Budgeting Software Features for Those Who Love Excel

CFOs and accountants will rightfully admit that Excel has its limitations. Consider the time involved in complex calculations, manual report generation, and meticulous data input due to the inability to download data directly from the bank. Still, despite its limitations, what keeps users loyal to Excel is the joy in working with spreadsheets.

But business software companies have cued into the fact that Excel users find spreadsheets psychologically rewarding. In fact, accountants often liken the dopamine rush they get from organizing data, customizing formulas, and watching formulas work to putting that last piece into the puzzle or playing Legos. It’s not surprising, then, that software developers have integrated a myriad of features that make budgeting and forecasting as enjoyable if not more than traditional spreadsheets.

Powerful Data Visualization.

Great stories are told in pictures. But you may not have the time or desire to turn your data into graphics for day-to-day financial analysis or the next board meeting. Budgeting software automates this process by offering full-color interactive charts, graphs, and dashboards, turning bland financial data into presentation-ready slides. Data visualization tools make it fun and easy to generate, for example, a variance chart to compare budget vs. actual performance, a line or curve to show changes over time, or a pie chart to display distributions across categories. You can also combine bar and line charts to build more complex comparisons of, for instance, actual month-to-month spending in contrast to years past.

Collaboration and Sharing.

Working together, cooperating, and exchanging ideas across an organization can bring everyone on-board and motivated toward the same unified goal. Cloud-based budgeting software offers the ability to share and comment on projections in real time. As a result, revisions are processed, rationale is discussed, and discrepancies are resolved quickly and effectively. Real-time teamwork also enables the transfer of strategies and financial experiences to and from colleagues, making the entire process far more educational and rewarding.

Real-time Forecasting.

Advanced forecasting tools let users manipulate what-if scenarios on the fly, uncover potential concerns, resolve problems, and test the ways in which alternate scenarios might play out alongside a company’s long-term financial outlook. Because budgeting software integrates real-time financial data into new forecasts, opportunities for discovery are constantly variable and in flux.

Dynamic and Competitive.

Budgeting software delivers an endless sense of variety, challenge, and accomplishment. Finance professionals are drawn to the reward in monitoring progress visually as the company closes in on its operational targets. Gain the insights needed to fine-tune results year-round, steer the company in new directions, seal gaps, and avert risk. Advance your role by revealing more cost savings and revenue growth opportunities. Budgeting software provides the challenge and reward in outperforming the competition through prudent financial management.

As enjoyable as budgeting software might be, though, it could never fully replace the magic of spreadsheets nor that ability to create just about anything from a blank canvas of rows and columns, formulas and ratios. Consider budgeting software a powerful tool in the toolbox, albeit one of many.

How We Help

Budgeting is one of the more time consuming and frustrating annual tasks. AAFCPAs helps clients get more done in less time with easy to use and affordable cloud-based software. We understand exactly what you need for impactful decision-making. From finance teams to leadership and department managers, we offer insights tailored to each role. We are well-versed in processes, internal control, and compliance, not to mention the unique aspects of your industry. Our training focuses on features and functionality that maximize both the value and enjoyment of your new solution, ensuring your team is well-equipped and confident.

If you have questions, please contact Robyn Leet, Partner, Business Process Assessments & Attestations at 774.512.4010 or rleet@nullaafcpa.com—or your AAFCPAs Partner.