5 Reasons Why Using Excel For Financial Reporting Is Insane

Microsoft Excel has been a leading resource for accountants since the 1980s, but Excel was never designed to handle the complex needs of today’s CFO, nor the complex accounting of multi-entity organizations. With the onslaught of newer, better products on the market tailormade to meet the needs of today’s accountants, there is no reason to remain chained to Excel.

Here are five reasons why holding onto Excel is doing you more harm than good.

  • It’s not automated

Arguably the biggest issue with Excel is that it is based on manual data entry. When a formula breaks or an error is found, it can take hours–even days–to locate the issue. This is a monumental waste of staff time–time that could be better spent on strategy and advisory services if reporting were automated!

  • Data integrity is threatened

With a lack of automation comes a threat to the accuracy and integrity of data. Excel is not necessarily used as a central hub of data and reporting like a cloud-based accounting solution would be, and data entry is largely manual. Multiple people can be working off of multiple versions of the workbook on their individual desktops, which becomes a case of the chicken or the egg. Which is the most accurate version? This can be a nightmare for accountants and can lead to poor business decisions being made when an inaccurate and incomplete view of data is presented to the executive team.

  • It’s not necessarily cloud-based

While Microsoft has created a cloud version of their products, many of us still use non-cloud-based Excel. And by not working in a shared environment, a myriad of issues arise. Working off a centralized hub of data is the far superior option.

  • It can’t drill down in real-time

Cloud-based solutions can be accessed 24/7 from any device with an internet connection because they are browser based. As such, it’s possible to create and run reports on the fly at any moment, from anywhere. Excel does not afford such luxuries and instead requires significant time manually creating reports.

  • It wasn’t built to be used in this way in the first place

Excel was released in a simpler time. The needs of accountants and finance professionals have changed rapidly since the 1980s, and better technology with improved features has been created specifically to address those needs. Excel may be familiar and comfortable, but it’s far from the best option.

FYIsoft is the better solution

FYIsoft’s cloud financial reporting software is designed to elevate the CFO’s ability to quickly gain extraordinary insights and proactively communicate. FYIsoft’s foundations were built upon accuracy, ease, relevance, and speed. It’s easy to build, save, and share all the reports you need.

Stop relying on a solution that was never meant to be used as a complex, multi-entity organization’s sole accounting resource and contact FYIsoft to see how cloud-based solutions can help you drill down to the data points you need. Contact FYIsoft today to learn more.

 

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