Microsoft Excel remains the most widely used software among financial entities across the world. Yet, as financial markets become more fast-paced and data volumes continue to grow, the need for an automated system that can quickly, efficiently, and accurately gather, normalise, sort, and report data is increasing… No wonder so many are looking for the best alternative to Excel for Finance.
What’s the Best Alternative to Excel for Finance?
To answer this question, we need to start by asking ourselves what we use Excel for, and while the straight-forward reply may be ‘to easily manage all my data from one place’, the reality is far more complicated.
See, if you’re currently using Excel as your database and reporting system, then you’re doing more than just putting all your data in one place.
You are using Excel to:
- Manually gather data that comes in multiple formats from a variety of sources.
- Manually transform and enter data, which automatically increases the chance of making errors (we’re all human, after all).
- Manually compare data that may be incomplete or fraught with mistakes.
- Manually issue reports that are generic, or else spend hours customising them for your different departments or heads.
- Manually check on data that, once again, may be inaccurate.
With this in mind, it becomes ever more obvious why Excel may not be the best tool for the job, and that automated data processing (ADP) would get rid of the vast majority of the issues.
Why Automated Data Processing Is the Best Alternative to Excel for Finance
ADP is a process that is based on software code that can automatically, autonomously, and quickly remove the need for humans to do all the steps mentioned above.
Like all other products, however, not all ADP software is made the same, but we’ll give you the benefits and possibilities associated with the ADP that forms part of our Wakett Framework.
Our ADP can automatically:
- Gather data from any source and transform it from any format into any other format thanks to its use of API and TIBCO® adapters.
- Input that data into your own, unique database in a way that works for you.
- Analyse and compare your data.
- Issue customised reports at specific intervals or on demand.
- Give you clear guidance when planning your controls and actions.
Moreover, because all this is done automatically, you are removing any chances of human error, therefore improving the service you offer your clients while simultaneously reducing the time your employees spend on boring, repetitive tasks.
Are You Ready to Ditch Microsoft Excel for Something Far More Superior?
If you’re ready to let go of the drudgery that comes with using Excel as your main financial tool, then get in touch with us to discover how the Wakett Framework has been built specifically to help companies like yours harness the full power of their data. Contacting us comes with no obligations, but the benefits could be tremendous.