Once digital spreadsheets were introduced, it did not take long for them to become one of the go-to tools for planning and budgeting. At the time, spreadsheets like Microsoft Excel were a big upgrade from the traditional pen and paper method. And the fact that Excel came standard on almost every office computer helped its popularity. However, times and technology have changed, and companies and other organizations have begun to realize the advantages and disadvantages of using spreadsheets. In particular, there are three big disadvantages of spreadsheets to consider.
In addition to telling you about the disadvantages of spreadsheets, we can also offer solutions. Since 1998, Questica has worked to make handling finances easier and better for non-profits and many other organizations. We manage over $63 billion in annual public sector and non-profit budgets, and we want to help you. Please visit our website for more information.
Three big disadvantages of using spreadsheets that you need to know
When spreadsheets first appeared, they were clearly the option to save accountants time. However, spreadsheets have not aged very well. Newer programs dedicated to financial planning and budgeting emerged as computers became more mainstream. These programs offered additional benefits, such as the ability to project and forecast multiple scenarios at once. Outdated spreadsheets still require users to make a new page with every projection, wasting a lot of time and creating a lot of frustration.
Twenty years ago, we didn’t understand how effective cyber-attacks could be. With the changing times, many companies are opting to upgrade to a financial planning platform that offers digital security. Unfortunately, traditional spreadsheets still have weak security and can be compromised too easily.
Not actually saving you resources
Many organizations like to think that spreadsheets such as Excel are a great budgeting decision. They come standard with most recent operating system models, and that’s very cheap! But what is not taken into consideration is the time and money spent working with outdated and cumbersome software to consolidate many versions and budgets from multiple departments, ensure accuracy and present it in an appropriate format for your various stakeholders. In the end, most organizations really aren’t saving time or resources.
What’s the better choice?
The better option for financial planning and budgeting is dedicated financial planning software. Good programs continue to make financial planning easier and more efficient than ever. They offer better security, better ease of use, and best of all, a better way to project further into the future, which gives organizations more control over their financial planning. When it comes right down to it, there are more tools available with dedicated financial planning software and none of the disadvantages of spreadsheets.
Questica software offers the clear advantage
When looking for financial planning software to replace your outdated spreadsheets, choose Questica’s budget preparation and management software. With Questica, you’ll be able to develop and monitor based on outcomes and performance metrics. You’ll be amazed at how much your institution will save with dedicated financial software. To learn more about Questica and how our software can help you, download a whitepaper or take a product tour.
You can also sign up for one of our free webinar information sessions. Find out more and register on our website at questica.com/webinars.