Updated: Jun 16
Getting rid of spreadsheets and using company management software instead, can increase your business's success.
Spreadsheets are widely used in businesses for a variety of purposes, and it's easy to see why: they're versatile and provide a blank canvas for data analysis. Consider how spreadsheets may be reducing your productivity and making your company less effective.
So, what exactly are spreadsheets and what do they do?
A spreadsheet is a programme that helps you organize and manipulate data. In a spreadsheet, data is arranged into rows and columns. Data can be altered, searched, sorted and then can be put into charts and graphs to present the data. Business owners commonly use spreadsheets to analyze revenues and costs, create professional reports and more.
When it comes to managing day-to-day operations, spreadsheets may not be the greatest tool to use. The spreadsheet is ineffective for managing several company tasks on an ongoing basis.
Why are spreadsheets ineffective for day-to-day tasks?
The data recorded in a spreadsheet isn't always connected with other corporate systems, it's fallible and usually antiquated. Some company owners employ cloud-based spreadsheets, but are they truly superior? Although it may be an advantage over offline spreadsheets, the answer is no. It still has several flaws and restrictions, such as a lack of version automation, control and authorization.
What to use in place of a spreadsheet?
- If you operate a large company, enterprise resource planning (ERP) systems, also known as business management platforms, may be the ideal option since they manage all corporate functions in one system.
- A cloud-based software like your customer relationship management software (CRM) that connects customer data with your accounting program or inventory management system, eliminating manual labour, is a popular tool to employ instead of spreadsheets.
- Inventory management software works with inventory and warehouse activities, which is ideal for business owners that want to focus on inventory management.
- If you're regularly submitting project proposals or price quotations, configure, price, quote software (CPQ) may be the finest solution since it allows you to create professional papers and optimize the quoting process by using up-to-date data.
- Another option is to use accounting software, as accounting is the foundation of all business functions. Great cloud-based accounting software will allow you to generate financial reports, track payments and expenses and more.
Regardless of the software you pick, make sure it's linked with other solutions so information will circulate and all systems are updated automatically.
If you're ready to go digital, call M7 TAX immediately so we can help you get started. Get in touch with us now!