. Therefore, email is often the go-to method for sending out and commenting on each other’s work in the budgeting and planning process. This disconnects the data entry process from the review and approval process – making budget users lose time and energy on sending emails with feedback and spreadsheets back and forth.
All the above challenges can be solved, simply by opting for a budgeting and planning solution that is specifically designed for organizations looking to improve their performance management processes. Bizview uses a similar spreadsheet-technology as Excel. Therefore, users can benefit from their existing skills to get up and running fast with Bizview. Bizview is a web-based platform which allows users to log in to their budget forms directly in the browser, where they fill in their numbers and the forms are automatically consolidated to form one cohesive budget. Furthermore, Bizview has a powerful built-in workflow function with intuitive approval flows and coordinated email functionality. Furthermore, users can comment on each other’s work directly in the forms, thanks to the built-in commenting functionality. Lastly, you can use Bizview to store all your performance management data or plug it in to your existing data storage solution.
Contact us today for more information on how Bizview can help you achieve better results.