Spreadsheets don’t create a clear audit trail in the same way that accounting software does. However, cloud accounting software automatically syncs your data across a range of devices and is designed to integrate well with other software, permitting seamless sharing and collaboration. Saving a spreadsheet in a new location can corrupt files and break links, causing countless problems. Spreadsheets don’t tend to integrate well which can lead to a lot of stress and wasted man hours. Leaving your data in a spreadsheet leaves it vulnerable, whereas cloud based accounting software provides multiple layers of protection to keep your information safe. It’s important to keep your records for audits and to track the company’s progress over time. However, your records don’t cease to matter once your tax return is filed. The larger a spreadsheet becomes, the more likely it is to either crash or corrupt, resulting in lost data. Just one typo could lead to major errors, including mistakes on your tax return which may result in missed deductions or penalties.Ĭloud accounting software, however, allows you to upload your receipts and invoices directly and keep accurate records, removing the need for double data entry and reducing the likelihood of mistakes. Not only is manual data entry mind-numbing, it also makes it very easy to make mistakes. Let’s take a look at why you should swap your spreadsheets for cloud accounting software, and how to make the transition smoothly. Whilst spreadsheets may seem like a convenient and cost-effective way of managing your finances, advances in cloud accounting software mean that your business could most likely benefit from an upgrade. Many small business owners have been using spreadsheets to do their accounting for years now.
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