When it comes to financial reporting and analysis, some things never change, and for good reason. One clear example is that finance teams use Excel year after year, even when newer tools and platforms promise better ways to manage data. But why do finance professionals continue to rely on spreadsheets despite rapid advancements in finance technology? Let’s break it down.
Familiarity and Flexibility
One of the main reasons finance professionals utilize Excel is its unmatched familiarity. Accountants, analysts, and FP&A professionals have spent years mastering Excel’s formulas, pivot tables, and modeling functions. This deep-rooted comfort makes Excel the go-to tool for countless daily tasks. Whether you’re working on financial reporting in Excel, building forecasts, or performing ad-hoc analysis, spreadsheets offer total flexibility to customize models exactly as needed.
Excel Is Still the Backbone of Financial Reporting
Despite the rise of dedicated ERP systems, the truth is that Excel for financial reporting remains an industry standard. Many finance professionals extract raw data from complex platforms like NetSuite and then refine it in Excel.
The reason is simple: spreadsheet-based reports allow for tailored calculations and adjustments that rigid systems often can’t handle easily.
Compatibility with Modern Tools
Another reason finance teams use Excel is its compatibility with other tools. For example, SuiteReport is a perfect example of this. SuiteReport is a native Excel tool built specifically for NetSuite users.
With SuiteReport, finance teams can pull live NetSuite data directly into Excel, automate reporting, and refresh dashboards in seconds, combining the best of ERP data integrity with the freedom of spreadsheets. This makes SuiteReport an ideal Excel tool for NetSuite, eliminating the tedious back-and-forth of exporting and importing data.
Versatility for FP&A and Beyond
When it comes to planning and analysis, Excel for FP&A remains king. Budgets, forecasts, variance analyses, all of these tasks benefit from Excel’s easy scenario modeling and “what-if” capabilities. Whether you’re working in corporate finance, accounting, or strategic planning, the ability to test multiple assumptions quickly is critical. This is why Excel is still used in finance, even as new software promises “smarter” solutions.
Automation Without Losing Control
Today, finance leaders are under pressure to automate wherever possible but not at the expense of flexibility. Many teams are turning to finance automation in Excel to streamline repetitive tasks like consolidations, reconciliations, and data refreshes. Solutions like SuiteReport help here too. As a native Excel add-in, it empowers finance professionals to automate workflows inside the environment they already trust.
A Reliable Partner for Accountants and Analysts
At the end of the day, Excel for accountants and analysts is irreplaceable. From reconciliations to board-ready reports, Excel’s transparency and traceability make it the ideal platform for collaboration and auditing. And with tools like SuiteReport, finance teams can modernize this age-old tool connecting directly to NetSuite, pulling real-time data, and delivering accurate insights faster than ever before.
Real-World Examples: How Finance Teams Use Excel Day-to-Day
To truly understand why Excel is the go-to choice for the finance team, it helps to look at how they rely on it in their daily workflows. From large enterprises to growing mid-sized businesses, spreadsheets remain the backbone for critical tasks that demand precision, flexibility, and speed.
- Monthly Close Processes: Teams export raw GL data from systems like NetSuite, then use financial reporting in Excel to reconcile accounts, adjust entries, and prepare management reports.
- Variance Analysis for Board Decks: Finance leaders build customized variance reports and insightful visuals in Excel to explain budget vs. actual performance during board meetings.
- Rolling Forecasts for FP&A Teams: FP&A professionals depend on Excel to test different scenarios, model forecasts, and quickly adjust assumptions as market conditions change.
- Budget vs. Actual Tracking: Whether it’s a CFO or an analyst, nearly everyone uses Excel to drill down into actuals, compare them against budgets, and identify areas for cost optimization.
These are just a few ways finance teams use Excel every day. For many, it’s not just a tool, it’s a universal language for numbers, trusted by accountants and analysts alike.
Final Thoughts
There are countless reasons finance teams use Excel, from its unmatched familiarity and flexibility to its modern NetSuite reporting tools like SuiteReport that turn it into a real-time reporting powerhouse. While new technologies will continue to evolve, spreadsheets remain the trusted backbone of finance, and they’re not going anywhere anytime soon.
If your team relies on NetSuite, tools like SuiteReport help you get the best of both worlds: robust ERP data combined with the power and comfort of Excel. In a world full of complex systems, sometimes the simplest tools, when used smartly, are still the best.
