If your company is still working with spreadsheets, it’s likely you have run into the drawbacks that make the financial process more complicated than it needs to be. For starters, your data is vulnerable to human errors. Secondly, data stored in-house relies on your organization’s servers. If a natural disaster happens, information on individual computers can be lost. Plus, spreadsheets are time-consuming as information has to be collected and compiled from different files.
The use of spreadsheets may be convenient for smaller tasks, but trying to use them for finance-related projects is not the best solution. In reality, a cloud-based accounting system provides centralized access to data. Plus, it increases your ability to integrate other business systems (like online banking and payroll) to make the entire financial process more efficient and effective.
The Many Advantages of Using Bookkeeping Software
- It saves time!Once you have set up your accounting software, the learning curve is basically over. Accounting software will then pull all of the data you need automatically.
Plus, it syncs all of your financial data and relieves you from the task of going back and forth between platforms to incorporate into spreadsheets.
- Financial reports are easily generated.There is no downtime involved in running your monthly reports. With a couple of clicks, you can download your P&L Statement, Balance Sheet, Cash Flow Statement, and any other customized reports you may need.
- Data precisionYou will no longer need to update multiple cells on several spreadsheets if a change is made to your records. Instead, the statements will be updated automatically and reflect any changes made. Plus, it simplifies payroll, tax filing, and provides detailed insights you may not have seen before.