4 Reasons Why MS Excel Is Bad for Your Business
The main advantage the Microsoft Excel has for business users is that everyone is familiar with it. When the tool was first released it had a huge impact on the way businesses operated and greatly reduced the time spent on maintaining financial records.
Today the situation is very different, the business world has changed and instead of using Excel as the main spreadsheet program it was designed to be, many businesses use Excel for a multitude of different purposes for which it was not intended, and at which it is not very good. If you’re one of them, read this piece to find out why you should find an alternative to Excel for your business.
If you’d like to find an Excel alternative to use for your information management see these 8 Alternatives to Excel spreadsheets
Read On: What is a KPI? (The Complete Guide)
1. You deserve better tools
Excel is designed to produce spreadsheets. If you are trying to make it function in any other way then you are going to achieve a less than ideal result. With cloud software, you get exactly the right tools for your business.
Whether you need to use CRM, time tracking, marketing, or billing software you will find it all in one place. You no longer need to hunt through dozens of different Excel spreadsheets looking for vital information, you can find it all with just a few clicks.
2. You will make mistakes
Studies (Market Watch, 2013) have shown that up to 88% of spreadsheets contain errors and this is no surprise. Microsoft Excel makes it easy to generate errors, a simple mistake like misplacing a decimal point can result in huge errors in accounting results and Excel has no way to check the figures and stop it happening. Excel is simply a medium to contain your data and does not allow you to analyze the information.
The situation is made worse by the tendency of businesses to rely on manual data entry, the way they copy and paste information from one spreadsheet to another, and merge records together. Each of these processes has the potential to introduce errors to spreadsheets and to end up costing your business money.
So what’s the alternative? Using cloud software means that your records are updated instantly. You completely avoid the danger of cut and paste errors. Since everyone in your company can access the same information you don’t have to spend time wondering if there is a newer version of your spreadsheet stored on someone else computer, you always have the latest version in front of you because there is only one version.
There are at least 5 processes that can be implemented more efficiently with an Excel alternative.
3. You waste a lot of time
Microsoft Excel started as a way to improve business efficiency, and compared to doing the company accounts with paper and pen it certainly will save you time. The question is, is it the most efficient way to manage your business today?
With cloud software it is easy to generate reports on cash flow or whatever else you want in only a few moments. Cloud software has tools that can help you with forecasting, planning, and the day to day managing of all your business activities.
The best way to quickly get an overview of your business’s performance, is to get a KPI dashboard.
Learn more in the complete guide to KPI tracking dashboard.
4. You will lose your data
Security is one of the major headaches for any business. With all of your business information stored on your computers you are very vulnerable to any IT problems that crop up.
It might be a hard disk crash, or a computer virus, or maybe even a rogue employee deliberately entering incorrect information on a spreadsheet. If you are using Microsoft Excel and storing your data locally then any of these could be devastating for your business.
If you choose to use cloud software then these hazards are avoided. Your data is securely stored on remote servers, and all access to that data is logged so you will know exactly who made changes to your data and what they changed.
Having looked at the problems associated with using Microsoft Excel in your business, and seen that a better alternative exists perhaps now is time that you need to make the switch to cloud software and safeguard the future of your business.