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Using Excel for Bookkeeping

Using excel for bookkeeping is not considered a long term solution for your business for many reasons. Here we outline some of them, and why you should consider using an Accounting package to manage your Bookkeeping/Accounting function. Accounting software is not only considered easy to use, but it is full of automation, that will ultimately take a lot of time out of processing your records. Accounting software is designed to be scale able, and accurate.

Bookkeeping software will help you to grow your business in ways that excel can not do. The automation of bookkeeping software takes the time out of managing the accuracy of excel formula. The nature of humans is that they can make mistakes, and through rigorous testing, accounting packages iron out the errors through beta testing before releasing it to the general public. Embracing change can be difficult, but once you move to the cloud, the rewards are huge.

Here are some reasons why using online accounting software is better than excel for your business:

Access from anywhere

One of the main advantages of using an online accounting software package like eFolio Accounts is that you can use it anywhere. eFolio Accounts like other systems works on any hardware, and all you need is an internet browser.  Send that quote from your car after a meeting, or convert a quote to invoice with the click of a button.

Audit Trail

eFolio Accounts keeps a clear audit trail of every transaction within your business. If you need to access this information its at your finger tips for audit, or to give to any potential investor.

Information in real time

Online Accounting software gives you the information live, even if anyone has been inputting information into the system. All users have live up to date data at all times.

Instant Reporting

Reporting with eFolio Accounts is simple and straight forward. Set your parameters and click update, and you have the reports you need. Profit and loss, Balance sheet, aged receivables, and much more.

Its scalable

Online accounting software like eFolio Accounts is scalable, so when your business grows, the software can handle it. You never need to be generating new spreadsheets, and ensuring that sheets talk to each other.

Excel can cause you problems. Here are a few examples:

  1. Getting all excel sheets & formulas to talk to each other over time causes problems. Users of excel find that they need to perform maintenance on files and sheets to get them to work as time goes on.
  2. You need to design excel sheets and reports before you start working with them. Generally the reports and sheets are not changable. Business owners require different functionality and reporting as the business grows, and generally excel is not scalable.
  3. Excel requiters you to know it inside and out. You need to be an expert in using formulas and there is a big learning curve. Why invest this time when you could be growing your business.
  4. Online invoicing takes the pain away from keeping hundreds of individual files on your computer, and it is inconvenient to back up.

Written by Mark Hegarty. As part of ‘Use Small Business Can as a channel’ eFolio accounts has an exclusive offer for SBC members. To sign up for a 30 day free trial (no credit card required) of www.efolioaccounts.com just visit the website. Use the code SBCEFOLIO2014 as your referral code and if you’re an Ulster Bank customer let us know by email to claim your free trial period.

Get paid on time with easy invoicing and manage client accounts with efficient built in email for invoicing. eFolio Accounts is all your business need!

 

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