8 Signs Your Business Has Outgrown Excel and Needs More Specific Financial Software
8 Signs Your Business Has Outgrown Excel and Needs More Specific Financial Software
Lauren Sandstrom
As a business owner, you may have started with Excel to keep track of your financial data. After all, it’s a widely-used and relatively easy-to-learn software. But as your business grows, you may find that Excel is no longer enough to manage your finances efficiently. Here are eight signs that your business has outgrown Excel and needs to look into more specific financial software:
1 Working late into the night – again…
Are you constantly working late into the night to manage your financial data? This is a sure sign that your business has outgrown Excel. As your business grows, the volume of data you need to manage increases, making it challenging to keep up with the pace. More specific financial software is designed to handle large volumes of data and can save you time and effort.
2 Relying on One Person to Manage Multiple Spreadsheet Models
You’re setting yourself up for failure if you rely on one person to manage multiple spreadsheet models. Managing numerous spreadsheets is a complex task that requires specialised skills and knowledge. More specific financial software can help you automate many of these tasks, allowing your team to focus on more strategic work.
3 Living in Fear of Data Errors and Broken Formulas
Data errors and broken formulas can have a significant impact on your business. If you fear these issues, it’s a sign that your business has outgrown Excel. More specific financial software comes with built-in checks and balances that help to minimise the risk of data errors and broken formulas.
4 Accidentally Sharing the Wrong Data with the Wrong People
Sharing data securely is essential, particularly as your business grows. If you accidentally share the wrong data with the wrong people, it’s a sign that you need more specific financial software. More specific financial software comes with built-in security features that help to protect your data and ensure that it’s only accessible to authorised personnel.
5 Struggling to Keep Track of the Current Version
Keeping track of the current version of your financial data can be a challenge, particularly if you’re using Excel. As your business grows, the volume of data you need to manage increases, making it even more challenging to keep track of versions. More specific financial software comes with version control features that make it easy to keep track of changes and ensure that everyone is working with the most up-to-date information.
6 Using Email as Your Collaboration Tool
Email is a popular collaboration tool, but it’s not ideal for managing financial data. If you’re using email to collaborate on financial data, it’s a sign that your business has outgrown Excel. More specific financial software has built-in collaboration features that make it easy to share data securely and collaborate in real time.
7 Spending Weeks Collecting, Aggregating, and Cleansing Data Manually
Manual data collection, aggregation, and cleansing can be time-consuming and labour-intensive. If you’re spending weeks on these tasks, it’s a sign that your business has outgrown Excel. More specific financial software has built-in automation features that can help you streamline these tasks and save time and effort.
8 Never Having the Time to Do Strategic Analysis or Answer Strategic Questions
Strategic analysis and decision-making are essential for the long-term success of your business. If you’re never able to find the time to do strategic analysis or answer strategic questions, it’s a sign that your business has outgrown Excel. More specific financial software comes with built-in analysis and reporting tools, making it easy to gain insights and answer strategic questions quickly and accurately.
In conclusion, if you’re experiencing any of the above signs, it’s time to consider more specific financial software to help your business grow and succeed. Investing in the right tools and technology can streamline your financial processes. At Thrive, we take the time to understand your specific challenges and goals and find software that best suits your needs. Give our team a call right now, and let’s get started!
1300 868 474
