Google Sheets has become a genuine alternative to Microsoft Excel for small business financial tracking — particularly for freelancers and solopreneurs who want their data accessible from any device without paying for Microsoft 365. This guide explains when Google Sheets works well, when Excel is better, and how to use pre-built templates in both.
Google Sheets vs Excel: The Key Differences for Financial Tracking
Accessibility
Google Sheets is browser-based and accessible from any device with internet access — no software installation required. Excel requires either the desktop application (Microsoft 365 subscription) or the limited web version. For freelancers who work across multiple devices or want to update their tracker from their phone, Google Sheets has a clear advantage.
Collaboration
Google Sheets allows real-time collaboration — multiple people can edit the same file simultaneously. If you work with a bookkeeper or business partner who needs access to your financial data, Google Sheets makes sharing seamless. Excel requires sharing files manually or through OneDrive, which is less fluid for real-time collaboration.
Formula compatibility
For standard financial formulas — SUM, IF, IFERROR, percentage calculations — Google Sheets and Excel are essentially equivalent. The formulas used in our templates work identically in both applications. The differences emerge only with advanced features like complex macros, certain data analysis tools, and specialized chart types.
Cost
Google Sheets is completely free. Microsoft Excel requires a Microsoft 365 subscription ($70 to $100 per year for personal use) for the full desktop version. For the specific financial tracking functions most freelancers need, Google Sheets performs identically to Excel at zero cost.
How to Use Excel Templates in Google Sheets
All GridWise templates are .xlsx files — the standard Excel format. Using them in Google Sheets is a three-step process:
- Download the .xlsx template file to your computer
- Go to Google Drive (drive.google.com) and upload the file
- Right-click the uploaded file and select “Open with Google Sheets”
Google Sheets automatically converts the file and preserves all formatting, formulas, and data. For standard financial templates, the conversion is seamless — everything works exactly as designed.
When to Use Each Application
Use Google Sheets when: you want free access from any device, you collaborate with others on your financial data, or you do not have a Microsoft 365 subscription.
Use Excel when: you are comfortable with the desktop application, you use advanced Excel features like Power Query or complex macros, or you prefer working in a locally-stored file without internet dependency.
Both work equally well for the financial tracking functions in GridWise templates. Choose whichever you are more comfortable with — the templates perform identically in either application.
Get the Templates
All GridWise templates are fully compatible with both Microsoft Excel and Google Sheets. Download once and use in whichever application you prefer.