Are you tired of juggling complex financial workflows in outdated spreadsheets?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.

Why Look for an Alternative to Excel

Modern finance teams need agile tools that handle complex data, enable real-time collaboration, and automate routine tasks. Excel alone often can't keep up with these demands, pushing CFOs to seek more specialized, cloud-based solutions.

The Issues with Excel: Why is a Spreadsheet Alternative Needed?

Excel covers a lot. Still, when you open a new spreadsheet, you only see a blank sheet.

Excel users face limited features, manual tasks, and constant skill-building just to stay competitive. In fact, 78% of financial planning and analysis professionals are actively developing technology skills to adapt to the changing landscape of financial operations.

Over the years, many Excel alternatives have entered the market. They're cloud-based tools with advanced features aiming to capture a major share of finance teams.

Some focus on accounting, like QuickBooks, while others tackle collaboration, like Google Sheets. However, most haven't specifically addressed the needs of FP&A.

Wondering how to find the best FP&A software for number crunching, financial reforecasting, modeling, and budgeting?

What's the Best Alternative to Excel for Financial Automation?

Finance automation drives 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.

Finance automation drives modern business success. Emerging planning and modeling tools accelerate data transformation, collaboration, and insights in a single, powerful platform.

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.

Do you want to know more about how an FP&A tool can help your company grow?

4 Best Alternatives to Excel for Finance Teams

1. Google Sheets

As a cloud-based Excel alternative built for team collaboration, Google Sheets is a true replacement for Excel in every shape and form. It syncs with all G-suite applications like Gmail and Google Drive and includes key features for document management and data visualization.

In addition, it provides advanced security measures when sharing sheets with others, making it an excellent free spreadsheet program to conduct financial analysis.

While Google Sheets can offer 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 tool for Excel. Although it can look a bit outdated when analyzing data, this office program actually includes robust features for finance professionals.

Packed with key functions due to its open-source nature, tech-savvy users may find it a strong alternative to Microsoft Excel.

• Pros: Open-source and free, powerful features, strong customization.

• Cons: Interface feels outdated, limited cloud collaboration.

3. WPS Spreadsheets

WPS Office is the true clone of Excel, as it's packed with almost identical features at no cost, although a premium version is available.

If you're looking for spreadsheet software that mimics Microsoft Excel but takes it a step further, WPS Spreadsheets might be a perfect 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 often considered one of the best free Excel alternatives for financial planning and analysis. It can be upgraded for powerful analytics for a fee.

It's a fully cloud-based application, similar to Google Sheets, and is built to integrate with other Zoho apps, encouraging cross-departmental collaboration. Unlike a traditional Excel file, Zoho Sheets syncs entries so teams can view them on any device connected to the cloud.

Why not just switch 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

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. Its main attraction is 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

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 one of 40 different applications in the Zoho suite, offering seamless syncing with other Zoho modules and external databases.

As a cloud-based Excel alternative, it effectively connects financial data and produces essential reports like balance sheets and P&Ls.

• 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.

Which Alternative is Right for You?

If you need a free solution for quick data sharing and collaboration, Google Sheets might be your best bet.

If you want a fully open-source office suite, then Libre Office Calc could be the right choice.

For advanced accounting features, QuickBooks and Zoho Books are popular.

However, if you're looking for comprehensive FP&A capabilities, real-time metrics, and robust modeling, Abacum is the one alternative that addresses all your finance team's needs.