Spreadsheets have been for many years at the forefront of the technologies used in budgeting, forecasting and reporting. While this seems to be a convenient solution for small companies, problems arise for midsized or large ones. There are studies showing that an important percent of the spreadsheets that exceed 150 lines contain errors. So, why are the spreadsheets being used? Especially because they are easy to understand, have a low cost and a simple user interface. The need for more robust, meaningful and accurate financial information has led to the use of new technologies like OLAP, which can assure fast data processing while preserving data integrity and accuracy. This paper attempts through a literature review and practical case studies to analyze the mostly used IT solutions for budgeting, planning and financial consolidation, to identify the problems and to determine how new technologies can be used to overcome them.