By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAs
We see it often — business owners using Excel to track the finances related to their operation. While it’s true that Excel is very sophisticated and most users know enough to be dangerous while maneuvering through the software, you simply can’t erase the chance for human error. Spreadsheets are just prone to them due to the amount of manual data entry that is required. A formula can be set up in correctly, the copy and paste feature may not pull through the correct cells and if one cell is modified, it can throw off the entire spreadsheet. When these things happen, it causes unnecessary headaches for the business owner, which we hate to see happen.
We encourage the business owners we work with to make the switch to accounting software such as QuickBooks (but there are many options out there).… Continue readingRead More »