Still Using Excel for Accounting? Here are the Reasons Why You Shouldn’t

We all are aware of Ms-Office, the only software that almost all desktops have installed in it for decades. The office software offers a range of software that helps businesses to maintain their important data in the old manner. Though, there are many organizations who are still using MS-excel to forecast reports, P&L statements, etc. over excel itself. The vast use of excel is seen till now because of its free providence by using fake licenses. Small-sized businesses are vastly using MS- Excel as it is more like a default choice for bookkeeping purposes.

The wide availability of online tutorials & cost-free software is making excel more popular as an accounting formula, but it can not be taken as a precise accounting formula. The lack of automatic data updating, one-click reports & ease of access make it hard for excel to surmount the “precise” tag. Whereas, truly advanced accounting & taxation software such as QuickBooks is gaining more space in the marketplace because of its flexible features.

Reasons That Claims, Excel Can Be Brutal For Your Business

• Ms-excel never allows you to grow your business precisely; as your business starts enhancing, more presence of mind it requires which is very rare to have in a human mind. Your reports soon entaches broken formulas, wrong entries & data duplicity which is not less than a nightmare for you!

• Ms-excel never let you concentrate on your business keenly; most of your time will be spent on how to create accurate reports, maintain spreadsheets, etc. and it’ll be very hard then for you to focus on your long-term business goals.

• Ms-excel never makes you up-to-date with your business nicely; it is very hard for the business person to acknowledge current changes of the market as excel will help them to set up their business accounts but never give updates about changes.

• Ms-excel never gives measures of accurate cash flows of your business; it is very hard to track the real cash flow of your business which might results in poor business later. As per market research, there are 80% of businesses that sink early due to improper cash flow reports.

Business Journey Will Not Long With Excel Spreadsheets

Unfortunately, Excel can be a good choice in the start of your business to maintain all transactions, invoices, reports & ledger but as your business grows the need of automated data arises which can be fulfilled with proper accounting software only. There are numerous businesses who save their investments by saying NO to the in-house IT department and allowed QuickBooks accounting software which is comparatively cheap & flexible. Ultimately, you have to say bye to your desires in the very start itself as the choice you opted is not so wise according to the market.

You can analyze on your own that Excel can be a good option for businesses that just started but to avail profit on large scales, you just need to integrate with an automated & flexible software from the beginning.