What is Microsoft Excel and how does it work?

Microsoft Excel is the industry-leading spreadsheet software that has been the backbone of financial analysis for decades. As part of Microsoft 365, Excel provides powerful data visualization, calculation capabilities, and analytical tools accessible both on desktop and through cloud-based platforms.

Excel operates through a grid-based interface of cells organized in rows and columns, where users can input data, create formulas, and build complex financial models. With over 400 built-in functions, pivot tables, and advanced charting capabilities, it enables everything from simple budgeting to sophisticated statistical analysis. The modern cloud-enabled version supports real-time collaboration, allowing multiple users to work simultaneously on shared workbooks.

Benefits of Integrating Microsoft Excel with Abacum

• Sync Excel models and data bidirectionally with Abacum's platform in real-time, eliminating copy-paste errors and version control issues

• Maintain familiar Excel workflows while gaining automated data collection, consolidation, and reporting capabilities through Abacum's cloud infrastructure

• Enable multiple team members to collaborate on shared financial models without creating conflicting versions or losing data integrity

• Automate data imports from Excel spreadsheets into budgeting, forecasting, and scenario planning processes within Abacum

• Preserve complex Excel formulas and formatting while ensuring a single source of truth across your organization

• Connect Excel-based reporting templates with live data from Abacum, ensuring reports always reflect current information

• Leverage Excel's computational power for detailed modeling while using Abacum for workflow orchestration, approvals, and audit trails

• Reduce manual data entry by up to 90% while maintaining the flexibility finance teams need for ad-hoc analysis and custom calculations