There
are still a number of people who use Excel for accounting purposes when it comes
to Long Beach property management business, and it’s not a secret. Microsoft
Excel was one of the most commonly used programs for handling accounts by
property managers. They used to rely too much on this spreadsheet program. And
there were a lot many reasons for the same. Some property managers find it
cost-effective as it is packed with Office functions. It also comes with
features like easy creation of graphs, calculation of complex formulas, and
storage of all information in one place and that too in an organized way. However
with the technological advancements and change of time, numerous other options
have made way into the market. And Excel is no longer used by property managers
for accounting as it once was. In fact, Excel could even be hampering growth of
your property management business. Read along.
1)
Not Extremely User Friendly
People
who have made an attempt to use Excel have an idea about various intricacies
and complex features related to the program, especially macros and formulas. There
is a steep learning curve. You may plan on mastering the program by practicing.
But what if you are out of town for some work and there is no other person to
handle accounting duties on your behalf? For business continuity, this program
is not practically feasible. A smart property manager choose a software for
accounting that is easy to learn and use and intuitive.
2)
Higher Chances of Costly Errors
With
manual work, there is always higher chance of human error. This is a major
downside as when a person is manually keying in numbers, it is easy to commit a
mistake. Sadly, when managing finances, a small error can cost you heavily. At
such a time, accounting software comes at your rescue as it already comes
backed with a series of checks and balances. This minimizes the chances of
human errors to a great extent.
3)
Lack of Share-Ability
Excel
comes with another major downside that is lack of share-ability. It is
downloaded in one laptop where only one person can make use of it. It can only
be accessed by another person if it is shared via email. It is hence
vulnerable. However when using a software, you have a centralized database
where sharing and accessing is a cakewalk. You can simply access your work from
anywhere.
4)
Problematic on Functionality Front
Okay,
so you can create spreadsheet and bug charts with MS Excel, but what about
other significant things, like invoices or financial statements. To run your
business effectively, you require these important documents. Also a
professional Long Beach property management business makes use of other
accounting functions, like batching, payment processing, and alike. The bottom
line is, Excel lacks these important functionality features.
5)
Not Very Secure
When
you are handling financial information, its security is your topmost priority. However
Excel boost of nothing extraordinary in terms of security (though password
protection is possible). But what if you have an audit down the line,
collection of information can give you sleepless nights. And what if your
information gets lost or deleted? You require software to secure your data, and
make it easy to access whenever you need.
6)
Extremely Time-Consuming
We
all know time is money. It requires a lot of time and labor. From manual keying
in of information and doubly checking the entries, you are in-charge of
everything. It will be a time-consuming venture. Accounting software will
automatically do everything and will even improve overall efficiency.
Simply
put, Excel may be a valuable program, but it is not as effective as accounting
software. You won’t waste important time in managing things manually with
software. Apart from this, it is essential to stay competitive, professional,
and in tandem with the latest developments for progress of your Long Beach property management firm.
No comments:
Post a Comment