Without wasting much time, let’s dive deep into why you should get rid of the Spreadsheet and start using an Intuitive Software like Intuit Quickbooks.
1. Excel is Complex
Let’s face it, working with Excel formulas is complex and prone to error. A simple mistake in accounting can put your whole business in disarray. As opposed to excel, accounting software does all the calcultations for you automatically which is to your advantage helping you save time and effort. Even if you aren’t an accounting expert, you can still use a Software like Quickbooks since it is user-intuitive and very easy to use.
2. Susceptibility to Fraud
Excel Spreadsheets are susceptible to fraud as it is very easy to change and update information on these sheets. Further to that, it’s very difficult to track who made the changes which mean anyone can change information when they feel like it. Accounting Software, on the other hand, maintains an audit trail helping you track who made the changes and at what time which will be to your advantage.
3. Easy to make errors
Making errors in Excel Spreadsheet particularly when you are using them for your accounting is very easy. And when the errors are made, tracking them down becomes difficult as Excel does not leave a trail. With software like Quickbooks, the story is different, you can track down changes live as they are made which means you can identify errors with ease.
4. Harder to track multiple income streams
With the Zimbabwean economy requiring businesses to diversify, this means your business will have to increase it’s income streams. And each income stream in most cases will require you to have a separate spreadsheet for it. This makes tracking and even storing your information difficult as your income streams increase. With Accounting software, you can just set up a different account to manage your various income streams and the data is automatically saved in the system.
5. No Double Entry System
With Excel, there is no double entry system for making your important calculations. You will need various workbooks for managing your accounting which will make things complicated for you. With Quickbooks, once you record a sale, everything is automatically recorded for you. This means with a click you can generate your reports.
6. No Backups
Excel backups have to be set manually and they are only done on the local machine. This is bad for business because computers can get stolen or in other conditions, crash. Unlike with cloud based accounting software where backups are saved in the cloud for future use, with excel, once a file is lost, there is no getting it back.
7. No Reporting and Statements
Excel and other spreadsheet software cannot compute statements and reports. The process is manual and can cause you to lose up to 130 hours of productivity each year. With accounting software like Intuit Quickbooks, you can generate your accounting statements in one single year which is great and to your advantage.
8. No invoice tracking
If you want to get a headache, try tracking your invoices in a spreadsheet. This is often a process that will make your head boil and give you headaches. In accounting software, you can just go to your invoices to get an overview and track them out with ease and this is done in rapid response.
9. Programming Expertise
Excel, headaches and programming often go hand in hand. If you want to wake up in the middle of the night from a ‘formula nightmare’, then try to compile financial reports with excel. The headaches are enough to have a grown man drip in sweat on the coldest day in the Zimbabwean winter. Excel requires programming expertise especially if you need it for financial reporting. Formulas, filters, data connections, etc. make setting up a spreadsheet to cover your basic accounting needs a nightmare.
10. No Security
A good hacker can hack a spreadsheet at most in 5 minutes. Imagine that? It only takes 5 minutes to ruin your business and expose your finances if you are using excel. This is why you need to use accounting software as it keep your files secure due to 256-bit encryption.
There are other advantages to using accounting software like Intuit Quickbooks Online especially if you are a business operating in Zimbabwe. You can get in touch with us to learn more about our Accounting software for enterprise needs. We are a licensed Intuit Quickbooks Reseller in Zimbabwe.