Organizations still manually type data into Excel

Why Excel is so crucial for companies

Excel forms the foundation of financial analysis worldwide. From startup to multinational, every CFO relies on this software. Budgeting, reporting, and strategic decision-making all happen via Excel.

However, the reality behind those familiar spreadsheets often shows chaos. Manual processes still dominate the financial workflows of many organizations.

The hidden time waste of financial departments

Companies spend an average of 37% of their financial working time on repetitive data entry. This time could be much better spent on analysis and strategic decision-making.

Furthermore, research shows that organizations struggle with data quality problems. These problems are directly related to manual entry and incorrect use of Excel functions.

The financial impact of Excel inefficiency

Hidden costs accumulate unnoticed in companies. Organizations invest an average of €100,000 annually in correcting human input errors.

Moreover, a typical financial team spends 6 hours per day collecting data. Validating and formatting for Excel reports takes even more time. This leaves only 2 hours for actual analysis.

The strategic problem of delayed insights

Inefficiency becomes a strategic problem when competitors do have access to real-time insights. Faster decision-making provides competitive advantage in today’s market.

Fortunately, the solution doesn’t lie in replacing Excel. Instead, companies can automate the data feed to existing Excel workflows.

The CFO challenge: doing more with less

CFOs are under increasing pressure to deliver more strategic value. At the same time, financial teams must work more efficiently with limited budgets. This paradox forces organizations to innovate.

Moreover, stakeholders expect faster reporting and more detailed analyses. Manual Excel processes simply cannot keep up with these demands in the modern business environment.

What exactly is financial data to Excel automation?

The definition of financial Excel automation

Financial data to Excel automation transforms the way companies work. Organizations now collect, process, and analyze financial information in a new way.

Previously, employees manually copied data from annual reports and bank statements. Invoices and other sources also required manual entry. Now specialized software like EasyData’s Financial Search uses intelligent extraction algorithms. These processes are thereby fully automated.

How does automatic financial data extraction work in practice?

The technology works source-independently – organizations can really use any financial source. Internet data, annual reports, and bank statements are all suitable. Invoices, handwritten documents, and complex PDF reports are also supported.

Additionally, the software automatically recognizes relevant financial information. Structured Excel files are generated while maintaining authenticity. Moreover, traceability of data is guaranteed throughout the entire process.

Market context: why Excel automation is essential

The financial sector is currently undergoing a digital transformation. Research shows that over 90% of companies have undertaken digitalization initiatives, with automation of repetitive processes being top priority.

For financial departments, this means a focus on eliminating manual data entry, which is not only time-consuming but also carries a significant risk of human errors. At the same time, organizations want to maintain their trusted Excel workflows, as employees have built up years of experience with these tools and processes. This delicate balance between innovation and continuity forms the core of modern financial automation, where technology is deployed to increase efficiency without completely disrupting familiar working methods.

Why companies choose European automation partners

Companies value a transparent approach to technology implementation. No vendor lock-in and clear price agreements are essential. Local contacts who understand industries make the difference.

EasyData’s Financial Search perfectly aligns with these expectations. Full control over data and processes remains guaranteed. European data centers also ensure GDPR compliance.

The reality of Excel errors in companies

Research shows that approximately 90% of all spreadsheets contain errors. For financial teams, this is a serious problem. A single wrong formula can lead to millions of euros in wrong decisions.

Well-known examples like TransAlta’s €24 million loss due to a copy-paste error illustrate the risks. Companies cannot afford such errors in today’s competitive market.

Moreover, errors are often only discovered months later. By then, strategic decisions have already been made based on incorrect data. Automation eliminates these human errors by 95%.

Why Excel is still king in financial modeling

Excel remains the most popular tool for financial analysis worldwide. More than 750 million people use Excel daily for business purposes. CFOs prefer Excel over specialized software.

The reason is simple: flexibility and familiarity. Excel skills are widespread in organizations. New software requires costly training and implementation.

Additionally, Excel offers unparalleled adaptability for unique reporting requirements. Macros, pivot tables, and formulas can be adjusted to specific business needs.

API integration: the missing link in Excel automation

Modern financial systems offer API access to real-time data. Companies can link these to Excel for automatic updates. This completely eliminates manual data entry.

EasyData specializes in building these bridges between systems. APIs from banks, ERP systems, and external data sources are seamlessly integrated. Excel users only see the results, not the complex technology behind them.

Power Query and Power BI can be combined for advanced automation. Organizations thereby realize real-time dashboards without programming knowledge.

Core capabilities of EasyData Financial Search

From vision to value in weeks

The EasyData implementation methodology

This is how we implement your financial Excel automation step by step. Our proven methodology ensures reliable results.

The European data sovereignty advantage

Why companies choose EasyData

• ✓ 100% European data centers
  All financial data remains within European borders
• ✓ 25+ years expertise
  Deep knowledge of financial sector and local compliance
• ✓ Responsive European support
  No time zone issues or language barriers
• ✓ Open European standards
  No dependency on American cloud giants

Practical applications: financial use cases

Automation of annual report analysis

EasyData has built an online database with thousands of annual reports. In an automatic process, we extract consolidated annual balance sheets. This data is then placed in Excel documents for analysis.

All annual reports are clearly categorized in Excel. Further analysis thereby becomes possible for financial experts. This demonstration shows how Financial Search transforms complex documents into usable Excel data.

Fraud detection and financial investigation with Excel integration

Financial Search can identify possible irregularities in an automatic process. Smart data extraction brings facts to light without expensive external investigation. Organizations thereby save significantly on investigation costs.

The technology can be deployed for monitoring inventory balances. Comparison with expected turnover happens automatically. Data from multiple employees is integrated to quickly detect irregularities.

Bank statements to Excel reporting automation

Automatic conversion of bank statements to structured Excel files makes financial analysis easier. Categorization of transactions happens intelligently through the software. Automatic reconciliation saves hours of manual work.

Identification of anomalous patterns takes place during the process. The technology works seamlessly with major banks worldwide. International formats are also supported for multinational organizations.

Consolidated financial dashboards in Excel

Combination of data from different sources into one coherent Excel dashboard. ERP systems, bank statements, and invoices are integrated. External reports are also included in the consolidation.

Financial Search maintains the authenticity of all data during this process. Export to case management systems for further use remains possible. Compliance requirements are respected throughout the entire process.

Technical excellence: quality standards

Transparency and traceability in every process

Transparency is central to EasyData’s approach. How exactly do the results of financial research come about? Traceable conclusions are important for our clients. These aspects are included from the beginning when composing the technology.

Financial Search does not use complex algorithms where unnecessary. Especially with government assignments, caution is exercised. Simple and understandable methods are preferred over complicated AI systems.

Documentation and process control

Where does the data come from with each extraction? Based on what criteria does data extraction take place? Financial Search creates an overview of this in Excel format as standard.

This offers complete insight into the extraction process for users. Compliance requirements are thereby perfectly supported. Auditors can easily trace the origin of every data point.

Excel expertise from 25+ years of experience

Practice shows that financial experts prefer Excel with macros. EasyData has excelled in Excel with pivot tables since 1999. Our years of experience with Excel automation ensures optimal results.

Results are immediately usable within clients’ existing workflows. Financial teams can thereby seamlessly switch to automated processes. No new software training is required for users.

Platform-independent implementation for flexibility

Financial Search is a plug-in module for EasySeparate. It comes as an extension of our digital transformation platform. The process can be launched both on own servers and in our cloud.

This flexibility ensures that the solution fits within existing IT infrastructure. Security requirements can therefore always be respected. On-premise installations are possible for extra sensitive data.