Can Excel be leveraged for Enterprise Integrated Financial Planning (EIFP)?


Who should read this document?

Entrepreneurs, Managers, CFOs, Controllers, Financial Managers, Key Users, Auditors, Tax Advisors, Bank Managers, Financial Analysts, Management Consultants, Business Professionals.

What if Excel could be turned into a cross-functional 360° representation of the business?

This document introduces the concept that spreadsheets work for integrating functions to solve multi-common goals.

The core of Enterprise Integrated Financial Planning is the alignment of strategic goals through an iterative process of repositioning alternative scenarios.



Organizations largely utilize Excel for financial planning purposes.

Users accountable for financial planning rely on spreadsheets throughout the organization, and they spend a considerable amount of time on their maintenance (at least 25%).

The attraction of spreadsheets is unquestionable: they provide an atmosphere together with the syntax and versatile modelling that every financial specialist wants.

Forecasting, consolidations, profitability analysis and reporting are the areas where the users exit core applications as often as possible to switch to Excel models.

Financial professionals are familiar with the use of Excel Spreadsheets to create reports for specific business applications and will easily transition to its use for financial planning.


All enterprises with an organized structure, from the medium-small company to the large group, sooner or later is challenged by questions such as:

  • Is the spreadsheet information valid, safe and consistent?
  • Does the disjointed information collected via spreadsheets endanger the decision process?
  • Does the Spreadsheet proliferation expose the organization to significant
    levels of risk?

There is no precise answer to these questions but there are considerations that may indicate paths to follow.


In organizations where the personnel are trained on an ongoing basis, it may be reasonable to use Excel to complement backbone applications (ERP, BI, analytics etc.) and to refine the decision-making process related to specific scenarios or business cases.

The IT department must make sure to provide internally developed spreadsheets with an acceptable level of security, ease of use and limited use of macro’s.
There are a number of factors that support this perception such as:

  • Advances in Microsoft Excel functionality.
  • Improvement in Graphical User Interface (GUI) to make the journey more comfortable .
  • Availability of Add-Ins that can streamline the routinely activity and perform repetitive massive work topped with sophisticate financial analysis.
  • An online universe of Excel free advice sources both for users and programmers.
  • Specific Excel spreadsheets developed by specialized and qualified vendors that challenges expensive applications in their own playground.
  • Microsoft continuous investment to maintain Excel competitive with BI and dashboard applications (additional features such as ‘PowerPivot’, ‘Slicers’, ‘Sparklines’ and ‘Conditional Formatting’ to name a few).


To analyse how Excel can better support the management planning process it is worth stretching the concept of organizational financial planning to Enterprise Integrated Financial Planning (EIFP) This is nothing new. It is just a mix of known concepts but it will serve to introduce the next level of analysis.

Here is a definition, among many other, of the EIFP components:

  • Enterprise: The Enterprise is an economic activity organized for the purpose of producing or exchanging goods or services.
  • Integrated: which results from the functional union of several parts or moments that dynamically interact.
  • Financial: measurable in monetary terms (e.g. 100 USD).

EIFP in brief:

The overall organization’s process of defining measurable objectives across multiple interrelated functions.


We, at Crown Consultancy Services, know that it is possible to develop an Excel application with the highest degree of securitydata consistency and reliability to elevate Excel to the rank of professional EIFP application.

For this reason, we designed, developed and market ProfitQube™ – the first and the only EIFP software – that brings together the ease of use of Excelthe power of VBA language and the end-to-end business process simulation for manufacturingtrade and services companies within one modelling environment.

ProfitQube™ is a simulation software tool that provides Excel interface for modelling complex integrated financial projections producing IFRS Financial Statements with Charts, KPIs, Ratios and more.

ProfitQube’s mission is to enable SMEsLarge Organizations and Financial Professionals to manage budgetsforecasts and plans for critical decisions.

New Product – ProfitQube Consolidation is now available.

ProfitQube Consolidation is a management accounting add-on of ProfitQube which enables the consolidation of Income Statement, Balance Sheet and Cash Flow (Direct and Indirect).

The consolidation process is aimed both for corporate internal control, plan, budget or forecast and for evaluating strategic investments and joint ventures.

Crown Consultancy Services Company is a leading provider of EIFP financial simulation software.


Crown Consultancy Services was founded in 2000 by Dr Gian Paolo Avanzo PhD (Business and Economics University).

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He has been involved as Chief Financial Officer / Financial Analyst in multinational
companies (Unisys, Avdel, Chubb, TNT for 10+ years).

He has also acted as Senior Consultant/Project & Transformation Manager implementing SAP ERP and Organization Projects worldwide for Blue Chips (Total, Novartis, Shell, ABB, AbbVie, Kraft Foods, Owens Illinois, Saudi Electricity Company, Fuji and more for 20+ years).


Accenture, Atos Origin, Axon HCL, Bull, CRA, Deloitte, E&Y, IBM, Infosys, KPMG, PWC, Siemens, Tata, Unilog, SAP.