Consider Graduation from Spreadsheets to Support Business Growth
Spreadsheets are marvelous tools. They help make organizing facts and figures a much more efficient task than mere calculators and ledger books (does anyone remember those?). Spreadsheet software includes many time saving aspects all built into one singular simple computer-based tool. There are reasons accounting team members turn to spreadsheets first.
As handy as your spreadsheet creations were for your Subscription-as-a-Service (SaaS) business start-up efforts, they can also lead to business headaches and havoc. Like many good things – you may find that those spreadsheets have lost their appeal. The SaaS plethora of accounting details and updates call for scalable and integrated solutions that spreadsheets just can’t handle completely. And as your SaaS business grows, the limitations will also grow larger and larger. If you suspect you may be at that fork in the road, please read on as we explore some of the most substantial spreadsheet limitations.
1. Version Control
Spreadsheets are simple and fast to create. And yet as they multiply, have you found that at times you cannot find THE spreadsheet that you needed for your next meeting or presentation? Or worse the wrong version lands in front of your leadership to review? How many times have you spent more time than you had available trying to determine if the file in your possession is actually the “final” version? How can you be sure? Could it be that YOUR final version at this very moment is being accessed and edited by a colleague and rendering it no longer “final?” Has your work ever been replaced with a newer version? If any of these scenarios sound familiar, you are not alone. Few if any accounting teams have the equivalent of an air traffic controller monitoring for spreadsheet version control.
2. Formula Errors
It is estimated that more than 88% of spreadsheets contain errors. More times than not the errors are rooted in formulas that are not set up correctly. Those same formulas are often tricky to define as intended and prove difficult to notice an issue unless glaring and obvious. Most of these errors are subtle and difficult to spot. Inconveniently these errors often gain attention during very awkward and embarrassing situations (as in leadership review or even worse — with a client). True accounting automation is not as likely inside of a spreadsheet.
3. Barriers to Collaboration
Spreadsheets perform well for a single user. Seldom do spreadsheets work well with several team members collaborating within the same spreadsheet file(s). Tracking changes and revisions are generally not a feature of spreadsheet software. The more sophisticated the spreadsheet – the more relationships between entries in a spreadsheet. Anyone who makes changes has to be attentive to manually adjusting those details. More than one person making entries or edits creates a complex and unorganized collaboration in one spreadsheet or series of spreadsheets. Consider what team rework costs your business when tools are actually barriers to seamless collaboration.
4. Risk of Corrupted Files
Many of us have experienced the dreaded “corrupt file” or “corrupt formula” warnings in a frequently used spreadsheet. Rarely is the spreadsheet that is suddenly compromised unimportant or considered non-essential to the critical work functions. You might revert to an older version if you are so lucky to possess one. And good luck trying to account for all changes and updates that have been lost between the earlier saved version and the more current corrupted file. The rework and research to reinstate that corrupted file is almost certainly a loss.
5. No Ability to Scale with Your Business
The scaling limitations are too significant to ignore as your SaaS business ramps in size. Spreadsheets simply lack the ability to scale with your business. More data means more assets at risk if things go wrong. Scrolling through thousands of rows or one hundred plus columns is slow and cumbersome at best for you and your team. At worst, it is untenable just as your business is hitting its stride.
Upgrade Your Business’ Spreadsheets to a Cloud Solution
- Control Versions and Changes: A cloud-based integrated accounting solution that allows for real time updates and entries eliminates the need for version control and monitoring for the most current information.
- Increase Accuracy and Remove Formula Flaws: A system built for purpose can remove the need to constantly define manual formulas and formatting that a spreadsheet requires. Regain control over efficiency and effective outcomes.
- Enable Seamless Teamwork and Collaboration: A group of employees can work in tandem and work in the same system without tripping over each other and unintentionally altering other team members’ entries.
- Eliminate Worries of Data Loss: A solution that is backed up and protected within the cloud prevents data loss and removes fears of corrupted files or data leaks.
- Establish a scalable solution that grows with your business: Grow your business with a solution that can scale as your business matures and expands. There are alternatives that can create value for your SaaS business improving your “back office” operations and SaaS metrics.
Spend Some Time Comparing Spreadsheets to Turn-Key Cloud Accounting Solutions
Spreadsheets that cannot scale with your business growth represent a real cost to your business in terms of efficiency and rework. The time to revisit and retool the situation is before explosive growth and risk to your company’s SaaS metrics and subscription management. Alternatives to the “spreadsheet farm” represent real and tangible value. Explore the simplicity and power of integrated cloud accounting solutions and transform your business readiness for substantial scalable growth.
Request a DEMO:
It is TrueRev’s mission to simplify subscription management and eliminate the human element from repetitive work so there is more time for intelligent work. Every business that seeks growth can benefit from identifying and removing the manual repetitive work that adds no value. TrueRev can be a key solution to accomplish this much needed transition with speed.