Excel and Workday Adaptive FP&A - the perfect match

Yes, love can be found between FP&A and the spreadsheets.  

Meet Sonja and Sam. Our star-crossed lovers may both work in budgeting and planning, but in other ways, they’re worlds apart. Or are they? While Sonja is enraptured by her beloved spreadsheets, Sam’s got the smarts to see that when it comes to using spreadsheets or financial planning & analytics (FP&A) software, it doesn’t have to be a case of either/or. It can be ‘and’.

Hi, I’m Sonja. I’m an Aquarian, and I love spreadsheets (even if my boss doesn’t). “Get with it and use budget planning software," she says.

“I'm fine with spreadsheets, thanks,” I say back. Then, she shakes her head and tries to slip me brochures on some fancy cloud budget planning software.

But seriously, I ❤️ spreadsheets. Here's why:

1. I like to be in control

When I’m working on my spreadsheet, no one else can use it. If I need input, I can email a copy (or a link) so they can do their bit and send it back. I add version numbers to each spreadsheet and track where each one is on another spreadsheet. If others insist on working on the budget at the same time as me, I copy their changes over to my master spreadsheet. Sure, it takes time (and sometimes I miss their updates), but it still works.

2. I don't have trust issues

Some people say spreadsheets aren't secure. OK, it gets tricky when other people shouldn't have access to sensitive information, but I trust them not to look. Or I delete that data and paste it back in later. Admittedly, emailing my spreadsheets can be a bit of an issue as the file size gets huge. And once I accidentally sent my budget and forecasting spreadsheet to a friend at a competing company. But he’s a good mate, and I’m sure he deleted it.

3. I build the most accurate spreadsheets and the best templates ever!
Forbes reckons an estimated 88%of spreadsheets include mistakes, and half of those used by big businesses have "material defects”. But they don’t know me – and I’m a whiz!
I love creating spreadsheet templates, but it’s frustrating when others don’t ‘get it’ and break them. The last time it happened, my consolidation process was destroyed. It took me months to fix, so everyone had to wait for the new budget. Still, better late than never.

4. I’m old-fashioned and proud of it
Some scoff at my annual budget process, but I can’t see the need for a monthly forecasting process. Being accurate and responsive isn’t everything. My boss sends me stats like ‘finance staff spend 21% of their time analysing data, and 79% on manual budgeting’, and ‘20% of all enterprises have suffered a financial loss due to spreadsheet errors’.

I wish she’d just leave me alone so I can spend the weekend with my beloved spreadsheets in peace. The truth is, I know in my heart that there’s a better way to do budgeting and planning. But I’m just not ready to break up with Excel. There must be a way to have the best of both worlds.

Love will keep us together

Hey, I’m Sam, and I’m crazy about Workday Adaptive Planning for FP&A (aka Financial Planning and Analytics). Here’s why.

1. I don’t need to be a control freak
FP&A lets our team collaborate on budgets and reporting, and has compliance management features like audit trails of financial decisions. So, if there’s an ‘oops’ moment, we can roll back. Also, FP&A does the hard work of keeping things clean – no micromanagement required.

2. I can trust the data
All the data comes from our own systems, so I don’t have concerns about accuracy. The solution controls stop anyone from seeing or doing anything outside their pay grade. And there’s zero chance of emailing data to a competitor and hoping they won’t peek - BFF or not.

3. I’m all about accuracy
With FP&A, my data is automatically pulled from other sources - no manual input or errors. (If I still used spreadsheets, I’d be stressed. Those Forbes stats are hard to ignore!). FP&A is robust and unbreakable, and I don’t need to massage data into place using a spreadsheet. Unlike some, my consolidation process is fast, and my bosses get their budgets pronto.

4. I’m not stuck in a tech rut!
I like to do things properly, and I know that using better technology and working smarter is key to that. From monthly forecasting to what-if reports, I can do it all quickly and accurately. My evenings and weekends are my own.

Despite all this, am I ready to ghost Excel? Not a chance; Workday FP&A and Excel go way back, so it’s not a matter of all or nothing. They’re the perfect couple and work perfectly together with a bit of help from Workday OfficeConnect. I’m not ready to break hearts anytime soon.