Yes, it is!
You need to ensure that this Excel sheet is dropped/synced into an online cloud storage account such as Google Drive, SharePoint or OneDrive.
Once it's there, Sheetgo can connect to it and periodically transfer this data to a destination Google Sheet (this would be fully automated).
We can even do cross-cloud, meaning, the Excel can be located on the Microsoft cloud (or even Dropbox for a fact) whereas the Google Sheet naturally remains on Google Drive.
Hope it helps!