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Formula Audit XL
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Find circular references, external links & hardcodes in your Excel file, free.

Drop a workbook below. Formula Audit XL scans every sheet for the three things that most often break a model, and shows you exactly where they are. No data leaves your machine.

Drop an .xlsx file here, or click to choose

Runs entirely in your browser. Your file is never uploaded. It stays on your machine.

What this tool checks

Three classes of problem cause most financial-model errors, and all three are hard to spot by eye in a large workbook:

  • Circular references: a formula that depends on itself, directly or through a chain. Excel can only point you to one at a time; this tool lists every cycle across the whole model.
  • External links: references to other workbooks that can silently change your numbers when the source file updates. Many hide in defined names and are not shown by Excel’s Edit Links dialog.
  • Hardcoded values: numeric constants typed inside formulas instead of living in a labelled input cell. They quietly break scenarios and sensitivities.

How to use it

  1. Drag your .xlsx file onto the box above (or click to choose one).
  2. Read the integrity score and the per-issue breakdown with cell locations.
  3. Fix the flagged cells, or install Formula Audit XL to catch them live inside Excel as you build.

Want the full explanation? Read our guide on how to find circular references in Excel, or the complete financial model audit checklist.

Frequently asked questions

Is my Excel file uploaded anywhere?

No. The tool runs entirely in your browser using your device’s memory. Your file and its contents never leave your machine, so it’s safe for confidential financial models.

How does it find circular references?

It reads the formulas in your workbook, reconstructs the dependency graph between cells, and detects cycles. This includes circular references that span multiple sheets, which Excel surfaces only one at a time.

What counts as a “hardcode”?

A numeric constant typed directly inside a formula (for example =B5*1.2 or =SUM(A1:A10)+500). These are inputs that should usually live in a labelled cell, and they’re a common source of model errors.

Which external links does it detect?

It flags references to other workbooks that appear in formulas and in defined names, including links that Excel's Edit Links dialog can miss.

What file formats are supported?

Modern Excel files (.xlsx and .xlsm) work best. Legacy .xls is also supported. Password-protected files cannot be read.