Charlie LiuGlobal Chief Customer Happiness Officer | CEO Founder, FCFO & CFO Tech Advisory, MCC Inc. · Founder CEO & CFO Advisory at MCC Inc - FP&A Experts & Top Tier Vena Partner | Driving Financial Excellence | Chief Happiness Officer

Advantages of FP&A Tools Compared to Excel

9 Apr 2024 · 1 min

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1:10

In this short dialogue, Speaker A asks about features of the Basis FP&A planning tool that support annual budgeting and financial modeling, especially compared to Excel or Google Sheets. Speaker B explains that while driver‑based formulas (e.g., headcount × average rate) can be built in spreadsheets, Basis distinguishes itself with a natural‑language‑driven formula system. This system makes model creation easier, ensures the correct data is pulled, and simplifies troubleshooting. When a model is inherited—such as a Google Sheet left by a predecessor—Basis instantly reveals drivers, their sources, and dependencies, reducing the time spent tracing and correcting spreadsheets. Overall, Basis offers connected, automatically updating models and clearer, more maintainable formulas than traditional spreadsheet tools.

Chapters

What are some of the features that exist within an FP&A planning tool like Basis that can assist with annual budgeting as well as financial modeling that may set it apart from something like an Excel or a Google Sheets?
Got it. So there's a couple different pieces, right? So one I already showcased, right, earlier. I built some formulas. I looked at, I think it was meals expenses where I took headcount and then multiplied by an average rate, right? That's a great driver-based formula. for my, for my modeling. Nice thing is, if the driver changes, right, the whole model is connected, right? So you can definitely do that in Google Sheets or Excel. But the difference is, in Basis, right, you are using natural language, right? It's easier for you to model and make sure that you're actually pulling the correct data. And also for troubleshooting, right? I'm sure everyone here has gone through that nightmare. You take a look at a spreadsheet, especially from somewhere else, right? You just joined a company, you got inherited a Google Sheet model, now you gotta trace your dependencies. What are the drivers, right? With a natural language-driven formula system, it makes it a bit easier. You immediately understand, right? What are the drivers? Where are they coming from? What is the name? What is the data?