The waterfall graph is an excellent way to show the variance between two numbers. It allows you to visually depict each of the major variances in an easy to consume picture that highlights the relative impact of each delta. It can be helpful for comparing budget versus actual or for comparing an applied for amount with the actual amount incurred over the last year.
There are many potential use cases for waterfall graphs so hopefully by now, you are sold on the value of this type of graph. So what are the drawbacks? Learning how to set it up this type of graph in excel can be fairly time consuming.
If you want to pick up this skill, Youtube has a lot of great tutorials on the subject.
And if you are looking for a quick shortcut without needing to build a lot of complexity in excel, here is a template you can use to summarize your data set into an easy-to-understand (and easy to create!) waterfall chart.