Break Free from Excel Chaos
What are the seven reasons why financial professionals should stop working with Excel files? We shed light on the issue and show how professional FPM software is a far better alternative.
By LucaNet AG
Date: 6 August 2020
Are you one of the enterprises that still rely on Excel files for finance tasks such as planning, consolidation, reporting and analysis? Then it’s time to think about a professional software solution. The latest studies (such as BARC The Planning Survey 2018) show that Excel is still being used heavily for planning and budgeting in particular, because professionals are familiar with it and because it is installed on computers in many companies as a standard solution. But experienced users know that Excel harbours many risks and has significant disadvantages. We reveal the seven reasons why you shouldn’t be using Excel and explain the advantages that professional financial performance management software brings to Finance departments.
- Stop using Excel for finance tasks – the reasons
- 1. Excel increases the error rate.
- 2. Excel is not a team player.
- 3. Excel produces an impenetrable jungle of data.
- 4. Excel hinders automation.
- 5. Excel increases complexity.
- 6. Excel reduces the transparency of data.
- 7. Excel generates unnecessary costs.
- The solution for financial professionals
- Sidebar case study: A clear view of financial indicators instead of Excel chaos
- How LucaNet makes your job easier