Hi Abhishek,
Which version of BO and product you are using ? If you are using BO 4.1 you can load excel file first on BI server and then access the file and create report from launchpad. This way you wont have issue of accessing excel file from anywhere.
Please refer to this link. http://scn.sap.com/thread/3511169
Hope this helps.
Regards,
Vipul