Excel spreadsheets are unquestionably popular for basic accounting tasks, like tracking income and expenses, but are they the smartest choice for a growing, diverse business? Not anymore! Today, spreadsheets are being nudged out by accounting software – and for good reason.
Whether you’re a small business looking to spend less time managing the books, or an accountant encouraging your clients to make the switch, here’s why accounting software outsmarts spreadsheets:
Keep in mind: The best time to switch from an Excel-based system to online accounting software is the end of the fiscal year. This timing allows you to reconcile accounts, complete year-end reports and make any final adjustments. During the initial transition period, it’s a good idea to run both systems together until you’re ready to switch completely to software.