4 Reasons Why You Should Stop Using Excel As An Accounting Spreadsheet In 2022
Many startups or small sized business owners manage their business accounting using Excel spreadsheets, and there is no surprise that it can keep the basic job done, that is if you're a one-man-band.
But as your customer base and business grow exponentially, the Excel spreadsheet's use becomes limited. Business owners will soon realize the problems that arise, such as lost files, incorrect formulas, missing files, duplicate data entries etc.
Not only that, how many times have you chased a client due to past invoices only to find out they already paid just because you forgot to input their transaction history?
As technology continues to advance on how we work in our everyday lives, making a move from traditional excel accounting to online accounting software might seem troublesome for most. Some may ask, "Why do I need to go through all the hassles of migrating data and obtaining a learning curve in the new system, whereby excel is cheaper?"
Here are the 4 reasons why Excel can be so problematic for those business owners out there.
Excel Breeds Human Error "Manually"
As mentioned above, tools like Excel are very cost-efficient and have nothing to do with the prices. Excel is all about how much time it requires to manage. Unfortunately, Excel involves a lot of time to manage, and the more time you spend, the harder it will be to do bookkeeping.
With Manual data entry, formula mistakes and human error occurs, which can seriously mess up your financial planning & tracking. Accounting software such as AutoCount Cloud Accounting eliminates bookkeeping data mistakes. Why? Because they do most of the heavy lifting for you –With just a click of a button, you can easily copy your quotation to invoice, as well as automatically copying purchase order to purchase invoice; instead of manually copy-pasting them in Excel.
It is so much easier than managing a bunch of Excel Spreadsheet. And the best part? You can do all of those anytime, anywhere with any devices!
- Weak Security Protection For All Database
Some of your Excel Spreadsheets may contain sensitive information that you would want to keep protected. Excel does not provide enough security for such sensitive data. Sure, it can be protected by a password. However, people with the password can either see the entire spreadsheet or are blocked entirely. Many businesses may have multiple levels of authority that require different access to the information. Needless to say, this isn't the ideal way in protecting your database. Thankfully, AutoCount Cloud Accounting provides Multiple User Access for better Administration purposes. - it is so easy to collaborate jobs and duties of users accessing from different locations and levels but to the same database and platform. According to the access rights setting, all inputs, billings, postings, and reports are instantly completed and accessible.
- Lack Of Automatic Report Delivery
While Excel gives you the privilege to save, customize & email your data spreadsheet, there is still the lack of automated report delivery that allow users to receive real-time report amendments from different users. With this problem occurs, you will have to rely on other users & team members for updates manually. This can be very time consuming, resulting in more problems with real-time analysis & decision making. However, with AutoCount Cloud Accounting, it will be able to provide you with all the financial reports and statements to suit your accounting needs. Say goodbye to wasting time & inefficiency!
- The Lack Of Real-Time Or Historical Data
Another main problem with Excel bookkeeping is that they don't store historical data very well. Legacy office applications like Microsoft Excel is not designed to withstand years' worth of sensitive accounting information very well. It can be easy to crash your Excel file when there's too much data. Many businesses continuously change and update the information in their spreadsheet. This means that valuable data is deleted or maintained separately in multiple different spreadsheets when it is no longer relevant. Thus, making it difficult/nearly impossible for them to accurately identify financial trends in forecasting their budget. These issues commonly occur when the data is input & updated into the spreadsheet manually.
While many start-ups and small business owners may be comfortable using excel spreadsheets as their bookkeeping, it's still important to choose the right tool for the job to avoid problems and issues mentioned above. Excel might be the primary alternative for many organizations, but most of them want their businesses to grow & succeed without any limitations.
Why not try AutoCount accounting software? AutoCount Cloud Accounting allows you to take control of all your company financial status with just one click of a button, anytime, anywhere with any device. Not only does the software processes are more streamlined, but you can also gain real-time access that allows you to forecast your business budget. Utilizing accounting software instead of Excel will consolidate your view in financial bookkeeping and overall business performance at your fingertips.
For more information, go to https://www.autocountsoft.com/pro-cloud-acc.html