Companies that continue to calculate budget parameters in Excel spreadsheets, rather than utilizing special budgeting software, usually use the following arguments in favor of this approach.
Excel allows users to quickly implement a new calculation methodology and include it in the budget model.
Users can easily follow the logic of calculations in Excel spreadsheets involving either the internal toolkit of software or using special Excel add-ins.
Excel is simple and clear for all employees, and the company does not need to organize special training for staff.
However, the budgeting process is usually more complex and requires considering a number of parameters and limitations. Some calculations are usually divided into several separate forms depending on the business process of a company.
So, it has become rather difficult to cope with such a branched relationship of elements relying only on Excel toolkit. For example, introduction of any amendments must be supervised manually though all depending forms. Any change of reporting forms, for instance, adding an extra column or row, can cause a chain reaction of incorrect results for other dependent spreadsheets. Corporate transition to specialized planning and accounting systems can help avoid that set of problems. Such systems provide the ability for scenario planning, regulate the corporate budgeting procedure and help consolidate information from all departments of a company. Any changes made will immediately be distributed through all reports. We can also add a number of advantages of budgeting systems, but let’s highlight flexible security settings. Sensitive information can be hidden partly or totally from users without proper access rights. What is more, such systems allow users to impose total protection from any changes or revert to previous versions of a document stored on the server. All of these features are implemented in Spreadym. Among its main advantages is the consolidation of the full toolkit of specialized budgeting software and Excel engine. Interaction with Spreadym is processed directly through Excel with all its features and formulas, but with high performance and flexibility.