Are you tired of juggling complex financial workflows in outdated spreadsheets? It's time to embrace finance automation and real-time collaboration so you can deliver strategic insights faster. This article explores how modern alternatives to Excel can transform your finance team's efficiency.
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Why Look for an Alternative to Excel?
Excel is widely used, but it often fails to meet the demands of modern finance teams who need agile, collaborative, and automated solutions.
Modern finance teams require tools that handle complex data, enable real-time collaboration, and automate routine tasks. As financial operations become more sophisticated, Excel alone often can't keep up, prompting CFOs to seek more specialized, cloud-based solutions.
This shift is driven by the need for greater efficiency, accuracy, and strategic insight in financial planning and analysis.
The Issues with Excel: Why is a Spreadsheet Alternative Needed?
While Excel is a powerful tool, it lacks the advanced features and automation required for modern financial planning and analysis.
Many Excel users encounter limited features, manual processes, and the need for constant upskilling just to stay competitive.
According to 78% of financial planning and analysis professionals, developing technology and data skills is a top priority to adapt to the evolving landscape of finance.
Over the years, numerous Excel alternatives have emerged. These cloud-based tools offer advanced features designed to support finance teams. Some focus on accounting, like QuickBooks, while others emphasize collaboration, such as Google Sheets. However, most generic alternatives do not fully address the unique needs of FP&A teams.
Are you wondering how to find the best FP&A software for number crunching, financial reforecasting, modeling, and budgeting?
Key Features to Look for in an Excel Alternative for Finance
Choosing the right tool requires looking beyond basic spreadsheets. Modern finance teams need specific features to drive strategic decisions. Focus on capabilities that automate tasks and provide deeper insights.
Seamless data integration and automation
Seamless data integration ensures all your financial information is up-to-date and accurate.
The best tools connect directly to your existing systems, integrating with ERPs, CRMs, and HRIS platforms. This eliminates manual data entry and reduces human error, allowing finance teams to focus on analysis rather than data collection.
Advanced financial modeling and scenario planning
Advanced financial modeling and scenario planning help finance teams prepare for any business outcome.
Look for software that supports complex modeling, including driver-based budgeting and forecasting. Strong scenario planning features enable you to model various business situations and make informed decisions quickly.
Real-time collaboration and version control
Real-time collaboration and version control ensure your team works from a single source of truth.
Excel struggles with multiple users and file versions. A good alternative offers a unified platform where everyone accesses the most current data, reducing confusion and improving teamwork.
Data visualization and automated reporting
Data visualization and automated reporting transform raw numbers into actionable insights.
Your tool should generate clear, visual reports for stakeholders and investors. Automated reporting saves time and allows finance teams to focus on strategic analysis rather than manual report creation.
Spreadsheets vs. Dedicated FP&A Software
The choice between spreadsheets and dedicated FP&A software is about more than just replacing Excel. It’s about selecting the right platform for your team’s evolving needs.
The role of spreadsheets
Spreadsheets like Excel and Google Sheets offer unmatched flexibility for ad-hoc analysis and simple tasks.
However, they lack scalability and robust security for sensitive data. Manual data handling increases the risk of errors, and version control becomes a significant challenge as teams grow. These issues can compromise financial accuracy and strategic planning.
In summary, spreadsheets are best for small-scale, flexible tasks but fall short for complex, collaborative financial management.
The power of dedicated FP&A software
Dedicated FP&A software is designed to meet the complexities of modern finance.
These platforms automate data consolidation and financial reporting, providing a secure, auditable environment for your data. With tools like Abacum, teams can focus on strategic insights, enable sophisticated scenario analysis, and collaborate more effectively.
Ultimately, dedicated FP&A software empowers finance teams to become true strategic partners to the business.
4 Best Alternatives to Excel for Finance Teams
1. Google Sheets
Google Sheets is a cloud-based spreadsheet tool designed for real-time collaboration.
It syncs with all G-suite applications like Gmail and Google Drive and includes key features for document management and data visualization. Advanced security measures make it a strong option for sharing financial data.
While Google Sheets offers a wide variety of capabilities, it wasn’t specifically designed for finance professionals. You may still face repetitive manual work when budgeting and forecasting.
Pros: Real-time collaboration, cloud-based, strong integration with Google Workspace.
Cons: Lacks advanced financial modeling features, limited offline functionality.
2. Libre Office Calc
Libre Office Calc is an open-source spreadsheet tool that provides robust features for finance professionals.
Although its interface can appear outdated, its open-source nature allows for strong customization and powerful functions, making it a viable alternative to Microsoft Excel for tech-savvy users.
Pros: Open-source and free, powerful features, strong customization.
Cons: Interface feels outdated, limited cloud collaboration.
3. WPS Spreadsheets
WPS Spreadsheets is a free spreadsheet software that closely mimics Microsoft Excel’s interface and features.
It offers a familiar experience for Excel users and includes both free and premium versions. WPS Spreadsheets is ideal for those seeking a cost-effective, Excel-like solution.
Pros: Familiar Excel-like interface, free version available, robust features.
Cons: May include ads in free version, limited advanced finance functions.
4. Zoho Sheets
Zoho Sheets is a fully cloud-based application designed for financial planning and analysis.
It integrates with other Zoho apps and supports cross-departmental collaboration. Unlike traditional Excel files, Zoho Sheets syncs entries so teams can view them on any device connected to the cloud. Upgraded plans offer advanced analytics for a fee.
Why Not Just Switch Completely Out of Excel? (Exploring your next spreadsheet alternative)
While Google Sheets, Libre Office Calc, WPS Spreadsheets, and Zoho Sheets cover basic data analysis and collaboration, finance teams often need advanced FP&A functionality, real-time metrics, and robust modeling.
These free tools may not fully meet those needs, making specialized solutions like Abacum more suitable for comprehensive financial planning and analysis.
Abacum’s new integration with Microsoft Excel allows finance teams to keep using spreadsheets while seamlessly gaining real-time metrics and scalable FP&A capabilities.
Finance is the engine that runs a company. Without clarity on your financial health, you can't make critical, strategic decisions.
Many SaaS solutions offer financial modules, but they rarely focus on CFOs' specific needs. Tools can also feel cumbersome, expensive, and not truly collaborative.
Light ERPs or Work OS solutions brought basic finance automation to the market, but they're often a midpoint solution—still requiring additional systems for deeper FP&A capabilities.
Because they're flexible and subscription-based, these tools have grown quickly by offering modules for CRM, accounting, HR, or project management. However, finance teams often discover they need specialized advanced planning.
Here are some of the leading companies in this category:
1. Odoo
Odoo is a modular business management platform that includes finance features.
It sits between a mega ERP and a Work OS, focusing on CRM but easily syncing with its in-house finance modules. Odoo offers an a la carte system of features you can add or remove as needed, with extensive integrations including logistics and marketplace connections.
Pros: Modular design, wide range of integrations, can scale as you grow.
Cons: CRM-focused by default, advanced FP&A features may be limited.
2. QuickBooks
QuickBooks is a leading accounting software platform trusted by many small businesses.
As one of the originals in accounting software, QuickBooks became a major competitor to Excel since accountants and bookkeepers could use this platform without building everything from scratch. Its core focus is taxation and bookkeeping, making it less suitable for comprehensive FP&A tasks.
Pros: Popular accounting features, trusted by many small businesses, easy to use.
Cons: Limited FP&A functionality, often requires external add-ons for deeper analysis.
3. Zoho Books
Zoho Books is a cloud-based accounting solution that integrates seamlessly with the Zoho suite and external databases.
It effectively connects financial data and produces essential reports like balance sheets and P&Ls. While user-friendly, Zoho Books focuses on small business accounting and requires additional tools for advanced FP&A.
Pros: Fully cloud-based, integrates with the Zoho suite, user-friendly interface.
Cons: Focus on small business accounting, requires additional tools for advanced FP&A.
Odoo, QuickBooks, and Zoho Books each offer an alternative to Excel for accounting and basic reporting. However, finance teams seeking advanced FP&A features may find they're still lacking. Abacum goes beyond core functionalities with integrated scenario analysis, real-time collaboration, and comprehensive financial modeling that position it as a top Excel replacement for ambitious businesses.
What's the Best Alternative to Excel for Financial Automation?
Finance automation is a key driver of modern business success. Emerging planning and modeling tools accelerate data transformation, collaboration, and insights in a single, powerful platform.
Automated financial processes achieve 99.5% accuracy versus 5-10% error rates in manual workflows, while delivering a 250% average ROI within two years of implementation.
As the market grows, so does the demand for finance automation tools that serve as robust alternatives to Excel.
Abacum: The business planning platform
Abacum is a third-generation FP&A tool that helps CFOs of high-growth tech companies become strategic partners through automation and collaboration.
It stands out as a top Excel alternative for finance teams seeking robust planning capabilities, real-time metrics, and comprehensive scenario analysis. Abacum’s platform enables finance teams to move beyond manual spreadsheets and focus on strategic decision-making.
Do you want to know more about how an FP&A tool can help your company grow? Request a demo with our team!
Which Alternative is Right for You?
Choosing the right Excel alternative depends on your team’s specific needs and priorities. Here’s a quick guide:
For free, quick data sharing and collaboration: Google Sheets is a strong choice.
For a fully open-source office suite: Libre Office Calc is a good fit.
For advanced accounting features: QuickBooks and Zoho Books are popular options.
For comprehensive FP&A capabilities, real-time metrics, and robust modeling: Abacum is the one alternative that addresses all your finance team's needs.
