Over the years, businesses were taught to depend on spreadsheets to the point that not having them would be tantamount to failure.
The reinforced importance of spreadsheets is for good reason because they have been proven to be cost-effective and flexible in managing data and records for a business. The problem with spreadsheets, however, is that using them takes a significant amount of manual labour and skill, and the amount of risk that they come with is high.
Modern technology, however, has led to the development of accounting software, which has proven to be an effective alternative that improves on key points where traditional spreadsheets lack.
In recent years, the accounting software market has grown exponentially, and there are a number of options to choose from. Over time, each new accounting software becomes even more well-rounded and highly functional to serve the needs of any business.
Just like the relationship between traditional commerce and e-commerce, accounting software is essentially the upgraded version of the spreadsheet—better, faster, more effective, and easier to deal with.
Here are the reasons you should ditch the spreadsheets and go for the modern alternative:
1. You can avoid manual errors much easier
In accounting, making an error in even the smallest of digits can easily lead to bigger problems in the long-term. The fatal flaws of traditional spreadsheets make it much easier to make this mistake. With accounting software, however, you can check your numbers multiple times easily and make crucial adjustments with a few backspaces and keystrokes.
2. You can make decisions quickly with updated data
Given the sheer amount of effort that it takes to draft a spreadsheet and update it, most businesses end up making the mistake of only updating their spreadsheets on a periodic basis. Additionally, it can take quite some time to present the data in a more useful format, which can result in a delayed decision-making process. Thanks to the ease of data inputting and updating, which comes with using accounting software, however, you’ll be able to keep your financial data as fresh as possible in order to make better and quicker business decisions.
3. You won’t have to worry about losing your data
One of the biggest pitfalls of traditional spreadsheet files is that they can easily be lost through deletion, file corruption, or manipulation. As opposed to the problems brought about by large-sized spreadsheet files, most accounting software options come with a built-in cloud storage function that allows you to upload your data frequently. Being able to update and upload your data sheets to designated cloud storage makes the entire process of maintaining the sheets much easier. It can also save you millions of dollars in the process.
Accounting software provides a modern alternative to traditional spreadsheets that can give your e-commerce business the financial efficiency that it needs to grow and succeed. By incorporating accounting software into your e-commerce business functions, you can keep a tight ship while running your finances and improving your overall performance at the same time.
If you are looking for e-commerce accounting software in Australia, get in touch with us today! We’re happy to help.