Risks in using spreadsheets for the management of employee expenses range from errors, inaccuracies and loss of employee productivity, to the huge risks associated with financial and legal non-compliance.
What’s the deal with spreadsheets?Do you use a spreadsheet to manage your expenses? If so, you’re not alone – it’s very easy to knock a quick spreadsheet together and use it to track your customers, your stock on hand, etc. For all their simplicity, spreadsheets have some serious drawbacks. What might you be missing out on by managing your business finances in this way? Here are five ways that using spreadsheets for your bookkeeping might be holding back your business:
- Spreadsheets rely on you for everything
- Spreadsheets can’t create invoices for you (and can’t email them either)
- Spreadsheets can’t talk to your bank
- Spreadsheets aren’t good at sharing
- Spreadsheets can’t go everywhere you go