When you start your own business sometimes the accounting functions are the last thing on your mind. So, you start recording everything the only way you know how, in an Excel spreadsheet. But as you grow, this will become more complicated and an inefficient way for your accounting to be run. Today we are going to give you 4 reasons why moving out of Excel and into an accounting software is the best option.
1. Less room for error when entering information
When you are in Excel you rely a lot on formulas and your ability to enter information correctly. What if a formula gets deleted? What if you accidentally forgot to enter it into one of the many spreadsheets you have? (We are all human, it happens.) When you use an accounting software the software helps you find the information, no more relying on formulas. Also, it is easy to enter your information and it can connect to multiple places. No more entering in this spreadsheet and then again in this one… and again in that one… and again… and again.
2. More robust reporting
In Excel there is only so much reporting you can do, and you are relying on reports that you can create. When you are in an accounting software, there are a variety of reports that are already created or can be created to fit your needs. No more relying on your formulas or your own general knowledge to get the health of your business’s finances. Moving out of Excel will save you a world of headaches when it comes to your reporting needs.
3. Easy, up to date access
When you are recording everything in Excel there are always questions in the back of your mind. Is this the most up to date version of my file? Did I enter this invoice already? Which sheet is the one where I put this bank statement? When you are in an accounting system, like QuickBooks Online or Sage Intacct, it is easy to find all this information. You can login on any device and know that you have the most up to date version of your accounting records. These systems are also built to be organized, so it makes it much easier to find any information you may be looking for.
4. Formulas = Trouble
Formulas sound like a great option for your reporting when using Excel, right? Wrong! Excel formulas are great for lots of things but, managing your business accounting isn’t one of them. What if the formula gets deleted somewhere along the line? Back tracking to figure out where it got deleted from can be a pain and take time away from other important matters. What if your formula gets edited by someone else and you don’t realize it? Then you may think you are looking at one thing, when it could be something completely different. This could be very confusing and troublesome in the long term. Formulas are also very limiting. There is only so much you can do with a formula. This makes it difficult to drill down on the details needed to really judge your business’s finances.
When you are ready to get out of Excel, you can always rely on Devine Consulting to be there for you. We can assist in finding the correct software and help with the implementation process. Call us today at 281-545-4000.