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. Excel has many more benefits, for example; 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 previously 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 it requires someone else to develop and maintain your budgets and models manually, which can be a huge risk and it's very time-consuming. 

Imagine that you have one spreadsheet in Excel that needs to be locked and saved, sent to different recipients who are 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 into 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 has 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!

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Mercur Solutions Limited
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Mercur Solutions AB
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Mercur Solutions

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




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