How much of your business data is held in Excel?
How much time do you spend updating spreadsheets?
If any of these questions have raised an eyebrow, then the likelihood is that you are spending too much time updating spreadsheets, where that time could be spent more effectively running the business.
So what's the problem, why can't you use Excel to run my business?
Excel is a great tool, it's used all around the world by accountant alike to perform basic reports and in some cases complex calculations that drive decision making within a business. Most people turn to excel if they need information in a hurry. However, Excel has its limitations. The problems start when you begin to rely on the information held within Excel in your own organisation.
Spreadsheets can soon become a hindrance within your business. After creating that simple list, with a couple of graphs, then a pivot table….. Then a link to another couple of sheets, plus a data source, the list goes on. Before you know it you have created a monster with links all over the place, that drives the management report for an organisation!
The next challenge is, how do I protect this information? All it takes is for someone to accidentally delete a formula to wreck the whole thing, lose all your data or ruin any future calculations. I see this happen all the time, and if this scenario resonates, it is time to review how you use Excel in your business.
So, How Can I Improve?
Instead of relying on Excel, implementing a system will allow you to control how the data is captured and viewed. This will ensure that your organisation can easily create common reporting standards that allow form better benchmarking.
Solutions That Can Help Include:
- Accounting solution (ERP)
- Customer Management system (CRM)
- An integrated database or
- A bespoke solution
- Building an App
Our Top Tips
- Make sure the data analytics are captured at source i.e. within the accounting system or CRM.
- Use a reporting tool such as Power BI to produce the organisation reports.
- Add refreshable data sources that connect directly to the database
- Limit the number of formulas used in a spreadsheet
- Try and utilise the database for complex calculations.
If you need help managing your data and protecting your information we have a range of software to suit your business. Call us on 01534 780183 or email firstname.lastname@example.org to see how we can help protect your business, streamline your processes and gear your company towards growth.