We all are aware of Ms-Office, the only software that almost all desktops have installed in it for decades. The office software offers a range of software that helps businesses to maintain their important data in the old manner. Though, there are many organizations who are still using MS-excel to forecast reports, P&L statements, etc. over excel itself. The vast use of excel is seen till now because of its free providence by using fake licenses. Small-sized businesses are vastly using MS- Excel as it is more like a default choice for bookkeeping purposes.
The wide availability of online tutorials & cost-free software is making excel more popular as an accounting formula, but it can not be taken as a precise accounting formula. The lack of automatic data updating, one-click reports & ease of access make it hard for excel to surmount the “precise” tag. Whereas, truly advanced accounting & taxation software such as QuickBooks is gaining more space in the marketplace because of its flexible features.
Unfortunately, Excel can be a good choice in the start of your business to maintain all transactions, invoices, reports & ledger but as your business grows the need of automated data arises which can be fulfilled with proper accounting software only. There are numerous businesses who save their investments by saying NO to the in-house IT department and allowed QuickBooks accounting software which is comparatively cheap & flexible. Ultimately, you have to say bye to your desires in the very start itself as the choice you opted is not so wise according to the market.
You can analyze on your own that Excel can be a good option for businesses that just started but to avail profit on large scales, you just need to integrate with an automated & flexible software from the beginning.