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Accounting on Excel? 6 Reasons to Break Up with Your Spreadsheet

Are you one of those who swear by Excel for keeping your freelance finances in check? Or are you considering diving into spreadsheets for your accounting needs?

Hold onto your calculators because here’s the scoop: while Excel might have been the rockstar of its time, it’s time to face the music – its accounting game isn’t as groovy as it used to be.

Before you raise an eyebrow or sigh, give us a moment to explain the facts. 

In this article, we’re rolling out 6 compelling reasons that might convince you to give Excel a much-needed vacation and embrace alternative solutions that will save you time, money, and frustration.

Excel: Jack of All Trades, Master of… Not Accounting?

So, your Excel spreadsheet’s that friend who can whip up a mean chart and do math tricks with your data. 

But let’s be honest – its heart’s in data analysis, not number-crunching your finances. 

Sure, it’s been dressed up as an accounting tool, but deep down, it’s more about graphs than your money matters.

It’s like trying to teach your dog to moonwalk – it might be entertaining, but it’s not what they were born for. Even if everyone’s using it, that doesn’t mean it’s the right fit for your financial shenanigans.

Oops! Did I Just Mess Up My Financials Again?

Picture this: manual data entry in your Excel spreadsheet. You’re the DJ of your financial beats, but the risk of dropping a beat is real. Typos, sleep-deprived nights, and those pesky formula mistakes? Yeah, they’re like surprise guests at your accounting party.

And your Excel spreadsheet doesn’t hold up a red flag when you mess up. If you’re lucky, it gives you the #REF! error – that’s like its way of saying, “Oops, I did it again!” But when you’ve made errors in your accounting, Excel won’t alert you.

Trust Issues: Your Financial Secrets Need Better Security in Your Accounting Excel Universe

If you do your accounting in Excel, files are vulnerable to data loss, theft, or damage, and they lack advanced security measures to protect sensitive financial information.

Unlike a top-notch accounting solution, your Excel spreadsheet’s not the bouncer you need for your financial VIPs. 

For instance, if an Excel file isn’t password-protected or the proper permissions haven’t been set, anyone with access to the file can view and modify the data.

It’s also possible for the Excel file to be lost due to system failure, human error, or storage issues, risking permanent data loss.

Anyone who stumbles upon your Excel file gets an all-access pass to your financial world. It’s like leaving your wallet at a party and hoping no one swipes it.

Tax Troubles: No One Likes Unwanted Penalties 

The risk of making errors, the lack of automation, and the adaptability to tax regulation changes increase the likelihood of non-compliance with laws, leading to potential penalties.

Moreover, using programs like Excel or Google Sheets might lead to non-compliance with the Anti-Fraud Law of 2021 requirements.

This regulation aims to prevent easy deletion, manipulation, and omission of billing and accounting data, which can be done quickly with Excel.

Hence, Excel usage isn’t explicitly prohibited. Still, businesses and freelancers are recommended to update their software to meet legal requirements, avoiding potential fines that could amount to €50,000 or more.

Excel Doesn’t Integrate With Other Tools and Systems

Imagine your business apps are in a band. Excel? It’s the solo artist that refuses to collaborate. It can’t play nice with other tools, like your bank. 

If, for example, you’re using limited-function accounting software, integrating it with accounting on Excel won’t be feasible either, leading to added effort, loss of time, and potential errors.

Excel Falls Short as Your Business Expands

Remember when Excel was the cool kid on the block? As your business grows, Excel might start feeling its age. More clients, more transactions – your spreadsheet has a panic attack.

Imagine using that time you spend battling Excel on something awesome for your business – or even having a life beyond spreadsheets. That’d be sweet, right?

How to Ditch Excel Drama & Save Time Beyond Accounting on Excel

In the ever-evolving business world, keeping up with the pace requires a partner with your back. That’s where Companio One Spain steps in, ready to revolutionize your accounting game.

✅ Slash errors: Say goodbye to manual muddles. Our automation sweeps away those pesky mistakes, leaving crystal-clear calculations in its wake.

✅ Time, your new best friend: Imagine tax calculations that happen in the blink of an eye. Reconciling bank transactions with invoices? Done. And those invoices? Whip them up with just a few keystrokes.

✅ Penalties be gone: Tax rules might change, but compliance is our middle name. With Companio, you’re always a step ahead, skating smoothly through regulatory hoops.

✅ Data fortress: Your financial data deserves a fortress. We’ve got encryption on lockdown, permission settings in check, and passwords guarding the gate – so you can sleep easy.

✅ Unleash growth: Ready to dive into expansion without accounting headaches? Companio One Spain scales with you, tackling larger data volumes and handling your team’s contracts and payroll effortlessly.

So, no more wrestling with Excel’s quirks. No more sleepless nights over tax tangles. It’s time to bid farewell to the old ways and embrace the future. 

Are you still hesitating? Let our plans do the talking – tailored to fit your needs. And hey, new freelancers, here’s the cherry on top: the Alta is free!