27 March 2023

Financial Forecasting Software Templates Vs Excel or Google Sheets

Clearview Balance Sheets Charts

Businesses are constantly looking for the best techniques and systems to help analyse their financial future, and these days it has become quite a matter of debate. When it comes to using a financial forecasting template, on one side you have Google Sheets or Excel that are well known. But then with the emergence of cloud technology, there is now a range of financial forecasting software designed specifically for financial forecasts which some experts swear by as being more reliable than conventional methods – so who is right?

Financial forecasting is critical to business success, so having the right tools for the job is key. When first starting out, its common to ask yourself, can you use excel for financial Modelling? It’s tempting to choose the more affordable and familiar solutions like Excel or Google Sheets. Using the right set up is key if you want to accurately set goals and plan for your business’s future. You will need to undertake regular cash flow modelling and scenario analysis. Having accurate just in time data is critical to providing the intelligent insight on what the business needs to increase its future success.

With that in mind, more and more companies are now embracing cloud based solutions and automation in every aspect of their business, from marketing to human resources and finance. So, if there is a way to speed up accurate cash flow modelling, scenario planning and financial forecasting then it’s worth adding financial software into the mix.

Consider the impact of human error

Financial forecasting spreadsheets give us incredible powers to organise, sort data and crunch numbers quickly. Its free to use and you can get started quickly. But we still must remember that one of the biggest drawbacks to using spreadsheets is ourselves! Human error is the main driver to making mistakes- and it can be very costly to companies.

In 2023, with automation already changing all our lives, the cost of human error is a hot topic for most boardrooms.  Just in the cyber security space alone, a 2022 report by Verizon found that 82% of data breaches involved the human element. Other researchers have found that human error accounts for 75% of data loss incidents in businesses.

At best human error wastes valuable time and resource, at worst it can inflict significant damage to the environment or the credibility of the  business and even close businesses down for good.

Every time you share a spreadsheet there is a risk of someone changing or deleting a formula and all that hard work being lost forever, but with Clearview you can share information and allow “access only” privileges  – so there’s no risk of anyone changing or deleting anything.

The more data you input the harder it becomes

Managing increasing amounts of financial data can make your head spin. When you’re wedded to excel or google sheets, as you input more and more data, navigating through it can become like searching for a needle in a haystack – you never know how long it might take until your information is located. So, it’s not just the manual labour involved in compiling these spreadsheets that uses up valuable resources, it’s the maintenance and ongoing usage across multiple users that is problematic too.

Consider the risk factor

Another key consideration with spreadsheets is the security aspect. Excel and google sheets do not have the same security standards of most software based financial tools, even when they are password protected.

Free up time for important tasks

If you’re using excel or sheets currently then you’ll know about juggling your income statement, balance sheet, cash flow forecast and other inputs to get a consistent view. Software such as Clearview brings it all together into one integrated tool. It does all the hard work for you, so you can focus on your business. There are no spreadsheets, no formulae, and no reports to configure.

Clearview offers easy-to-use financial forecast software that helps businesses achieve their goals. Our software makes budgeting, cashflow forecasting and business planning simple and efficient.

Create a culture with limitless growth opportunities

All businesses should strive to create a growth culture within their organisation. But if your staff are bogged down in tedious work then its difficult to come up with innovative ideas.

Clearview has been created to help business owners and teams to better visualise business ideas and to nurture ideation and innovation.

Whether you’re looking to raise finance for your business  through an investor or work more collaboratively with other departments across your company,  you will need to construct a detailed and shareable financial picture of your company. The beauty of using financial software such as Clearview is that it allows you to look at multiple scenarios and amend in real time.  Start by using our simple calculator  and then create a free account. By doing this, your business will be perfectly placed to innovate and grow.

When it comes to financial forecasting, the right tools can mean success or failure for your business. Don’t take chances with critical decisions- invest in a quality tool that will help ensure you make smart choices and maximise potential opportunities!

Find out more about Clearview today. Click here for details.