If all you want to do is open the excel file (in excel) then yes, you can create a button that is tied to a script.
This script would then contain "send event" (or applescript if you're on a mac) that launches the specified file.
In windows, this looks like:
In mac this looks like:
tell the application id "com.microsoft.Excel"
set excel to open workbook workbook file name "DriveName:Folder:File.xlsx"