Using excel spreadsheets for corporate budgeting is not always a bad thing. For smaller companies with a fairly simple business model and a small number of users, excel spreadsheets is perfect.
Companies that do not have huge volumes of data or multiple entities or complex organizational structure will find that using a spreadsheet-based budgeting process is more than enough. It is a tool many finance users are familiar with, it is cheap, and it is fairly easy to set-up.
However, it is a different story for medium to large sized organizations or even for small companies that behave like big companies. Those with more than 3 users working on budgets and reports, those with several business units, multiple companies, multiple systems running, and those who amass huge volumes of data daily will very quickly realize that excel spreadsheets for corporate budgeting is not ideal.
While we maintain that excel in itself is a good and powerful tool that can allow you to do a variety of cool things, it is a deeply personal tool. This means that if one user creates the spreadsheet, it is based on that person´s thinking and preference. It follows that the next person who will have to use the sheets for collaboration purposes will almost always not figure out immediately why things appear the way they are.
Having too much data in it or linking too many spreadsheets together will almost always not only slow down performance, it will also raise questions on the integrity of the figures it contains.
Performance Canvas Financials is a complete, cloud-based corporate budgeting tool that uses Excel on its front end so that users feel like they do not need to learn a new tool from scratch.
It streamlines the entire budgeting process by enforcing business rules across the organization that are thought through and are standardized. From collecting of data to consolidating of the financial figures, Performance Canvas Financials presents a working budgeting solution to its users through its ready to use prepackaged finance logic.
Performance Canvas Financials cuts down the budgeting cycle time by 50-90% as it simultaneously improves the quality of your reports, budgets, and plans.
Curious just how much improvement it can bring to your excel-based budgeting process? Visit www.performancecanvas.com or email info@dspanel.com to request for a free online demo.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.
