A poll associated with Excel Budgeting conducted by Adaptive Planning in Nov 2017 demonstrated that 78% of the respondents use spreadsheets as their firm primary budgeting and forecasting tool. This phenomenon isn’t limited to just small and medium businesses. It’s noted that one of the large businesses, 68% rely primarily upon spreadsheets as their budgeting and forecasting tool.
Regardless of the number of constraints in using Excel as a budgeting tool and the access to Business Performance Management Systems (BPMs) from the market, the host of benefits offered by Excel in budgeting continued to be unrivalled. BPMs overcome a few of the constraints of Excel but eroded the advantages at the exact same time. Therefore, many budget managers decide to overlook the Excel constraints (for instance, cell links across workbooks) and also enjoy the advantages of using Excel as a budgeting tool.
As previous funding supervisors, we have gone through the same pains and could understand and establish the wants and wishes of every budget supervisor that are using Excel as a budgeting tool and looking for solutions to undermine its limitations. We’ve concertedly diverted a number of our tools out of our key activities to research and work on fulfilling those unmet needs. And now, we’re excited to see the consequences a breakthrough in removing every one of these Excel limitations while preserving all the advantages of the current excel marketing method. To put it differently, we have a radical solution that enhances the present manner of Excel budgeting!
Breakthrough # 1:
JUST by using formulas, we can align the headers and sub-headers into the budget numbers. This means that every set/line of the budget amounts has its own classification, be it that the header, sub header, product groups, etc.. Unlike linked cells where we need to manually specify the description we must point, our formulas are intelligent enough to discover which header and sub-header each budget line belongs to.
- Benefit #1:This means that every budget manager has complete control over the design of the template. Budget managers can quickly customise the template for their organisation requirements.
- Benefits #2:Budget users can re-arrange the row layout of their budget items and budget managers can nevertheless readily capture the inputs into their merged worksheet. All they need to do is to replicate the formula in the first row to the remaining rows in the template and the headers & sub-headers are re-aligned to the new layout.
- Benefits #3:Budget users no longer have to keep separate worksheets for their workings and for entry.
Breakthrough # 2:
JUST using formulas and not mobile links, the particulars in the template is easily moved to a different worksheet. Upgrades to the amounts generally take less than one minute.
Budget supervisors and consumers can make use of the database to make pivot tables and execute analysis on their budgeted numbers. With pivot tables, budget managers and consumers can analyse the numbers from more than one view (e.g. by distribution stations followed by product categories or vice versa).
We can combine the numbers supplied by each budget users (e.g. business units, divisions, countries) into a worksheet using a comparative unknown function which existed even in older versions of Excel such as Office 2000. It is not a macro and it has the ability to automatically update the budget numbers when the consolidated workbook is opened (Note: Only one worksheet is needed to perform the consolidation).
The information from the respective departments, business units or countries are not lost during consolidation.
We might still use pivot table to analyse the consolidated funding amounts and also do detailed comparison of their budget amounts provided.
Reporting and presenting of their budget amounts becomes a breeze when you use pivot table because the origin. It does not matter anymore which row the set of funding amounts is found. The row location can even change over time and the set of funding amounts you want will always be presented in the document or graph. This feature is available only in Office 2002 and above.
Budget managers can make every single chart in a moment. And these charts can be set up such that they can be upgraded automatically upon opening or at regular period. New data will be used automatically and old documents are deleted when it detects that the document was taken away from the source.
This Revolutionary Breakthrough in Excel Budgeting is able to accomplish a whopping period saving of up to 70% in the current Excel budgeting technique. A whole lot more time can be freed up to perform analysis on the budgeted amounts and produce better quality results which otherwise could not be done because of time limitations.