Microsoft Excel has long been the old friend of accountants. Familiar, if cumbersome, it would be difficult to find an Australian business that does not use spreadsheets in some form to handle its data and analytics.
But like the humble calculator before it, the spreadsheet has been superseded by more effective tools that improve productivity in the workplace. Advanced software packages that can provide daily data on
sales, revenues, supply chain management, compliance and reporting amongst other useful financial breakdowns, means businesses can make accurate decisions faster, and grow quicker.
There are benefits in using Excel, but for most organisations it should be seen as a starting point: a complementary tool to tax and accounting software for a true enterprise-level solution.