Spreadsheets have long been the go-to tool for financial data management and accounting tasks, but the drawbacks become clear as a business evolves. In this post we’re looking at the solution to replacing 5 commonly used spreadsheets…

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Following on from our previous post “5 Spreadsheets to STOP Using in Finance”, we’re shedding the light on another 5 spreadsheets that could be holding your business back!

How many of them do you rely on to run your business?:

1. Budgeting and Forecasting

Manual spreadsheets for budgeting and forecasting can lead to errors, version control issues and a lack of collaboration. More accurate forecasting and budgeting can be achieved with real-time access to data for performance and trend analysis.

Switching to dedicated budgeting and forecasting software like Sage Intacct provides sophisticated, accurate modelling and helps predict likely financial outcomes. Discover Sage Intacct for planning and budgeting in our article here.

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2. Sales Pipeline

Tracking sales leads and opportunities in spreadsheets can result in missed follow-ups and lost deals. Integrating your CRM and Finance systems ensures the team are prepared and ready to maximise opportunities and manage leads effectively.

The integration between cloud accounting software Sage Intacct and Salesforce provides a unified customer picture for finance and sales teams, enabling them to:

Automatically create invoices or orders from the opportunity workflow.
Sales teams can view customer contract or payment history without waiting for a report from finance – helping them tailor quotes.
Improve communication utilising Sage Intacct Collaborate and Salesforce Chatter, so they can expedite approvals, discuss and resolve exceptions to the order management processes and speed up the quote-to-cash process.

3. Fixed Assets

Tracking fixed assets in spreadsheets can lead to inaccuracies in depreciation calculations and asset valuation. Implementing a financial management system capable of tracking fixed assets will help maintain an accurate register of up-to-date fixed assets.

Discover how Sage Intacct streamlines and automates the fixed asset life cycle from acquisition to disposal in our free datasheet by clicking the image opposite.

4. Tax Calculations

Using spreadsheets for tax calculations increases the risk of errors and non-compliance. Adopting powerful accounting software ensures accurate calculations, helping you keep up with complex and evolving tax regulations.

Sage Intacct supports tax calculation and compliance through its advanced features and automation, find out more about Making Tax Digital in our article below.

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5. Financial Statements

Creating and storing your financial statements manually in spreadsheets can hinder data reconciliation due to inevitable manual errors, or even data loss in the event of a system crash.

Embracing cloud accounting technology with an accounting software such as Sage Intacct ensures the safe-keeping and accuracy of your company’s financial performance and transactions.

Utilising Sage Intacct helps users generate accurate balance sheets, income and cash flow statements with automatic data feeds.

And that concludes part 2 of our Spreadsheets to STOP Using in Finance, check out part 1 here for another 5 spreadsheets that should be banished!

Ready to discover the Intacct Impacct?

Whether you’re actively seeking an upgrade in your financial management solution, or just curious about what Sage Intacct can do we have the knowledge and passion to help!

Exploring ways to make your financial management easier and more efficient? Check out our useful, free articles on the blog or watch an on-demand Sage Intacct Demo here.
Actively looking for a system upgrade? Arrange a call to chat with one of our Sage experts here.

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