When it first appeared in the 1980s, Microsoft Excel was a revolutionary program for editing electronic spreadsheets. In fact, Excel is still widely used and is a good solution for maintaining control over various aspects of your finances.
But medium and large sized companies can’t depend on this program’s solutions anymore and have been discovering the advantages of having financial management software, mainly for integrating data to optimize decision making.
In today’s post, you’ll see 5 reasons to migrate from spreadsheets to financial management software. Take a look!
Despite the fact that Microsoft has developed solutions for using Excel on various platforms such as tablets and smartphones, spreadsheets are more functional and easier to use with desktops or laptops.
Financial management software has been developed to work on any platform, which enables you to follow the progress of your company’s finances in real time. Working faster enables you to make decisions faster, which makes your processes more agile and improves your company’s return on investment.
You can use Excel for controlling your personal finances, but for small, medium and large-sized companies, financial management involves thousands of data elements that make electronic spreadsheets unwieldy.
Financial management software doesn’t depend on a system of formulas and all of its programming is performed automatically, which only requires that you adapt it to your company’s reality. This avoids human error and also makes training easier, when necessary.
An Excel spreadsheet needs to be constructed from scratch to work, including the development of formulas and pivot tables. And when a user alters any of these formulas it can ruin the configuration of the entire spreadsheet. Frequently an error will only be perceived during a demonstration of the results to company leaders.
Since it’s already pre-programmed to function according to your company’s needs, financial management software saves time, avoids rework, and as a result, reduces operational costs.
To function in real time, financial management software can be used by various users at the same time, in terms of both entering and accessing data. Microsoft, for example, doesn’t allow two users to access the same Excel file at the same time.
Any mistaken action by an Excel user can invalidate all of a spreadsheet’s data. Financial management software avoids problems like this, because its initial programming enables it to alert the user when there’s been a data entry error.
In addition to this, it’s also possible to configure reminders, which are valuable in the financial area and make teams more efficient.
With the help of technology, you can obtain software that offers a global vision of a company’s entire financial situation with low acquisition and maintenance costs. And the main thing is that any employee in the organization can use it, because its systems are so simple and intuitive.
And what about you? Why haven’t you acquired financial management software for your company? What are you waiting for?
