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.