If you balance your books on spreadsheets, you may be sick and tired already of spending hours fiddling with tables and formulae. Only using spreadsheets for your accounting may have worked fine when your business first started, but over time you’ll find the sheer amount of data you need to handle is too much. Spreadsheets are time-consuming and run the risk of containing errors. You could be saving time and money with accounting software and streamlining how your business manages its finances – here’s why.
Save Time and Money
One of the biggest benefits of accounts software is that it automates many of the time-consuming, repetitive tasks you might currently be completing on spreadsheets. Automating your accounting will save you time and money since you’ll be able to focus on revenue-maximising tasks rather than balancing the books. It also means you won’t need to fork out extra money on an accountant. And if you already have an accountant, they’ll be able to do their job more efficiently with accounting software.
View Your Finances Instantly
If you need a summary of your cash flow, budget, and revenue, how long would it take you to update your spreadsheets and create a report? If you’re managing your accounts in spreadsheets, generating reports can be incredibly difficult and time-consuming. This makes making business decisions or sharing financial data with potential clients or investors much harder too. With the right accounting software, you can generate clear, up-to-date, accurate reports in a matter of seconds.
Access Your Financial Data Anywhere
If you’re using spreadsheets for your bookkeeping, all of your financial data may be on one computer in the office. Even if your spreadsheets are accessible online, could you quickly view your finances on your mobile phone if need be? Accounting software stores your data and reports online and allows multiple users to log in to access it, so you and your employees can access your accounts from anywhere so long as you have an internet connection. Many accounting tools even have mobile apps so you can quickly check on your accounts or input data on the go.
Protect Yourself From Errors
Bookkeeping errors can have a real cost for businesses. A mistyped entry in a spreadsheet or an incorrect formula can wreak havoc on your accounts. You could end up creating inaccurate reports, miscalculating your finances, or even submitting incorrect data to HMRC. Accounting software reduces the chance of human error, protecting you from accounting pitfalls caused by manual errors.
Protect Your Data in the Cloud
Imagine your computer crashes, your files are corrupted, and you lose years worth of financial data. Sounds like a nightmare, right? If all of your accounts are being managed on spreadsheets, you’re opening yourself up to the possibility of losing your data. Accounting software stores financial data securely in the cloud. Not only does this mean you can access it from anywhere, but it also means your data is protected and you can be confident it won’t be lost.