When is the right time to drop spreadsheets for budgeting? This article will help you, as we share 8 challenges that companies meet over and over in spreadsheet budgeting.
I love spreadsheets! An easy-accessible tool for simple tasks in the finance department, such as special reconciliations, ad-hoc data presentations, and prototypes.
However, Excel and other spreadsheets have limitations – especially when budgeting.
Many of the companies that we are in contact with have started budgeting in spreadsheets with the best of intentions – it seemed to be the fastest and cheapest solution. But over time the spreadsheets and the business tend to move in different directions, which makes the budgeting process difficult, incorrect, and insufficient.
In this article, I have taken eight of the most heard statements from companies contemplating a switch from spreadsheets to a dedicated budget solution. Maybe you recognize some of them?