Yes, Excel is the most popular tool used by financial analysts and other corporate finance professionals in the industry for financial modeling. It is a versatile spreadsheet program that has a wide range of features that allow users to store and analyze large amounts of data, build business models, create charts and graphs, and perform complex calculations. However, while Excel is certainly a useful tool, integrating it with powerful financial modelling software can take your business planning to the next level.
By using such software, you can unlock even more advanced features and capabilities that Excel alone cannot provide. For instance, you can use historical performance and market data to improve the accuracy of your financial forecasts or use advanced analytics tools to uncover hidden insights in the data from various functions of your business. Additionally, financial modeling software can help you automate tedious tasks, such as data entry or report generation, freeing up time for more strategic activities.
In short, while Excel is a great starting point for financial modelling, it is important to consider integrating it with more advanced software to stay ahead of the curve. Doing so can help you unlock new insights, save time, and make more informed decisions.