Excel is used in just about every business. With its smart functions and ability to take on the difficult math for you, it really has been a business’s best friend for many years. However, as you begin to acquire more than a handful of clients, Excel can become a bit of a financial data minefield. So what can you do to keep your accounting in order once you begin to grow?
Benefits Of Making The Switch
Accounting software has become an incredibly useful tool for businesses over the last few years, simply because it makes tiresome admin even easier. When you want to bring everything into focus and access all of your client’s data simultaneously, Excel simple isn’t the right tool.
Accounting software gives you the benefit of being able to see live charts and period reports of how your businesses is doing, without opening up a thousand different spread sheets. Alongside this, you can create professional invoices, categorise your purchases and see where your spending is going all in one place.
Another added benefit is that with online accounting software, you can access all of this information and more whilst you’re on the go, making it perfect for business owners who have to travel frequently.
Preparing Your Files
When making the move to online accounting software there will be some initial grunt work involved. Whilst many systems have options to import files and information, the order of their information may differ from yours. Therefore, you may need to spend some time making sure the information you’ve input into the system matches up to your previous accounting.
Whilst this all sounds like a lot of hard work, it’s a small price to pay for the on-going benefits you’ll reap once you’ve made the move.
When Should You Switch?
To make things easier for yourself, choose a switching period that isn’t particularly busy. The end of your businesses fiscal year is probably the best time to switch but you don’t have to wait until then. The switch from Excel to accounting software is relatively simple, meaning you really can swap anytime.
Nonetheless, choosing a quieter period when you don’t have a lot on will definitely help you to make a smoother transition.
No matter when you switch, you are likely to hit a few snags along the way. Take time familiarise yourself with the software and make the most of everything it has to offer. Make use of any support features and don’t be afraid to ask for help if you need it.
To ensure that your transition is as safe as possible, always run your old accounting and new account system side by side for a few months. This will give you peace of mind that everything is working perfectly and allow you to iron out any kinks along the way.