Blog

Home / Insights / Blog / Have You Outgrown Excel for Your Accounting Needs?

Have You Outgrown Excel for Your Accounting Needs?

by

If you’re doing your budgeting and planning in Excel, you’re not alone.

Roughly 90% of companies with 50 to 200 employees use it to budget and plan. But, at a certain point, you start to outgrow Excel and could be missing out on the benefits that a budgeting and planning solution can provide. You could streamline your planning, increase collaboration, and run a more strategic process. Hearing the quotes below from you or your colleagues are signs that you might be outgrowing Excel.

When you’ve got complex forecasting and what-if models and only one person in your company knows how it works, you’re exposing yourself to risk if that person moves on. What is the cost to have someone new diagnose, understand, and update the models if he leaves? You can ensure your continuity with a solution that allows you to define models that consistently operate on the data you pull in from your plans, budgets and actuals.

If managing budgeting and planning is so time consuming that you’re only focused on looking backwards, you’re missing the value of budgeting and planning for your business — to look forward and figure out how to meet your short-term, medium term and long-term plans. Budgeting and planning solutions automate every day budget and plan management and forecasting. They provide templates for what-if analysis can help you shift your focus to the strategic and contribute to the growth and success of the business.

Click here to review 8 signs that may show you’ve outgrown Excel for your budgeting and planning needs.

Are you ready to move your firm to the cloud? Our team can help!

About Ericksen Krentel

Ericksen Krentel CPAs and Consultants, founded in New Orleans, Louisiana in 1960 with offices in New Orleans and Mandeville, believes that serving as the clients’ most trusted adviser is grounded in going beyond the numbers.

That includes helping clients achieve their business and personal financial goals by providing innovative and exceptional services in the following areas: audit and assurance services, tax compliance and planning, outsourced CFO services and business valuations for a variety of industries; employee benefit plan audits; fraud and forensic accounting; business planning; IT consulting; loss calculations; and estate planning.

Learn more at www.ericksenkrentel.com.

Related Blog Posts

Ericksen Krentel Enhances Tax Manager Team

Ericksen Krentel has added Kenny Eldridge CPA as a manager and promoted Kelly Haden CPA to senior manager in its Tax Services Section.

Are You Tax Exempt? Here are the Forms You Need to e-File

The Taxpayer First Act, enacted July 1, 2019, now requires tax-exempt organizations to electronically file information returns and related forms, including Forms 990, 990-PF, 1065 and 8872.