It's 9:47 am. Your board meeting starts in thirteen minutes. You're presenting the 3-year forecast, and the CFO just asked you to run one more scenario: "What if we delay the Series B by six months and cut burn by 20%?"
No problem, you think. You open "FY26_Financial_Model_v12_FINAL.xlsx" and copy the entire workbook. You update the fundraising assumptions, moving the Series B from Q2 to Q4, and adjust the hiring plan to reflect 20% lower OpEx. You recalculate. The revenue forecast shows negative growth in Q3. That can't be right. You trace the formulas. Turns out, a VLOOKUP is referencing the wrong column because you added a new assumption last week and it shifted everything. You fix it and recalculate again. Now net income shows a positive number in Q1, which is impossible. You trace precedents. The formula is pulling from a hidden row with old assumptions hardcoded from three versions ago.
It's 9:58 AM. The meeting starts in two minutes. You still haven't compared this scenario to the base case.
This is the moment most finance teams realize Excel wasn't built for what they're now asking it to do. Your financial model outgrew what spreadsheets can handle without breaking.
You don't have to abandon Excel entirely. It remains one of the most powerful financial tools ever built. But when your model becomes mission-critical for planning, board meetings, and cross-functional decisions, things break down. You're managing dozens of tabs, fragile formulas that break when someone inserts a row, version conflicts, manual data updates every month-end, and scenarios that require copying entire workbooks.
This guide compares Runway, a modern FP&A platform designed for collaborative planning and dimensional modeling, against Excel, the spreadsheet tool most financial models start in. We'll examine how each handles the core challenges: building flexible forecasts, running scenarios without file chaos, enabling real-time collaboration, and scaling as complexity increases.
Runway vs. Excel: understanding each product
Before digging into features, know what each tool is built for.
Runway is a cloud FP&A platform. It treats your model as a live, collaborative workspace. You connect it right to accounting, HR, CRM, and billing using one of our 750+ integrations. Actuals flow in automatically. You write formulas using human-readable language, then share the model with department heads and leadership. No broken links. No version chaos.
Excel is the universal spreadsheet. You own every cell and calculation. Using Power Query or Power Pivot, you connect to outside data or build advanced models with millions of rows. No other tool matches Excel for flexibility. But with growth, you trade off simple upkeep and easy sharing for more control.
Both tools help model owners, people who live in the forecast and answer "what if?" questions on demand. What sets them apart is how they work through the problem.
Runway: A cloud FP&A platform for finance builders
Runway positions itself as what comes after Excel for anyone who wants spreadsheet flexibility, but not maintenance headaches. Here’s what stands out:
- Flexible, dimensional modeling. Instead of cell references or
VLOOKUP, you build formulas that read like English:Revenue = Customers × Price × Retention. You can slice the model by things like department or customer type without rebuilding tabs. If your business becomes more dimensional, the model flexes with it. - Parallel scenario planning, no file copying. Runway lets you create parallel scenarios. Test changes in sandboxes, compare side by side, and merge approved changes with a click. You never deal with "Budget_v47_final_FINAL.xlsx."
- Real-time collaboration. Department heads can suggest changes. Finance can review. Everyone gets live, single-version access. Role-based permissions mean you show only what’s needed, keep sensitive data private, and see a full audit trail of every edit.
- Automated actuals. Runway connects to over 750+ systems. That includes QuickBooks, NetSuite, Salesforce, and your data warehouse. Actuals update automatically. No manual exports. No copy-paste.
- Unlimited seats for your whole company. Runway pricing includes as many users as you want. Let everyone see the model, without worrying about per-seat fees.
Runway is for model owners who want speed, on-demand scenario planning, and easy teamwork, without rewriting formulas every time something changes.
Excel: The enduring spreadsheet standard
Excel has powered financial models for decades. Every finance pro knows how to use it. The ramp-up is quick, the flexibility is unmatched, and if you master the formulas, you can build almost anything.
Excel shines for control. You decide every calculation. Handle complexity with nested formulas, pivot tables, and custom macros. Power Query connects to databases and shapes data at scale. You can even work offline. No onboarding needed.
But Excel was made as a general spreadsheet, not a collaborative FP&A system. As your model grows, cracks appear:
- Manual data updates. Actuals come from your accounting system, payroll, CRM, and billing. Moving them to Excel means exporting files, re-copying data, and hope nothing snaps. As your company expands, this gets slower and more prone to mistakes.
- Fragile formulas. References like
=SUMIFS(B2:B999,C2:C999,">0")*INDEX(...)hold up—until someone changes a row or tab. You see#REF!errors and spend hours hunting for problems. - Version chaos. When several people jump in, files get swapped on Teams or Slack. The “model owner” does updates. Others wait. Reconciling versions eats up valuable time.
- Scenario management. Launching a new scenario means copying the workbook, updating assumptions, and comparing outputs by hand. If you want to test five cases, you now manage five files.
- Scaling limits. Excel handles up to a million rows per worksheet. Power Pivot adds scale to memory. But as you add business units or revenue streams, performance can nose-dive. Manual consolidation past three or four entities is tough, especially with eliminations or currency conversions.
Excel stays helpful for quick analysis and one-off models. But once your spreadsheet becomes central for planning and reporting, manual work and limited collaboration show real costs.
Core comparison dimensions
Now, let’s see how Runway and Excel measure up where model owners need it most.
Modeling and scenario planning
The heart of a financial model is business simulation. You build drivers, set assumptions, and watch changes flow through revenue, costs, and cash.
- Runway’s approach: You build one base model with dimensional structure built in. No more tabs for every department or product. Add a "Department," "Product," or "Region" dimension and slice as needed. Formulas reference names, not cells, so they're easy to read:
CAC = Marketing Spend / New Customers. To test ideas, create a scenario, a separate version of the model. You compare multiple scenarios instantly and see downstream impact right away. - Excel’s approach: You set up tables, write formulas with lots of cell references, and link tabs together. You can build driver-based models, but as things grow, tracing logic gets harder. Running scenarios means splitting files or making extra tabs. Comparison is manual or needs custom work. Power Pivot adds dimensions, but takes technical skill and still needs careful version management.
When Runway wins: Multi-layer scenario planning. If you want to try out five hiring plans, three different prices, and two churn assumptions all at once, you can. Runway’s scenario sandboxes make sense of the complexity. See impacts instantly. Merge what works back into your main model with a click.
When Excel wins: Deep customization. If you want to build something unique, like an M&A model with your own schedule or tax waterfall, Excel gives you total control. There’s no template or abstraction layer limiting you.
Collaboration and governance
Finance isn't solo. Department heads make budgets. Leaders want to review scenarios. The board needs a peek at the forecast. Your model should enable everyone, not just you.
- Runway’s approach: Collaboration is built in. Assign role-based permissions (admin, manager, member, or guest). Show each person what’s relevant. Department heads launch scenarios. Finance reviews and approves. Everyone works in one system. Every action gets logged for audit. No more sharing spreadsheets over email. No version confusion.
- Excel’s approach: Teams collaborate by sharing files. Microsoft 365 enables co-authoring, but most folks avoid editing together because it leads to conflicts. One person "owns" the model and others get read-only copies or exports. Multiple contributors send inputs separately. Bringing it together is manual. Tracking changes needs documentation.
When Runway wins: Real-time, structured teamwork. Say the CFO needs a hiring freeze scenario. Create it, tweak headcount, and share the live link. Everyone drills into assumptions and sees variance at once. Permissions and audit logs keep you covered.
When Excel wins: Simplicity for solo users. If you're the only person or you work in a tight team, Excel lets you make updates without workflows or permissions. Fast and informal.
Reporting and analysis
Models are made to drive decisions. That means you need reports, dashboards, and presentations stakeholders get the first time.
- Runway’s approach: Reporting updates automatically. Dashboards show real-time results whenever the model changes. Build custom views for different audiences. Boards see high-level numbers, department heads get their own budgets. Share live links or export. Variance analysis shows differences at any level and traces every driver instantly. You spend time on insights, not slide formatting.
- Excel’s approach: Reports are manual. Pivot tables, charts, and summary tabs come from the model. When you update actuals or assumptions, you refresh data and rebuild visuals. Board decks usually move to PowerPoint. copying charts and updating them every month. Power BI can help with dashboards, but you need extra setup and licenses.
When Runway wins: Board-ready reporting. Your board deck stays updated with the model. Change once, see updates everywhere. Stakeholders can dig in live, no waiting or broken formulas.
When Excel wins: Total control on presentation. Need a specific look or custom format? Excel and PowerPoint give pixel-by-pixel freedom. No limits on layout or branding.
Scalability and maintenance
What happens when your company grows? Your model must keep up.
- Runway’s approach: The platform handles growth. Add product lines, geographies, or legal entities. Extend the dimensional model, no extra tabs needed. Formulas remain clear because they use names. Actuals sync right from your systems, so you’re not stuck with manual data. Performance stays fast. The model scales with you.
- Excel’s approach: The model keeps expanding. You add tabs for every department, entity, or product. Formulas get longer, tracing logic gets harder. Manual consolidation slows you down, especially with eliminations or currency issues. Most teams can't manage more than a handful of entities before closing becomes a project. Power Pivot adds data scale, but raises complexity.
When Runway wins: Complex, multi-entity models. Runway supports multiple business units or product lines with dimensional structure and automated consolidation. The model adapts as you add complexity so your formulas scale naturally.
When Excel wins: Simple, single-entity models. Excel stays light and fast for straightforward financials. You utilize existing skills to just open your workbook and go.
Data integration and automation
Your actuals are spread across tools, accounting, payroll, CRM, billing. Bringing them into your model is either automated or not.
- Runway’s approach: Runway connects with 750+ platforms. QuickBooks, NetSuite, Salesforce, Stripe, and many more. Actuals auto-sync at all times. No more exporting and importing files. No more copy-paste. You spot variances instantly and track changes down to details.
- Excel’s approach: Power Query connects to databases, APIs, and software. You build custom queries, shape data, and load it in. Works for technical folks, but takes setup and maintenance. Fancy connectors may need extra fees. For most, manual exports and data pasting still win for speed.
When Runway wins: Automated actuals, no technical skills needed. The model stays updated without ETL pipelines. Finance teams spend more time on analysis, less on data entry.
When Excel wins: Custom data sources. If you need to pull from an obscure database or niche platform, Power Query is ready. Build what you need, when you need it.
Runway vs. Excel: which one fits your needs?
Pick your tool based on complexity, collaboration, and what you value most.
Go with Runway when you want:
- A model that's tough to manage (too many tabs, fragile formulas, or endless versioning).
- Frequent "what if?" planning and easy, side-by-side scenario comparison.
- A business getting more dimensional, new lines, new regions, more detail, and Excel’s structure holds you back.
- Leaders and department heads to use the model directly, not wait for finance to share exports.
- To skip time-wasting manual data updates and have actuals sync automatically.
- Board-worthy reporting that updates as the model changes.
Runway is for model owners who need spreadsheet flexibility and structured speed. You control your model, adapt structure as things shift, and run fast, reliable scenarios.
Go with Excel when you want:
- Maximum freedom to build custom models for M&A, project finance, special tax logic, and more.
- Simplicity for a single person finance team that doesn't need workflows or automated sync.
- Offline access and total control over every cell.
- To use your Excel skills right away without new onboarding.
- Low upfront software or implementation costs.
Excel is still the top choice for ad-hoc analysis and unique, tailored models. If collaboration, automation, and scaling aren’t barriers, keep leaning on Excel’s flexibility.
But most model owners eventually need more. Models that start off simple eventually become your planning and board tool. At that point, the work of manual updates, keeping track of versions, and running what-if scenarios gets in the way of strategic finance. You don’t need to replace Excel entirely. Just replace the specific workflows that slow you down. Use Runway for the collaborative, multi-scenario planning that Excel wasn't designed to handle.
Runway gives you spreadsheet-like power within a structured, collaborative platform. The model stays current automatically, everyone works from a single source of truth, and all changes are transparent. You spend less time firefighting complexity, which frees you to actually lead financial strategy.
Achieve more with flexible FP&A
The decision is simple: Excel delivers unmatched flexibility and control for customized, ad-hoc modeling. Runway provides structure, speed, seamless collaboration, and automation designed specifically for confident cross-functional planning at scale.
If you find yourself spending more time managing your Excel model than using it to answer strategic questions, and if formula maintenance, version control, and manual data updates consume hours every week, it's time to see what a modern FP&A platform enables. Runway helps model owners run more scenarios faster, share forecasts beyond Finance without file chaos, and maintain structural integrity as the company grows and complexity increases.
Book a demo to see how dimensional modeling, automated actuals, and scenario planning transform your finance workflow.