Congratulations, after all that struggle and effort your business is up and running and you are making sales.
And now comes the next part, the bit that has to be done but that you’d rather avoid…. Your Accounts!
And if you are like most people your first option is to start using spreadsheets to issue your invoices and manage your accounts. And why not, after all, spreadsheets are powerful calculators and they are easily available.
Microsoft Excel is EVERYWHERE in the business world from the startup business right through to the largest companies. It is used for data storage to data analysis, project planning to reporting, Excel’s usage has expanded beyond spreadsheets to include functionality that is usually better fulfilled by data-driven web applications. However, people’s love for Excel is understandable – it’s an extremely versatile software program to consolidate and analyze information.
But despite its versatility, there are considerable security risks using Excel – some of which undermine its merits, especially for organizations managing mission-critical and sensitive data.
To help you understand the benefits of turning Excel to web apps, here are four reasons to consider ditching your spreadsheets:
- High Risk. Although users can add password protection to a worksheet or macro, the level of security is relatively low and can be hacked fairly easily. Just Google it and you will see a number of third-party services ready to crack open your “protected” spreadsheet. And since there’s no concept of user permissions in Excel, anyone with access can do whatever they want to the data. You can not prevent anybody from copying your spreadsheets and distribute your data
- Its formulas can be edited. One of the most common issues with spreadsheets is the inputting of incorrect data. Human error is commonplace no matter what system you are using. One error that catches a lot of businesses is where you the owner have a different understanding of an expense and your sales manager or store manager places it in a different category. This lack of clarity leads to confusion and incorrect reporting. Tracking the error takes time and it’s shown to happen again and again.
- It’s really hard to keep track of who use and update your spreadsheets. Chances are that the most of your coworkers are sending around Excel spreadsheets to share information. But things can get out of control pretty quickly: too many versions of the file, you never know who has made what changes, and location of the latest version is a mystery. Hopefully, you are not the unlucky person tasked to consolidate everyone’s changes back into a single file. Another problem is that sometimes all your data is in one place.
- It’s difficult to scale. Relying on Excel to carry out daily operations is not sustainable for a growing business. The time and effort required to maintain those documents is a bottleneck to work efficiency and productivity. The software doesn’t support real-time data sharing or update notifications, making it difficult for teams to work together and take immediate action.
If you’re already experiencing some or all of the above pain-points, but still work in Excel because you haven’t found a good alternative, We are here to help.