Small businesses often kick-start with Excel or spreadsheets for managing account related operations. In fact, it is quite rare to find a start-up or SME not using Excel sheets during its initial years of operations. This sounds sensible for a start-up firm, since Excel is budget-friendly and easy to avail, but it certainly is not a long-term accounting solution for a growing business. Read on to know why.
A badly done spreadsheet can trigger rippling effects for a small business. And the root cause most often is human error, as all it takes is a blunder in formula or misplaced cell that could cause the numbers to crash.
A fast growing business is deemed to reach a stage when those free Excel sheets would turn futile consuming more money and time than you could have imagined. So how do you address this imminent problem?
A partly cloud-based ERP software comes as the perfect solution to help manage all your accounting operations. Here is a checklist of five undeniable benefits that shout out to move from spreadsheets to a new accounting software.
- Spot-on accounting
With an easy-to-navigate and unified dashboard, ERP solution offers a comprehensive and clear picture of all your account and finance related operations at the click of a button. No need to fret about making uninformed decisions anymore.
- Time-saving and Efficient Transactions
One of the most prominent advantages of moving from spreadsheets to a fully integrated and robust ERP system is that you save a great amount of time. For instance, you will be able to segregate a wide range of transactions directly into your bank, allow customers to make payments from invoices directly, automated notifications for payment status and a lot more.
- Intelligent and Up-to-Date Reporting
Yes, you heard right! ERP software comes with business intelligence reporting functionality to deliver actionable and valuable analytics/reports on the go. Real-time accounting and budget reports are just a few clicks away. Further, important finance related tasks such as tax calculations and returns become extremely easy to execute and manage. No need to worry about generating crucial business reports anymore. Most importantly, generating profit and loss report is a piece of cake now.
- Seamless and Redundant-free Payroll
Talking about payroll processing, Excel tends to fall flat compared to an advanced accounting software. Payroll is one of the most important processes and a business simply cannot afford to have any blunders in payroll computations and processing. This includes leaves, payslips, tax deductions and many other crucial payroll things.
On the other hand, using ERP solution ensures a seamless and error-free payroll. No more payroll redundancies and delays. Brace yourself to boasting a league of happy employees!
- Single and Unified Accounting System
Often, accountants breeding on Excel sheets manually enter financial transactions. In addition, spreadsheets are deemed to turn rut over time for managing expenses and income for a growing business.
This is not the case with accounting software, because with a single and unified platform for all your finances and account data, you no more need to run from pillar to post for tracking crucial finance data. Best of all, ERP software offers complete peace of mind, since you are assured that everything is being calculated accurately in no time.
Whilst you might still be using spreadsheets for routine accounting needs, switching to online accounting software will save a significant amount of money and time for your business. Most importantly, the software mitigates the perils of data loss due to an untoward incident.
To conclude, we can say that ERP solution helps you focus on other core business operations and shuns the need to spend hours on spreadsheets.