Linking excel files directly to Report package

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We have a client who has some of the reports in excel. In Excel, they have values coming from various formulas based on a source data. Now we want that once the source data changes, the excel files would be automatically updated. But can we link that to EPRCS directly so that as and when they make any change to the source data, we can get its impact on EPRCS directly? We cannot link the source data directly to EPRCS as there are multiple formulas in excel before we get some valuable information from that data. So the only way is if we could link the Excel seamlessly with EPRCS. Maybe checkout and checkin in between won't be an issue.