A spreadsheet does not an accounting system make.
If you are running a business (not mucking around with a hobby) you need a proper system, we think something you can connect extra modules or systems to, so you don’t need to double handle data. You’ll want a business system that will allow you to grow without having to start from scratch at each stage.
Over the years we’ve seen micro businesses try to save a few dollars on software by using excel – and it is pretty rare that there isn’t a formula error somewhere in the document. Not to mention crashes and computer meltdowns! We’ve never known an accountant to prepare a tax return from a spreadsheet either, so chances are – they are recreating your accounts elsewhere – and charging you for it!
A business needs to be able to issue professional invoices (word documents really don’t cut it – especially when they don’t add up or you decide to just charge GST in whole dollars cos it looks nicer).
If you’re ready to get real, we think you should take a look at cloud accounting software like xero – you can start with a basic cashbook (with or without GST), or a starter plan then move into the business editions as your staff and needs grow. You can upgrade or downgrade at anytime – you won’t get stuck making do with something too small or swimming in something too big.
The xero app marketplace showcases the 800+ apps that can be connected to run your whole show, from managing time billing & invoicing, to payment gateways so your customers can pay you quickly and easily, to project management and expense management apps, CRMs, staff scheduling and complicated payroll management and jazzy reporting apps – so many options!
You’ll probably find paying for proper tools saves you a whole bunch of time – apps are cheaper than hiring more staff to manually complete all the tasks (software doesn’t take holidays or sick days either).
Deciding to use spreadsheets as an accounting system is probably false economy – celebrate Spreadsheet Day by ditching them – there’s an app for that!