What type of applications are commonly used for financial analysis in firms?

Excel and in-house software are commonly used for financial analysis in firms due to their versatility, established familiarity, and extensive features tailored for complex calculations, data visualization, and financial modeling. Excel stands out as a powerful tool because it allows users to perform detailed analyses with formulas, pivot tables, and scenario planning, making it ideal for financial forecasting and budgeting tasks.

Additionally, in-house software can be specifically developed to meet a firm's unique needs, integrating various data sources and streamline workflows that are essential for effective financial analysis. This combination of widespread usage and customization makes Excel and in-house software a prevalent choice among finance professionals for analyzing and interpreting financial data.

In contrast, while web applications might provide certain functionalities, they often lack the depth of analysis that Excel and custom solutions offer. Mobile applications, although convenient for access, typically do not provide the comprehensive tools needed for detailed financial analysis. Cloud-based applications are gaining popularity but may not have the same in-depth analytical capabilities or the level of customization that companies often require, particularly in specialized industries.