After calculators, spreadsheets are an accountant’s best friend that enables them to store all the financial data including  sales, revenue, purchases and so on. Also, with the help of macros and formulas within MS Excel it is pretty much easier to get all the calculations done. Small businesses tend to have and utilize less financial data when compared with enterprises. Thus Excel allows such businesses to focus on other basic accounting tasks that may include budget planning and forecasting. Similarly, QuickBooks also uses the Excel application to Import transactions into QuickBooks desktop from CSV so that they can easily keep track of their company’s records. However, there are numerous other benefits of using Excel for small business accounting. Read the entire blog to know all the details why small business accounting uses MS Excel to make their accounting more easier than earlier. 

Want to know about more details regarding the benefits of Ms Excel in accounting and require immediate help? If yes, then don’t panic and reach out to our experts to get all answers to your queries within the least time possible. 

What are the benefits of using Excel For Small Business Accounting? 

There are numerous benefits of using the MS Excel for small business accounting. We have listed some of the benefits below, go through them carefully:

• Make Customizable Reports:- One of the benefits is that it helps in generating the templates based reports that you can use again for tasks such as invoice management and maintaining cash flow statements. Moreover, you can also customize these reports according to your requirements to add more data points without creating a new template from the initial point. 

• Helps In Automating Data Entry:- You can utilize the Excel Macros in order to automate the repetitive financial entries. For Example: You can manually create a macro in order to export invoice related data from a CSV file and then populate the relevant invoice management template in your Excel sheet. 

•  Multiple Users At The Same Time:- One of the most important features of the Excel spreadsheet is that it provides you with the facility so that multiple users can  work on the same spreadsheet at one particular time. The spreadsheet could be in the form of shared sheets such as Google Sheets that provide you with access to more than one user at one particular time.

• Affordability:- it is a concern for every small business to deal with one it gets launched in terms of financial stability. In that case, even the small savings will come handy for them. However, using an Excel spreadsheet for preparing the ledgers and cash flow statement is one of the cheapest ways rather than opting for the full fledged accounting software.

Summing It Up!!

By now, we hope that this blog will be helpful for you and make you understand all the benefits of using Excel for small business accounting. Likewise, QuickBooks software also provides you with an option to import excel file to QuickBooks Desktop so that you don’t have to enter the transactions within QB manually. For any additional help, contact our experts.