When you decide your company’s financial models are not as good as they should be, is the first thing you do; send your staff on an Advanced Excel course? Whilst this is helpful, there’s an awful lot more to Financial Modelling though than being good at Excel!
Do you need an Excel Jockey, a Finance Wizard, or a Financial Modeller?
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I’ve often been asked the difference between a spreadsheet and a financial model, and there is a fine line of definition between the two. In a nutshell, an Excel spreadsheet is simply the medium that we can use to create a financial model. (Of course there are other programs besides Excel that can be used for modelling, but that’s another story!)
OK, you’ve taken the plunge – gone out on your own – told the boss to stick it and set up your own business. You’ve left the corporate world behind and you’ll be playing by your own rules from now on! No more management hierarchies, no boring meetings, no budgets and no getting sign-off to spend any money. From now on, you’re your own boss and no one can tell you what to do.
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In a volatile economic environment, creating a business case for a new project or product which contains financial projections is an extremely difficult task. Looking at historical data and extrapolating the numbers to create future projections simply doesn’t cut it anymore.
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“Hmm, these numbers don’t add up…”
Sound familiar? We’ve probably all said this at one time or another, and it can be a frustrating experience.
In this article, we’ll explain the pitfalls of financial modelling in Excel, and give you a few survival tips to help you get accurate and reliable results from your models.
Microsoft Excel is a very flexible, powerful and ubiquitous tool for the purpose of financial analysis, however, astute users understand the dangers of a poorly built financial model.
