As accounting standards and regulations change, businesses need to be able to adapt quickly. Antiquated financial management tools such as accounting spreadsheets and QuickBooks can lead to errors and inefficiencies that will trickle down to stakeholders and investors, causing significant impact on a company’s value.
Enterprise resource planning (ERP) tools are readily available and increasingly vital for businesses to maintain their competitive edge. Upgrading to a cloud ERP carries a variety of benefits companies can’t afford to ignore.
The Top 3 Risks of Using Accounting Spreadsheets to Manage Your Business:
1. Lack of integration limits true business intelligence.
It is still not uncommon for businesses to keep track of their finances using Microsoft Excel spreadsheets, QuickBooks accounting tools or some combination of the two. One of the major problems facing companies that take this approach is a lack of integration. Data can be contained in a variety of spreadsheets or applications, and sometimes even emails.
2. Dueling spreadsheets create data face-offs
Having two or more versions of a spreadsheet with inconsistent data is a common danger of relying on spreadsheets in your business. This problem occurs because spreadsheets aren’t bound to a single, unified source like ERP data is. Even if the original data is downloaded from an ERP system, collecting it at different times can result in mismatched spreadsheets.
3. Spreadsheets are a time suck for your
Spreadsheets bog down processes in many different ways that have a noticeable impact on how long it takes to get work done. They’re fast and easy to set up, but when they’re used in collaborative, repetitive enterprise processes, they become time wasters.
Download the whitepaper to learn more about the risks of using spreadsheets to manage your business and the top reasons to move to an integrated ERP system.