Is there a spreadsheet alternative that can help your SMB?
What are the biggest expenses at your SMB? The first items that come to mind are probably your various insurances and taxes, as well as employee salaries. But there are other major costs that are more subtle, yet every bit as important – such as which financial software tools you use.
Many organizations still rely on Microsoft Excel for numerous tasks, including customer relationship management, basic accounting, and reporting. This approach has both limitations and risks:
The fundamental constraint of Excel is that, even with its formulas and add-ins, it requires extensive manual input. Such repetitive data entry is time-consuming and error-prone. Teams may have to scramble to put their reports together in time, and even then the documents may not be 100-percent accurate.
With these shortcomings in mind, why do so many SMBs remain in the so-called Excel prison? Inertia is one explanation: Excel is an old and well-known quantity. At the same time, many teams have not fully explored the potential of cloud financial software such as Intacct, which automates and streamlines essential tasks including revenue recognition and reporting.
Switching to a cloud-based financial solution can save upward of 70 percent of your workers' time by enabling them to ditch operations such as manual consolidations, inter-entity transactions, and data entries. These savings translate into more accurate reports and greater confidence in the organization's overall direction.
"Within just a few months, the new cloud software can pay for itself."
Within just a few months, the new cloud software can pay for itself. It can dramatically reduce accounts payable workloads and close times, while also increasing multidimensional visibility into your key performance indicators like monthly revenue and customer churn. As more SMBs shift to subscription-based business models and comply with evolving regulations, it will be critical to have a platform such as Intacct to rely on.
How can your company escape from Excel jail? Getting help from an experienced partner such as RKL is a good place to start. RKL will ensure that you create a practical roadmap for setting up, maintaining, and integrating your cloud solution. Find out more about the steps to project success with RKL today.