Opinion | 01 September 2015
Nearly every business uses Excel for straightforward accounting tasks, but for corporate legal departments dealing with multiple matters involving external legal service providers, specialised budgeting software brings significant business benefits. Although Excel is a useful repository for financial information and facilitates financial analysis, this requires manual collecting, inputting and updating data. Accurate financial planning, reporting and forecasting require relevant, timely and complete information. When it comes to legal services provision, much of this information is held by external law firms and Excel offers no easy way to track, manage and compare outsourced services and suppliers. Furthermore, once a system has been set up in Excel, it is not easily changed or reconfigured.