![]() ![]() You have control over the required inputs and outputs. Spreadsheets are controllableĪs the owner of your spreadsheet, you can custom build it to do what you’d like. Or creating a file that no one will understand six months later. Attempting, for example, to add additional drivers or variables late in the forecast process can require starting over from the beginning. Additional complexity and customizing can drive a greater need for precision and reduce flexibility. Your own creativity and programming ability are the only limitations, at least up to a certain point. ![]() If you have access to a VBA programmer (or can do it yourself) you can add even more functionality to your tools. Spreadsheets are customizableĪs previously stated, you can design a spreadsheet to look how you’d like and to do whatever you need. Aside from data collection and forecast building you can create invoices, track inventory, consolidate cash forecasts, and even create basic visual projections.įurther, after you’ve built your perfect template, you can copy it over and over again for each of your clients or teams. You can design a spreadsheet to do pretty much anything you want. Excel for cash forecasting.īenefits of cash forecasting in Excel Spreadsheets are flexible Let’s take a closer look at the pros and cons of using a software solution vs. Perhaps what you actually need is a solution that combines the best of both the software and the spreadsheet worlds: the ease of input and customizability of spreadsheets coupled with the speed and visual components you’ve grown to expect from a software solution. Extremely challenging to make changes, update with actuals, or test scenarios.Slow calculations, especially with large and complex files.The challenge of sharing visual updates.Potential for errors from creators and users.Collaboration with clients and team members.The following are weak points in many spreadsheet programs: Well, as you’ve probably also experienced at some point in your career, Excel (and the like) are not without drawbacks. So why consider something else? Why even look at a software solution for your cash forecasting needs? Up to a certain point, Excel does the job pretty well. They’re comfortable, and that is worth something. Depending on your career path, you’ve likely been using spreadsheets in one form or another since high school. When it comes to cash forecasting, you’re probably also accustomed to doing everything in a spreadsheet. ![]() Spreadsheets are flexible, nearly endlessly customizable, and give users a great deal of control. In a sense, they are the core of the business world and, in some respects, rightfully so. But when Excel is universally accepted and understood, why even consider making a change to forecasting software? What’s wrong with Excel?Ĭritical business decisions are made each day based on figures and formulas in spreadsheets. In the past few decades, several software solutions dedicated to forecasting have hit the market. Spreadsheets are reliable, and most businesspeople have some level of familiarity with them. Excel is a great tool and the financial backbone of many businesses. ![]()
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