5 Signs It May Be Time To Stop Using Excel As Your Accounting System
For the past 30 years, Excel has become the fundamental tool for countless businesses process aiding, financial task, logistic, marketing and so much more. It’s no surprise Excel was a very popular hit from the start.
The ability this tool can provide to a business-critical function is phenomenal from processing mathematical equations to storing and organizing data in attractive and manageable ways and create a variety of what-if scenarios. Despite all the perks that come along having Excel as a tool for many business processes, many are now moving away from Excel in search of other, more modernized technologies.
While many businesses have awoken to the inefficiencies of Excel, a lot of companies regardless of their size still use Excel. According to an Enterprise Times article where it was reported that about 60 per cent of businesses in the U.S are still relying on spreadsheets, while 21 per cent are moving toward other software.
Excel usage has been declining among corporate business especially within the financial department. In this blog post, we will discuss why people are moving away from such useful and prevalent software?
No Mobile Capabilities
Ever since smartphones have been introduced in the 21st century, it has transformed the era quickly allowing convenient access to many useful tools. With an endless list of devices constantly at our fingertips. It is important to have accounting software that can keep up.
With numerous accounting software’s in the market, the best one would be the one that you can use anywhere, at any time especially for businesses that need to submit invoices to their Clients and access records on the go.
Accounting software companies have invested heavily to achieves the best result for a mobile application. However they vary in degree of functionality; some are a full-fledged version of their desktop counterpart, while others are limited to certain services that are necessary on the go.
These apps aim to help you run your business more efficiently wherever you are. Excel, on the other hand, doesn’t provide this function, this sets you back in your work. Therefore, an accounting system that allows you mobile invoicing or out-of-office access is worth investing for.
Pegasus Systems has launched its mobile application back in 2016, the application provides access to timesheets that truly has eased the burden on our clients an ease of access of timesheets on the go.
Incapable of Supporting Quick Decision Making
A well-known problem Excel users face is when the data file is too large, it can make the Excel program very slow, especially if the data is on one file. Many users try to break down the data into smaller files, which sometimes can lead to input errors. Excel isn’t user-friendly when the application rounds off very large numbers using imprecise calculations, which comprises on accuracy. The lack of control over these issues can lead to future errors in decision-making ( Versions). Spreadsheets are commonly shared among departments through email or a hard drive, This can be a Security Risk and will often breach security protocols.
Pegasus Systems servers are in secure data centres in London, New York, Sydney, Auckland and Singapore with High Availability mirroring of your data, back-up and disaster recovery procedures are fully covered in these Data centre environments.
Lack of collaborative Work
Collaboration across different business departments is essential especially in an agency environment, as the day-to-day consists of budgeting, forecasting, creating sales, and marketing.
The fastest way in exchanging an excel document would be through email. This method is subject to duplication or extremely large data that the email server wouldn’t allow a file this size to be emailed out.
Pegasus Systems provide a web-interface that enables staff to view their assigned tasks and complete their timesheets with most of the information pre-populated while being able to view it from your login on the web interface. Pegasus enables you to manage internal timelines, client timelines and the required resources in real-time.
Excel and Human Error
Research has found that up to 90 per cent of all spreadsheets have errors that affect their results. And that’s exactly what happened to TransAlta in 2003 with a simple cut and paste spreadsheet error that cost the firm a whopping US$24
Compromised data integrity can lead to considerable lost opportunities for Business revenue which may compromise your business. No company can afford to rely on an outdated tool that is potentially rife with errors.
It is clear by now that Excel simply isn’t accurate, convenient and efficient enough to be operated throughout the creative industry or any cooperate business. Instead, the enterprise needs to be working on a software that will eliminate errors, enhance agility and accuracy.
With PEGASUS SYSTEMS businesses can avoid many of the pitfalls of Excel. Pegasus Systems provides a single platform for managing finance, media, time, resources and job management so you no longer have the chore of managing and organizing an innumerable number of Excel spreadsheets.
If you are worried about the integrity of your data, you don’t have to worry as we have extracted data from a number of systems including Excel, Paprika, BCC Enterprise, JobBag, TSS, Filemaker Pro, Workamajig, Streamtime, MYOB, Quickbooks and others and we're confident that we can convert all your data at a transactional level. So when you start using Pegasus Systems, all the details of the jobs you accessed on your previous system will be there. With data conversion at a transactional level, implementation can occur at a time that suits you - no need to convert at Financial Year End.