In the property administration community there are numerous Excel users, and that fact shouldn't be a secret. Excel is a superb spreadsheet program that usually plugs up the common gaps present in other packages for accounting. Nevertheless, some property managers could rely a bit of too much on Excel.
Lately, aficionados of Excel who have been dissatisfied with different software accounting merchandise and their intricacies began utilizing Excel as their foremost software program for accounting purposes. There are all the time success tales round that tell of those who exchanged their "non-functional" software program accounting applications in favor of using Excel. The facts are, although, that when Excel is your major software program accounting product, it could truly cause extra future problems than it eliminates.
Following are features missing in Excel when it is compared to a property administration dedicated software accounting system.
For individuals who use Excel completely as an accounting program, its flexibility can turn into a detriment instead of an asset. Flexibility in spreadsheet programs allows the user to vary formulation when needed and customize information. This very feature becomes a draw back when utilizing Excel as your primary accounting program. Even a rudimentary accounting program ought to supply some control to make sure the integrity of the information.
Person Error Protection
Excel doesn't offer a double entry system for accounting. The equation for Equity is Property minus Liabilities. There's a good reason this method has been in use for centuries, as a result of it keeps the books balanced. The accuracy of any info entered in a computer depends upon the person who enters it. Even so, an accounting program that's built-in supplies a type of protection not obtainable with Excel.
Ease of Use
Anyone using Excel as a software accounting substitute have to be very expert. It might be simpler when utilizing a template, but the person must nonetheless know his or her approach round Excel with the intention to preserve business transactions organized. Different methods are far easier than Excel for organising a solid system with minimum maintenance for monetary purposes.
Traditional accounting packages make it simpler to stability financial institution accounts, monitor transactions and create accurate monetary statements. While Excel can be used for these functions, it is better for a smaller property management enterprise to use commonplace software for its accounting wants.
Rather than making an attempt to make Excel into an accounting program, it's wiser to simply use it as a spreadsheet program, for which it was designed.