How to choose the right budgeting software for your business 

It's very common for businesses to use a budgeting software, but what should you think of when choosing a budgeting software for your business? We have gathered a few tips for you to have in mind. 

Excel – one of the most used tools for budgeting 

One of the most used tools for budgeting within businesses and organizations is Excel. The program has been on the market for over 30 years and it became very popular within businesses and organizations due to its flexibility and many other great features. Other benefits with Excel are that it's cheap, has powerful calculations and it's user-friendly.

Excel is a great tool with many advantages but it's not built to be used as a budgeting software which many organizations can experience when they meet certain challenges within the tool. 

Disadvantaged with Excel 

As previous mentioned, Excel is a great tool but unfortunately it's inadequate if you compare it to a budgeting software

One of the biggest disadvantages with Excel is that you're in need of someone else to develop and maintain your budgets and models manually, which can be a huge risk and it's very time consuming. 

Imagen that you have one spreadsheet in Excel that needs to be locked and saved, sent to different recipients who's going to edit, comment, resend it, consolidate it and examine the spreadsheet and so it goes on. 

By using this method and managing everything manually there's a huge risk that you will receive unreliable data. For example, there might be someone who filters data or changed a formula, cells with calculations that changes to a static value. There's always a risk that you will receive the wrong version of the spreadsheet.  

Having these ongoing changes in a spreadsheet makes it hard to get a good overview and understand how different parts connect. The benefit of using a flexible tool suddenly turns in to something negative and makes everything more complex. 

The majority of businesses and organizations are well aware of these disadvantages with Excel. However, they continue using Excel because they don't know how to move forward when switching to a budgeting software in a smooth way. 

Mercur Business Control® – instead of Excel

There are many great budgeting software's out on the market that can replace Excel and it doesn't have to be complicated to implement it in your organization. Mercur have developed the market leading solution for corporate performance management and business intelligence, Mercur Business Control. A software that's easy to implement and customize. With Mercur Business Control you don't have to handle files and you can get access to information from your users. The software has built in functions to create a mutual, robust and safe solution for budgeting, forecasting, reporting and analysis. 

With Mercur Business Control you will receive an all in one solution for budgeting, forecasting, reporting, analysis and business intelligence.  

You may also be interested in our eBook - Mastering Spreadsheets

Contact us for more information on our budgeting software

Mercur Solutions (UK) Limited - UK office

Mercur Solutions Limited
Ocean House, The Ring, Bracknell RG12 1AX, United Kingdom
+44 (0) 1344 388 025

Mercur Solutions AB - head office in Sweden

Mercur Solutions AB
Vretenvägen 13, SE-171 54 Solna
+46 (0)-459 69 00

 

Malmo Office

Stortorget 3, SE-211 22 Malmö
 

Gothenburg

Östra Hamngatan 17, SE-411 10 Göteborg

Mercur Solutions

A Swedish company with over 40 years of experience, delivering solutions for performance management and business intelligence.

  

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