Posts tagged with "excel reporting"

Excel Financial Reporting

Why Are So Many Businesses Still Using Excel for their Financial Reporting Needs?

Microsoft Excel has been an industry standard for accountants since its release in the 1980s, but the program was never designed for the complex accounting needs of today’s business. Still, many organizations and accountants continue to use the tool in spite of cloud software that has been developed to address the many shortfalls of spreadsheet accounting.

Why are businesses still relying on Excel?

Excel is a source of comfort and familiarity to many, despite its shortcomings. It was one of the first tools of its time to offer comprehensive financial tracking–a trailblazer in its own right that allowed companies to phase out the paper trail in favor of a more streamlined electronic method.

Many have remained loyal to Excel, and while it has evolved over its years, it falls short in many aspects. Above all else, the Excel spreadsheet is still a manual tool, making way for manual errors. In the age of automation, cloud-based solutions provide much that Excel cannot.

What cloud-based software can bring to the table

Excel is a comfortable and familiar choice–but it’s not the best choice for modern accounting.

One arena that cloud-based software reigns supreme is in backing up data. With any software that is locally installed, there comes the risk of losing important data if the system should crash. Cloud-based data is stored on remote servers, providing data back-ups and enhanced security.

Additionally, cloud-based programs are browser-based, so any device with an internet connection can access the same data–24/7. This also ensures that everyone is working off the same numbers and not saving local versions of reports to their desktop. If everyone is working off a different version, it’s very difficult to determine whose version is accurate.

Cloud-based software is also built with reporting in mind. Excel users must build reports from scratch. It can be a very timely endeavor. Fortunately, reporting is simplified–both in creation and distribution–with cloud-based products.

Cost and infrastructure is another area that favors cloud-based software over local solutions like Excel. Cloud-based solutions don’t require local servers or hefty IT support–enabling accountants to advocate for themselves and allowing IT to provide exceptional service to other departments and needs.

Consider FYIsoft

If you’re thinking about dipping your toe in the water to supplement or replace your reliance on spreadsheet accounting, consider FYIsoft. Contact FYIsoft today to learn how a move to the cloud can benefit you so you can work smarter.