Do you currently use spreadsheets to manage your ledger and accounts?
You are not alone many SMEs start using Excel for bookkeeping and accounts when first starting out in business, mainly for ease and most people have a vague understanding of the Windows software.
This can be acceptable up to a point until a simple spreadsheet has a mistake that could have a flow-on negative effect. We’ve all heard the horror stories, and unfortunately this can be common of data which is manually added via copy and paste techniques and formula errors.
In fact here are 5 key issues of using Excel as accounting software:
- Excel is widely used and many users misjudge their level of expertise.
- When initially setting up the spreadsheets you will need to make sure it meets all of the financial requirements of the business, this can take up a lot of time planning, especially to set up expense reports and invoice tracking. Lots of users find they are constantly adding / changing information on the spreadsheet as the business evolves which could cause the “fatal” error.
- With the Excel software being so widely available the speadsheets can be susceptible to fraud as it is easy for users to change information without being tracked.
- When working with large amounts of data sometimes users can run into performance issues due to system overload.
- Any transactions kept within Excel are difficult to track and it doesn’t automatically flag up any duplicate entries.
Why the JacRox Xero accounting software is better for businesses
Xero accounting is easy to use and you don’t have to be an accountant to understand it. The Xero accounting software is accurate and is designed to be cost-effective and has packages tailored to your business requirements.
As JacRox Xero accounting software is cloud based you can access your accounts 24/7 using a computer / tablet and even a smart phone from anywhere in the world.
The Xero accounting software makes reporting easy, you can report on profit and loss, balance sheets, management reports, sales tax returns, and depreciation schedules all with a single click!
While JacRox understands it can often be hard to alter the way you do business and embrace change, the potential rewards from using the JacRox Xero Accounting software are huge.
Speak to a member of the JacRox Xero Accounting team today to find out how easily it can be implemented into your business today on 0800 020 9542 or email hello@JacRox.co