Still Using Spreadsheets? Your Competition Isn't

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Still Accounting In Spreadsheets? Here’s Why Your Competition Isn’t

Matt Bernot
October 23, 2020
7 min read

Oh, the monotony. Unless you truly enjoy the thrill of filling out spreadsheets in triplicate, there’s a better way to handle your business’s accounting needs. The old ways have probably worked good enough for you thus far. But as your business grows, you’ll outgrow what spreadsheets can do for you. They are simple, familiar, and often free of charge. All of that is very appealing—until you need more.

As with many “free” services, the cost of dealing with issues can be much higher. What happens if you experience a security breach? What if there’s a technical malfunction that leaves your finances frozen?

Though it may seem like an insurmountable task to redirect your entire financial flow, it’s not impossible—in fact, it’s easier than ever. And the benefits are wide-ranging. You’ll be able to save time, money, and valuable resources. Let’s take a look at the ways your business can utilize modern financial planning software:

From Spreadsheets to Savings

Though there are many benefits of cloud accounting software, we’ll start with the most important one—how much money you’ll save. Granted, most spreadsheet-making software is probably of little or no cost to you. So where do the savings come from?

Ultimately, the cutting down of excess labor and wasted time will allow you to spend more time generating revenue. Say goodbye to manually inputted complex formulas, misplaced decimal points, and costly accounting firm rates. Cutting down on financial data miscalculations and the cost of extraneous outsourcing will improve your bottom line. According to Forbes, your cost of labor can be reduced by up to 50% with the help of cloud accounting.

Beyond that, you won’t have to worry about making a large dent in your bank account on day one. Subscription based models are common just about everywhere these days, and SaaS accounting is no exception. 

Financial Tracking for Growing Businesses

One spreadsheet can typically only handle one income stream. This simply won’t cut it. As your business evolves, you need a software that will be able to adapt to the complex revenue streams you’ll build—not one that forces your business into a corner with its simplicity..

One of the biggest benefits of taking your accounting to the cloud is that the hardware required to run your operations doesn’t need to be stored onsite. No need to worry about expanding the server space within your facility as your business flourishes. Sometimes, certain software systems simply aren’t built to handle data at large capacities. Make sure the system you choose is built to be there for you no matter how your business demands grow and change. 

Cloud Accounting Is Safe and Secure

Security is always one of the largest concerns that business owners have when they are considering a change in accounting software. 

The good news is that SaaS accounting software is much safer and much more reliable than traditional, in-house accounting methods. While it certainly takes a group effort to combat cyber threats these days, software can lend a huge helping hand. As your data moves to the cloud, it goes through layers upon layers of encryptions and redundancies. Put in layman’s terms, it is protected by millions of complex passwords at once while automatically being backed up in numerous places.

See what can happen to businesses that are not up to par:

Microsoft reports that 91% of small and medium sized business owners said the security of their organization was positively impacted after switching to the cloud. Entrusting your financial records to a new party is never something to take lightly. But with the right cloud accounting software, it is almost assuredly safer than the current methods you are using. 

Eliminating Divisional Silos

More likely than not, your business has divisions that have varying degrees of autonomy. And even more likely, communication between the various silos of your organization doesn’t always materialize as you hope it will.  

While maintaining an open and communicative culture doesn’t fall under the general responsibilities of the accounting department, accountants can play a crucial role in that process. The best cloud accounting software will allow you to seamlessly integrate data from all of your businesses branches and divisions.

A business that seeks to foster a collaborative and growth-filled environment needs to first ensure that its accounting division is able to communicate with all other divisions while maintaining a big-picture vantage point. At the end of the day, if your money isn’t in sync, nothing else will be.  

Software Support Needs To Shine

Just as your employees grease the wheels of your business, the people behind the accounting software you choose need to be as impressive as the software itself. No system is ever perfect, and glitches always rear their ugly head—having a software support team ready and waiting for you is more important than ever.

Besides responding to issues, you have the benefit of using a software that is constantly being upgraded and debugged. New releases don’t come in the form of a single download once or twice a year—a talented support team works on improvements every day. The best software support will even tailor features based around your specific needs.

Your money isn’t something to mess around with. By taking the necessary steps to upgrade your accounting systems, you’ll be able to ensure that a team of software experts has your back so that you never miss a beat. The best financial planning software and its support team needs to account for everything that could possibly cross your path—and then some. 

Finances Made Easy

You’ve worked too long and too hard to have your money flowing in any way that is less than optimal. Sure, you’re probably doing fine. In 2020, “doing fine” is surely not something to take for granted. But the problems of this year won’t just dissipate on January 1st—there will always be new challenges to face as the years march on. Make sure that your business is ready to handle anything that the future brings your way. 

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Matt Bernot

Matt Bernot has spent the past eight years working in software, banking, and finance. He specializes in business technology solutions and teaching efficient processes to help organizations accomplish more. Matt is a huge fan of the Philadelphia Flyers and a father to a pair of incredibly goofy cats.