Revolutionizing Excel Budgeting

A survey connected to Excel Budgeting conducted by Adaptive Designing in Nov 2006 revealed that seventy eight% of the respondents use spreadsheets as their company primary budgeting and forecasting tool. This phenomenon is not restricted to only tiny and medium companies. It's noted that amongst the large companies, 68% rely primarily upon spreadsheets as their budgeting and forecasting tool.

Despite the number of limitations in using Excel as a budgeting tool and the availability of Business Performance Management Systems (BPMs) in the market, the host of advantages offered by Excel in budgeting continued to be unrivalled. BPMs overcome a number of the limitations of Excel but eroded the advantages at the same time. Hence, several budget managers choose to overlook the Excel limitations (such as cell links across workbooks) and fancy the advantages of using Excel as a budgeting tool.

As previous budget managers, we have tried and true the same pains and could understand and establish the wants and desires of every budget manager who are using Excel as a budgeting tool and looking for solutions to undermine its limitations. We have concertedly diverted a number of our resources from our key activities to analysis and work on fulfilling those unmet needs. And nowadays, we tend to are excited to see the results -- a breakthrough in removing each of these Excel limitations while preserving all the advantages of the present excel budgeting method. In other words, we have a tendency to have a revolutionary solution that enhances the existing means of Excel budgeting!

THE 3 BREAKTHROUGHS AND eight BENEFITS IN OUR EXCEL BUDGETING APPROACH

Breakthrough 1:

JUST by using formulas, we tend to can align the headers and sub-headers to the budget numbers. This implies that every set/line of the budget numbers has its own classification, be it the header, sub header, product classes, etc. Unlike linked cells where we should manually specify the description we tend to have to purpose, our formulas are intelligent enough to detect which header and sub-header every budget line belongs to.

Benefit one:This implies that each budget manager has total management over the layout of the template. Budget managers can easily customise the template to their organisation needs.

Advantages two:Budget users will re-prepare the row layout of the budget items and budget managers can still easily capture the inputs into their consolidated worksheet. All they have to try and do is to populate the formula in the primary row to the remaining rows within the template and also the headers & sub-headers are re-aligned to the new layout.

Advantages three:Budget users no longer have to keep separate worksheets for their own workings and for submission.

Breakthrough two:

JUST by using formulas and not cell links, the small print within the template can be easily transferred to a different worksheet. Updates to the numbers usually take less than one minute.

Advantages 4:Budget managers and users can build use of the database to make pivot tables and perform analysis on their budgeted numbers. With pivot tables, budget managers and users will analyse the numbers from additional than one perspective (e.g. by distribution channels followed by product teams or vice versa).

Breakthrough 3:

We have a tendency to can consolidate the numbers provided by each budget users (e.g. business units, departments, countries) into a worksheet employing a relative unknown perform that existed even in older versions of Excel like Office 2000. It is not a macro and yet it's the facility to automatically update the budget numbers when the consolidated workbook is opened (Note: Solely one worksheet is needed to perform the consolidation).

Edges 5:

The main points from the respective departments, business units or countries are not lost during consolidation.

Advantages vi:

We have a tendency to may still use pivot table to analyse the consolidated budget numbers and do detailed comparison of the budget numbers provided.

Advantages 7:

Reporting and presenting of the budget numbers becomes a breeze when you utilize pivot table because the source. It will not matter anymore that row the set of budget numbers is located. The row location will even change over time and also the set of budget numbers you would like will always be presented in the report or chart. This feature is available only in Workplace 2002 and above.

Edges eight:

Budget managers can produce every chart inside a minute. And these charts will be founded such that they can be updated automatically upon gap or at regular interval. New data will be added automatically and previous records are deleted when it detects that the record has been removed from the source.

Conclusion

This Revolutionary Breakthrough in Excel Budgeting is ready to achieve a whopping time saving of up to 70% in the present Excel budgeting method. A lot a lot of time will be freed up to perform analysis on the budgeted numbers and produce better quality results which otherwise may not be done because of time constraints.

Karin Skristina has been writing articles online for nearly 2 years now. Not only does this author specialize in Budgeting, you can also check out her latest website about:
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