Before you continue reading let us make one thing clear: Excel is very useful software that is perfectly capable of serving as a useful tool for bookkeeping to this day. But nowadays it is simply not enough. Business in general is about saving time and money, and bending over mountains of Excel spreadsheets trying to find the right data can easily break your daily routine and turn business life into a living nightmare. We’re not saying that you should immediately burn your Excel spreadsheets to ashes, but let us give you some reasons why you should at least consider using online accounting software. You’ll soon be convinced of the various benefits it has.
Microsoft developed Excel to create spreadsheets and hold data therein. Too bad it is unable to process said data. Accounting software, on the other hand, can not only hold your precious data, but they immediately process them and create handy reports thereof as well. Furthermore, you don’t have to purchase separate software for creating invoices or tracking your time, as most accounting solutions know these features. Oh, and did we mention that they were developed for non-accountants?
Unless you are able to read each other’s minds, your accountant will have no idea how to read the spreadsheet system you have carefully created for yourself—especially during the frantic rush of tax time. By using accounting solutions, however, you can give access to your accountant who can work simultaneously with you, so you never have to bother with those pesky reports again.
Each time somebody makes a modification in your Excel spreadsheet, he/she has to email the updated file to you and your co-workers. Or you have to gather around one computer which, let’s be honest, is ridiculous. Accounting solutions are capable of data-syncing, therefore the moment a modification is made everybody else can continue working with said modifications without interruption.
Creating a new invoice? Processing receipts? Adding a new client to your contact list? These are all features you cannot due if you still use Excel for accounting. However, purchasing an online accounting solution you will never be forced to work between four walls again; just use your mobile device, have a constant internet connection and you can already bring the work with you.
Online accounting solutions never charge you with a fee that is bigger than $40 per month or $300 per year: for instance the top version of FreshBooks is only $39.95 per month. For your subscription you usually get unlimited access for an unlimited number of users, a huge storage space for your data, integration with different third-party software and much more. Furthermore, the software is always up-to-date and can be used on all major operating systems like Microsoft or Mac. Microsoft Office Professional 2016, on the other hand, costs $399.99 for just one PC and one user. And once no more updates are released for the purchased software, you risk being attacked by hackers.
Excel is not protected from human errors, because, unlike online accounting solutions, it has no system of notifying error. Furthermore, anyone can tamper with your data by accident, or, in worse cases, by malicious intent causing an avalanche that could easily end up destroying your business. This is what happened to JPMorgan in 2012: due to a simple error in one of its Excel spreadsheets the bank lost $9 billion.
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