This article focuses on the difference between Excel-based and Web-based budgeting tools.
Choosing the right budgeting tool is extremely important for a growing company. Many financial companies use homegrown Microsoft Excel models extensively in their budgeting, but there are some limitations that are inherent in the application. I admit Excel is a great tool for modeling and analysis, but it is not the best tool to use for budgeting. Software companies are developing commercial budgeting tools that are Excel-based and Web-based to stay familiar with the features and functionalities that most professionals are accustomed to. In this article, we will explore the advantages and the drawbacks of both Excel-based and Web-based budgeting tools that organizations experience. This article is the third installment of our series on budgeting: Excel-based Budgeting Tools Versus Web-based Budgeting Tools.