Surprised at the title? Actually, when you delve down deeper, you will realize it to be true. We know Excel is great software that always has and always will help you with so many things. However, when it comes to managing the accounting system of your property management business, Excel is a big NO. Ask any industry expert, and they will tell you the same.If you search the market, you will come across many accounting software packages that are easy to grasp. Featuring easy interface, simple data screens and tutorials, these applications are definitely worthy of your use. Try them out, and you will find them simple enough, and do not forget, they can be extremely powerful.
For all those who are die hard Excel fans and want no other software for their property management business, we would like to present you with a few facts.
Excel was never developed for accounting
Excel has many uses and applications, and accounting has never been one of them. The software is aimed at creating spreadsheets and preparing charts. It cannot handle transactions or financial data. You can use it for this if you want but it just serves as an augmentation of your accounting software and is not a proper replacement.
You can only use Excel for inputting numbers since it cannot share data. But with accounting software, you only have to input the numbers once. So you save valuable time.
Errors are so common with Excel
Excel features no central database, which is why you have to input the same data again and again. This increases the possibility of errors, and you have to correct the error multiple times. As for an accounting system, enter once and even if you make an error, you will have to correct it just once.
Security is not part of Excel’s features
Your accounting data should be recorded very carefully and kept saved with multiple backups so that even if you lose it, you do not encounter much trouble. An accounting system takes care of all of this, but what about Excel? It once again falls behind and offers no protection. Data can be accidentally deleted and on purpose as well. Unfortunately, in most cases there will be no traces left of your data once this happens.
Source: www.propertymanager.com
