Reference Excel cells in Word

Question

Does anyone know of a pre-packaged solution for referencing Excel cells directly in a Word document?

For example,

Answer 1

I tried @Green Demon's method, but the two Paste Options listed were not present for me (Office 2013). I only had Keep Source Formatting, Merge Formatting, and Keep Text Only. However, I poked around and found the Paste Special, which was hidden on the Ribbon

The instructions are as follows:

1. Copy the Excel range.
2. Go to your Word document, and left click where you want to paste the Excel range.
3. Click on Paste Special from the Ribbon as shown below, or type Ctrl+Alt+V.

4. Click on the Paste link radio button.
5. Click on Microsoft Excel Worksheet Object. The Paste Special dialog box should look something like this:

6. Click OK.

The range should now be pasted in your document, and if you save, close, and re-open the Word document, you will be prompted about whether or not you want to "update this document with the data from the linked files," which works the same way as it does if you're doing Excel-to-Excel linking.

This feature is fantastic, and I'm so happy to have found it today. However, in my brief experience using it, having these Word-to-Excel links dramatically increases the amount of time it takes to open your Word document, even before it prompts you about updating. After that, the act of updating the Excel links takes much longer than it would if you were doing the same linking Excel-to-Excel. All of my work is done on network-share files, so YMMV.