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5 reasons why you shouldn’t manage expenses using Excel

The use of expenses management softwares is increasing more and more and for a good reason. Worksheets, pivots and tables are excellent tools for simple data analysis but they are certainly not suitable for managing critical processes as the expenses management. There a lot of dangers hiding in using Excel and they can cause serious problems on your business.

This article explain us the reason why “doing what you have always done” is a risk in the digital age.

Data security

Self storage functions, backup and protection are essential for data analysis. Are your spreadsheets safe? In many companies you can access them via non encrypted mails and little difficult passwords, not granting in this way the minimum data protection.

More error risk

The manual input is the worst ennemy of the correct data analysis. Let’s think about a sales representative who must manually enter dozens of receipts, expenses and amounts in his/her expenses report: how much is the percentage of error? Very high. This will cause errors in the administration, in the HR office and in expenses reimbursements payment.

Slowdown in business activities and waste of time

Filling in expenses reports is a necessary fulfilment, but it is not always done with pleasure. Entering data manually is a repetitive, boring and long process to carry out. As we already mentioned, reimbursements errors and delays can happen but it is also possible that there is a huge waste of time in every department dealing with expenses report management. It may not appear a very big problem but actually it is, whatever the company size is.

Paper everywhere

The usual way of expenses reports management means that they must be filled in and printed flooding offices with paper and receipts. Electronic storage has long been a reality and on the market there are many softwares capable of reducing the amount of paper to keep in your storages.

Mobile? This unknown tool

Approving travellers expenses from mobile, enter expenses automatically and automatic scanning of receipts. These tasks are inconvenient if they are carried out using Excel from desktop, but they are impossible to fulfill from mobile without using a specific software for expenses management.

The best software solutions for travel expenses management are capable of capturing receipts images and of attaching them to the expense report from your smartphone. Expenses can be approved and they are immediately available for reports and analysis. Setting up this kind of process is the best way to reduce the margin of error, saving time and resources to devote to expenses management. Adopting a solution capable to manage on its own expenses import from receipts or bank statements from credit cards means increasing errors check and reducing their occurrence.

Do you wish to learn more about this topic? Contact us and choose the best solution for you.