How Spreadsheets Are Bad For Business?

The main advantage of Excel spreadsheets is that everyone is so used to them. Who doesn’t like storing all sorts of ideas, plans and plans in spreadsheets. In the past, Excel was a superstar tool that helped businesses become more efficient and made people more productive at work. As a tool for all kinds of business operations, Excel has long passed its best-before date.

Spreadsheets are bad for business

You can’t afford all the mistakes

Spreadsheets make it easy to make mistakes, a simple mistake like misplacing a decimal point can lead to major accounting errors. Meanwhile, Excel has no way to check that all the data matches the actual results. Excel is simply a medium that contains your data and does not allow for in-depth analysis of the information. Best ever hacks for business optimization and analytics. The situation has been exacerbated by the tendency of businesses to rely on manual data entry. Each of these processes has the potential to introduce errors into your spreadsheets and end up costing your business a lot of money.

You deserve better tools

Excel was designed for storing data in spreadsheets. Consider replacing Excel with an online business intelligence tool to gain more accurate insight into your company’s performance. Whether you need time tracking, marketing, invoicing or CRM software, you can find all your data in one place. You no longer have to go through dozens of different Excel spreadsheets to look for important information. Instead, you can find it all in a few clicks and not in the form of a table. If you use Excel to create timesheets, try time tracking software instead. Interesting read 10 easy steps to improve your invoicing process right now

You waste hours of time every month

Microsoft Excel began as a tool to improve business efficiency. It’s certainly a nice upgrade over handling your company’s accounting and data on paper. With online software, you can collect your data and generate a financial analysis report, sales report or budget overview with just a few clicks.

You are losing your data

With all of your business information stored on employee computers, you are highly vulnerable to security breaches or other IT issues. It could be a hard drive crash or a computer virus, or even a rogue employee intentionally entered incorrect information into the spreadsheet. If you use Microsoft Excel and store your data locally, any of these events can have a devastating impact on your business. Team members can access relevant business data after logging into the system, keeping track of changes.

Conclusion

But we don’t deny that it also has its advantages – when importing and exporting data from one tool, system to another. There are many possible harms that arise from using Excel spreadsheets.