It’s common knowledge that there is software and tools in the finance industry that can make our lives easier as bookkeepers and accountants but many businesses still choose to muddle through. A lot of businesses are becoming more efficient using software like QuickBooks, Sage, FreshBooks, Xero, KashFlow but there is still a huge percentage of the month end process the relies on using Excel and this can be affecting your role and business more than you think.
So, what are the biggest challenges faced whilst using spreadsheets?
- Duplicated data
- Missing data
- Different versions of spreadsheets
- Ancient spreadsheets
- Complicated, inaccurate and hard to navigate data
How does this affect my business?
- Duplicated data can lead to errors and over estimations on key financial decisions
- Similarly to duplicated data, missing data can create imbalanced observations, cause biased estimates and lead to invalid conclusions.
- Having multiple team members transfer and amend a single spreadsheet can cause loss of organisation and inconsistent data, not only that, for the user, locating or chasing a team member down for the correct version can become a part time job in itself. Microsoft Teams can revolutionise your company culture and process, contact us to find out how.
- Bad data has a dramatic impact on operational efficiency and if a loss in revenue wasn’t enough, poor spreadsheets can cause your employees to lose their morale, decrease their efficiency all whilst generating a negative perception of your company. After customers, employees are most affected by bad process and data.
How Maximity can help…
- We can help you evaluate your current spreadsheets
- We can review the role that spreadsheets play in your business
- We can train you to build more effective spreadsheets
- We can help modernise your spreadsheets
- We can write spreadsheets from scratch for you
We will provide you with a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) + clear recommendation of how we could work with you to address the points raised.
- Review what you do and why you do it.
- Ensure every activity has a purpose and value.
- Review the efficiency and effectiveness of each activity.
- Review the spreadsheets within the process.
- Evaluate against business growth plans.
- Assess activities against business best practice.
What will the benefits be to my business?
- Stop fighting your month end process
- Less mistakes and rework
- Improved employee morale through confidence in the process
- Increased reliability on key information for decision making
- Make decisions faster, with confidence
- Takes less time and business resource
- Increased productivity as staff have more time to do other business activities
Submit this short form to talk to a team member about your spreadsheets woes.