Film Budgeting: Why Using Excel is Not The Way to Go
Film budgeting is an integral part of media production. Film budgeting gives the entire team a good idea of what they can expect of the movie and what their resources would look like- it forms the backbone of a successful film production.
Even so, for more than the past 25 years, the industry has been using Excel and the traditional spreadsheet-based manual budgeting systems. Indeed, since 2005, budgeting for the film industry has never evolved!
This is a major problem. Not only Excel is far outdated when compared to modern digital tools, but it’s also slow, limited, and difficult to use. Furthermore, such traditional systems give little insight into the team and lack features that enable collaboration while also taking up too much of your time.
Then again, film budgeting software can often be expensive and may not live up to the expectations, making it a tricky choice for you.
Well, no stress. In this post, we’re going to explore the issues with Excel film budgeting and discuss the pros of film budgeting software. Let’s get started!
The Issue with Excel Film Budgeting
The first thing that comes to mind when thinking of Excel is a buggy interface and hard-to-use tools. It’s quite expensive, yet it always closes without saving at just the wrong time! Let’s explore a few key areas that make Excel terrible for film budgeting!
One of the biggest issues with Budgeting with Excel is how time-consuming it is. Right from the start, Excel provides nothing more than blank sheets. You have to spend much of your time just setting up the environment.
Furthermore, once the file gets bulky, it can take an annoyingly long time to save the file. Eventually, you’ll end up spending most of your time debugging it all up rather than focusing on your film.
Excel film budgeting also brings in issues with privacy and security. Your film budget contains sensitive data and confidential information, and Excel offers the most barebones security: setting a password to your sheets, and that can be quite a trouble setting up. Moreover, a majority of Excel users who set passwords choose easy keys that can be guessed by their colleagues.
Furthermore, Excel provides virtually no collaboration if you’re looking to work with your colleagues. Nearly all teams today seek to improve productivity with digital collaborative tools, but Excel doesn’t offer coordinated access, so multiple people can’t work on the same version of the spreadsheet.
What’s more? Excel has a dull UI that’s uninviting and is quite tricky for most people to use. Working on Excel spreadsheets can quickly become mundane due to the unappealing UI.
But the biggest disadvantage of film budgeting with Excel is its errors and mistakes. Excel isn’t smart, it doesn’t understand what data you’re operating, so there’s simply no way to detect any mistakes you might make.
If you’re budgeting on Excel, it becomes imperative that you recheck your work multiple times. Even then, after wasting hours, there’s always space for mistakes, and that ultimately creates the risk of communicating a Film Budget where you’re not 100% sure of the numbers.
What is a Film Budgeting Software?
A film budgeting software is an application that is tailored specifically for film budgeting needs.
Unlike Excel or other traditional systems, you don’t have to create your own film budgeting template or worry about manually setting up the environment. You get a ready framework, the right equations, and a ready solution out of the box!
This saves a lot of time and increases the accuracy with which you budget your films. It also makes collaboration easier and provides a clean, easy-to-use interface.
However, the best part is that a dedicated film budgeting software provides deeper insight and creates clarity within your team, something that traditional systems just can’t achieve.
Benefits of Film Budgeting Software Over Excel
A film budgeting software should be the go-to tool for all your film budgeting needs. Here's why:
1. Templates Galore: Film budgeting software usually comes with great templates from major studios out of the box. This saves you a ton of template-creation time that can be put into more crucial aspects of production.
2. Cloud-based System: Cloud integration is a very useful feature in many film budgeting software that improves collaboration between team members. Some software can even connect to Google Drive if that's something you're interested in.
3. User friendly: A great film budgeting software has sleek designs that make intuitive and interactive user interfaces. This makes the process of film budgeting more enjoyable to do.
4. Privacy and Security: Many film budgeting software incorporates internal protections and advanced products to make sure your data is secure from breaches.
5. Error Correction: Unlike Excel, a film budgeting software is made specifically for that purpose, film budgeting. As a result, they come with built-in features to minimize errors during your budget process.
While some of these features are common to most of the film budgeting software, others are more like extras that may or may not be present. So, choosing a solution to your Excel problems comes down to personal preference.
Chedar: A Modern Film Budgeting Software
If you’re looking to advance from the ill-fitting Excel spreadsheet as a film budgeting solution, Chedar is definitely the way to go. Chedar offers a straightforward and collaborative budgeting and note-taking solution that is easy to implement. It is a secure and cross-platform software with smart and efficient cost management. Overall, Chedar is a reasonably-priced film budgeting software that delivers a great experience, professionalism, and reliability.
If you’re looking to simplify your film budgeting needs, it’s imperative to give up the Excel-based traditional budgeting methods.
A Film budgeting software like Chedar makes the budget process faster, easier, collaborative, and more powerful for you! What’s more? Chedar offers a free trial for new users, meaning that you can try it before buying it!
We hope you’ve found this post informative and engaging. We’d love to hear what you think, please reach out to our social accounts below. Happy filming!