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Love it or hate it, Excel is still known as one of the greatest personal and business tools on the market. But, when it comes to organizations, this manual driven software may no longer match a company that uses multi-departmental processes and collaborations.

The volatility of today’s economy demands a smarter approach for financial planning and analysis. An increasing number of finance professionals find that manual driven Excel-based planning isn’t the most efficient option.

As business managers and CFOs rely heavily on Excel to sift through annual planning cycles, forecast profits and expenses, and create reports, they find that manual spreadsheets can often be disconnected, and reporting can create several issues.

Some of these challenges include:

  • Team members taking too much time on administrative and low-level activities.
  • Failing to catch errors that cause roadblocks in budgets projections, forecasts, and planning.
  • Inability to model potential future scenarios or respond to “what-if” scenarios and questions.

If your company is still making use of manual Excel spreadsheets, it may no longer be the best option to serve your organization’s needs.

So, what can you do?

A new option exists, and it is called financial planning and analysis in the cloud. This is an affordable, cloud-based version of traditional FP&A processes.

Here are seven benefits of using financial planning and analysis in the cloud:

  1. Automatic consolidation of data
  1. Analytics and reporting are more streamlined
  1. It integrates seamlessly with other systems
  1. Easily shared across the organization and departments
  1. Easy to create “what-if” scenarios, analysis, and modeling
  1. It defends against breakage
  1. Costs significantly less than on-premise software

These seven benefits alone can help your organization to make better decisions, lead to better management, ensure tighter control of information, and reduce costs.

If you want to learn more about financial planning and analysis in the cloud, click the link below for more information.