If you’re like most businesses, you likely started out doing your financial forecasting in Excel. In fact, roughly 89% of organizations are using spreadsheets to manage company finances. Over time though, you start to realize your company is outgrowing Excel and needs a need solution. You may notice the process is less efficient than it used to be or find yourself needing access to features you didn’t need before. You may also start noticing growing frustration among your colleagues wishing there were an easier way.
7 Signs You’ve Outgrown Excel
- You’re spending hours doing what could take minutes
- You don’t have the data when you need it
- Only one person understands the financial models
- You’ve accidentally sent sensitive data, such as salaries
- You’ve made changes, only to find out someone else was making changes too and yours didn’t save
- You’ve lost track of sheets sent via email
- You lack the time for financial forecasting altogether
Moving Away From Financial Forecasting in Excel
Okay, so you know what the problems are, but what are the solutions and can I afford them? So glad you asked! There are a number of solutions out there depending on the size of your company and your financial forecasting, budgeting, and planning needs.
Solutions for Small Businesses
- Sage Intacct
- Prophix Software
- Planning Maestro by Centage
Solutions for Large Businesses
- Adaptive Insights
- Host Analytics
Great! I’ve made the switch, but how do I integrate my data?
Glad you asked! DataBlend has pre-built API connections that will allow you to integrate all of your financial data between systems, stress-free. You’ll always have up-to-date data, won’t need to hinder your IT team’s productivity with the creation of new connections and support for new versions, and you’ll have the support you need, when you need it.
Already made the switch and need help with integrating your data? Contact us for a demo.