Yes, you can but be sure to set it up correctly. Make sure that no one has the workbook open except you when you set it up.
Tools > Share Workbook > click the diting tab,a nd check the box "Allow Changes by More Than One User at the Same Time". Excel saves the workbook (and recent changes) under the current name. Be sure to specify the location of the file (server) so that the file will be accessible.
Now in the title bar you will see "Shared" behind the name of the workbook.
There are some actions you cannot do with shared workbooks:
Move, copy, delete, or rename worksheets
Most Property options
Insert chart, picture, AutoShape, object, or hyperlink
Insert or delete cells (although you can add/delete rows and columns)
Merge cells
Data tools (group, outline, add subtotals, validation rules)
Conditional formatting or work on scenarios
A pre-existing PivotTable will work, but you can't create a new one, nor can you change the design of existing one
Write, edit, or record macros. You can run existing macros, but beware of commands that might be missing.
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Be sure to track changes and change history as well.
Go to Tools > Share Workbook, and choose Advanced tab; it will give you the option to set how often you want to update the changes (from 5 minutes up to 1440 minutes). You can save it at that interval automatically.
For tracking, go to Tools > Track Changes > Highlight Changes (uncheck all three options of When, Who, Where)