For many years, Excel spreadsheets have been a staple in both professional and personal circles for organising, calculating and presenting data. They have been a universally functional tool for a variety of applications, such as keeping tabs on company financials and managing inventory.
If you’re a die-hard spreadsheet fan, you’re probably shaking your head at the notion of abandoning them. However, there are some major reasons why you should reduce your reliance on spreadsheets overall:
You have needs that it just can’t fulfil
Ok, you can do some basic stuff with spreadsheets, like record money in and out, do sums and maybe generate some graphs and reports if you’ve got the time and the know-how. But you deserve more and they just can’t deliver when things get serious. When you rely on a spreadsheet you still have to create and send all of your own invoices, follow up on late payments, manage expenses yourself, and more – you’re the one putting in all the effort.
For your business bookkeeping, you’ll save yourself time, money and stress by letting Xledger step up to the plate and actively do the hard admin work for you. Whether it’s sending and chasing invoices, expense recording, time tracking, building reports, tax return submission – Xledger really can be there when you need it.
They’re not worth your time
Your time is precious and it is best spent on other areas of the business. Having to laboriously enter data by hand into a spreadsheet is a massive time drain, plus most processes can’t be automated.
With Xledger you can save yourself serious time on a daily basis. So much is done for you automatically: invoice reminders, importing bank transactions, automated online payments from your customers, reports on the financial state of your business generated at the click of a button. You can even use the Xledger App to gather your paper receipts, scan them and process the data into Xledger.
It’s not just them, it’s you
Since you have to do all the hard work inputting data into spreadsheets and you’re human, it’s possible that errors can creep in.
Still not convinced? Human error in spreadsheets has been responsible for some deal-breaker level mistakes. In 2012, JPMorgan Chase incurred a whopping £6 billion trading loss due to a blunder related to using the wrong formula. Organisers for the 2012 London games also famously oversold a swimming event by 10,000 tickets, all due to a single keystroke error which made it appear as if 20,000 tickets were available when the venue could only accommodate half that number.
Mistakes in spreadsheets are easy to make but hard to catch – don’t take the risk when it comes to your business finances.
They are full of insecurities
If you’re saving spreadsheets locally on a PC or laptop and your machine stops working, you might be waving bye to the data in them for good. Xledger’s cloud accounting software is completely web-based – there’s nothing to download, update, or install and you can access it at any time, from any web-enabled device.
Version control is also a constant risk with spreadsheets – how many times have you been pinging a spreadsheet back and forth and then accidentally used the wrong version? There’s no need to have ‘final-final-v2.xlsx’ with Xledger.
They always cause a drama at tax time
At tax time you need a supportive partner that will pull their weight, not someone who expects you go raking through a plastic bag full of receipts and do all the hard work.
You can count on Xledger to have your back and be there to help. Because you’ve been automatically importing your banking data and managing your invoices and expenses regularly, most of your data is already there. You will also be able to submit your VAT directly to HMRC through Xledger itself ready for MTD in April 2019, so your tax return process is as drama-free as it can be.
Make 2019 the year you kick Excel accounting to the kerb,