Since its invention, Microsoft Excel has been used by all businesses to track their finances, payroll, accounts, inventory, and all other aspects of their venture. And, since its invention, there have been many problems that have arisen from Microsoft Excel’s usage in the business community. When programs like Quickbooks came along, these businesses were very pleased with the results they found using Intuit’s program. Now, with the dawn of Quickbooks Online, the question has come up again: is Quickbooks really a better way to track my financials than Microsoft Excel?
Microsoft Excel has been an industry standard for years. Business owners and accountants have used it for years to great success. Its greatest benefit is its ability to organize large amounts of data into orderly spread sheets and charts. Once learned by the user, Excel’s calculations and functions can deal with numbers instantly. Its spread sheets are supported on various platforms, including phones and tablets, which make them easy to take anywhere you need them to be. The greatest thing of all is that it’s combined within Microsoft Office, which makes it easy to start using. It’s a good program – for those who know how to use it.
Unfortunately, for most laypeople, Excel’s functions can be a little muddy at times. It has overly complex formulas that can cause headaches for even seasoned accountants; especially as the business grows in volume. Excel spread sheets are very error prone as well. Another more serious issue with Excel is that its spread sheets are susceptible to fraud. It’s very easy for someone to tamper with your numbers or calculations.
When your business is growing, and you are using Excel as your main financial account manager, you must create more and more spread sheets as more services are offered. This increased number of spreadsheets can cause confusion, which can cause errors. As was mentioned previously, these errors are easy to make. The can be made through copying and pasting information, moving cell content upon which calculations were based, and accidentally changing the formula altogether. The errors can become quite catastrophic, considering some standard Excel flaws cost JPMorgan $6 billion in 2013.
Quickbooks quickly established itself as an easy to use self-contained platform back when it was introduced in the 2000s. Since then, Quickbooks Online has taken top spot as the number one accounting software sold by Intuit. With Quickbooks Online bookkeeping, all of the calculations you require do not need to be learned, but are contained within the program and are ready to do the work for you. The learning curve is straight-forward, which will not only please you, but your accountant as well once Q1 comes around.
Quickbooks Online bookkeeping allows its users to take it anywhere there’s a decent internet connection. This is especially powerful if you are in a different time zone or part of the world and your team is away from your business. You also have the ability to grant access to certain members of your team, such as your accountant.
Quickbooks Online bookkeeping tracks everything from the moment you insert it into its system. This part can be a little tricky at the start, but once those files are there, you are set. The option is available to you to link bank and merchant services to your Quickbooks Online accounts, which makes the reporting process that much easier. And come tax time, you don’t have to worry about a missing number or file. If you need to look up something specific, Quickbooks Online bookkeeping has various tabs and a simple user interface that makes finding things easier. Once you’re ready, you can easily export your information to a CSV file and then off to your accountant.
Quickbooks Online and Microsoft Excel are competent programs, to be sure. Excel has been used for years, and Quickbooks Online is still fairly new. However, simply because Excel can – and has – caused some fairly serious issues due to complexity and errors, Quickbooks’ point-and-shoot system is the clear winner of this comparison. Call us today to get assistance with using your Quickbooks online and streamline your business!
If you need assistance with QB Online, contact the Quickbooks Online bookkeeping Gold Coast firm with QBO certified consultants ready to help you.