Are Spreadsheets Costing Your Business?

The office desk has changed a lot in the past decade. Calculators, notepads and writing utensils – the instruments staff used to update company accounts – have all migrated to computers. For the most part, businesses have welcomed technological advancements with open arms and reaped the benefits as a result. Yet, one archaic accounting tool that many companies still can’t let go is the spreadsheet.

Contrary to popular belief among business owners, Excel is not the answer for accounting procedures in this day in age. In fact, pursuing with spreadsheets in 2018 might actually be costing your business money. Here’s why…

Data entry dangers

Even the biggest spreadsheet fans would admit that Excel data input is problematic. Something as simple as a single number being placed in an incorrect position can render the entire document completely redundant; as formulae carry the mistake from one box to the next. One data entry slip-up can lead to a damaging domino effect that sends erroneous figures spiralling across the spreadsheet.

This is even more alarming when you consider just how easy it is to strike the wrong key during data input. Every day, business owners are left frowning at their final spreadsheets before putting their heads in their hands when they realise they need to go back and make amendments.

What’s more, in a bigger team, it might be difficult to determine who made the blunder in the first instance. In a typical spreadsheet, staff are forced to jump in and out of the same document at different times, creating a great deal of confusion around certain digits. It’s one problem after another.

Compatibility complications

Excel doesn’t comfortably integrate with other business applications, forcing you to open up multiple programmes to complete a single task.

Even with two monitors this can prove troublesome, as you’re left swinging your eyes between each screen. It’s a tiring and long-winded process that eats up many precious hours during the working day.

It’s not just business applications that are incompatible with spreadsheets, though. Many employees don’t feel as though they’re wired in the right way to work with Excel. Spreadsheets can become very complicated, very quickly – giving staff a lot to think about and soaking up unnecessary amounts of time.

Leave spreadsheets behind; choose cloud accounting

Whilst Excel is a great tool for a number of tasks, accounting isn’t necessarily one of them. Spreadsheets are general purpose programmes, and for maximum efficiency, you need a specialised solution. You need cloud accounting.

Liquid cloud accounting software allows for real-time updates on any device, enabling multiple users to revise figures no matter where they might be in the world. It can also be integrated with other programmes to ensure streamlined processes and accurate data input, with customisation options available for every company.

Spreadsheets might feel familiar, but they’re actually slowing down your business and costing you a considerable amount of money because of their complex, inefficient makeup. They may be widely used for accounting, but they aren’t built for it. Cloud accounting, on the other hand, is designed specifically to help you get your finances in order right from the off.

Speak to the Liquid team today to find out more about how cloud accounting can help you build a better business.