When your company first started out, managing your budget on a spreadsheet was probably easier than it is now. As your company grows and evolves, so does your need for an accounting solution that can grow with you, something spreadsheets can’t do. If you’re experiencing any of these spreadsheet woes, it’s time for an upgrade:
Inaccurate Numbers
Accuracy when it comes to budgeting and accounting is critical. However, spreadsheets can be full of human error, making it hard to rely on the numbers. Usually, spreadsheets are numbers compiled from different people and departments, and mistakes can easily be made when imputing numbers and calculating totals. If you are still using spreadsheets, you may be having difficulties reporting accurate numbers as research shows that up to 90% of spreadsheets contain errors.
No Accountability
Since spreadsheets are a joint effort of imputing numbers from several departments, it’s easy to place blame or shift focus when something does go wrong. People can easily say, “That’s not my number” or “I didn’t input that” when a mistake is made, and it’s hard to prove otherwise. Not many people want to take ownership of errors, so accountability can quickly become an issue when mistakes are made.
Cannot Drill Down
With new and comprehensive accounting solutions, you can drill down to see where every cent comes from and goes to. You can see every detail of every transaction with a few clicks of a button. If you are still using spreadsheets to manage your accounting department, you probably are familiar with having to manually dig to find out where the numbers you are looking at came from – and you certainly can’t do it within your spreadsheet.
Cannot Easily Compare
Comparing last year, 5 years ago, or even further back, can be a fun game of copy and paste and running numbers to calculate growth if you are still using spreadsheets. It is often time-consuming and complicated to get numbers that you could easily get if you switched to a more advanced solution.
If you are still using spreadsheet solutions and struggling with any or all of these issues, the good news is that help is on the way. There are amazing all in one accounting solutions that are affordable, time-saving, some may even say life-saving tools that will grow with you and your business. If you would like to see what they are capable of, contact us today.
