Struggling with spreadsheets? Discover how digital bookkeeping and finance support services eliminate spreadsheet burnout while saving cost and time. 

Introduction 

With the evolution of technology, spreadsheets were introduced to help people who deal with large sets of numbers. Even though the spreadsheets have mitigated several drawbacks of manual bookkeeping and made processing calculations significantly easier, there is still room for errors, which can have a considerable impact on the companies. As a modern solution, the business world is embracing digital bookkeeping and outsourcing financial tasks. 

The Hidden Stress Behind Spreadsheets 

Spreadsheet burnout may be triggered by several reasons, ranging from a lack of knowledge in handling the software to difficulty in dealing with lengthy formulas, the number of tabs, and manual error corrections. Here are some key reasons for spreadsheet burnout:

• High error rates- even a small mistake can lead to chaotic circumstances and irreversible negative impacts
• Time-consuming consolidation- long formulas and a higher number of tables take more time to manage, and make the process confusing 
• Delay in decision-making – manual bookkeeping takes more time to make decisions, as there are lots of details to go through
• Endless revisions – smaller edits may require lots of adjustments and changes to the tables 
• Duplication and redundancy – keeping an eye on duplication and redundancy while managing large sets of data multiplies the effort

Therefore, businesses today are moving away from spreadsheets and turning to digital bookkeeping and finance support services for smarter management.

How Digital Bookkeeping Helps Beat Spreadsheet Burnout

Digital bookkeeping refers to utilising digital platforms such as QuickBooks, Xero, MYOB, and FreshBooks, in which cloud-based accounting and automated features are embedded for bookkeeping and accounts management. Digital bookkeeping platforms offer:

• Bill payment automation
• Invoice automation
• Bank reconciliation
• Payroll processing
• Document handling
• Tax preparation

Accordingly, digital bookkeeping paves the way to handle accounts seamlessly in a smart way while saving hours from an average employee’s daily tasks.

Outsourcing Financial Tasks Through Financial Support Services 

Managing finances in-house can be stressful as the company grows. This is where finance support services can help with managing accounts while giving access to professional expertise in the field. Finance support services handle:

• Bookkeeping
• Monthly accounting
• Tax accounting
• Value Added Tax administration
• Cashflow forecasting
• Fractional Chief Financial Officer services

Together, these services ensure that every aspect of your company’s finances is managed with accuracy and consistency.

Making Finances Fun(ish): From Stress to Strategy

Managing finances through spreadsheets can quickly become overwhelming. The good news is that modern solutions are designed to ease this burden. By adopting digital bookkeeping and leveraging finance support services, businesses can unlock a range of benefits that make financial management more accurate, efficient, and easier to navigate.

As key benefits offered by digital bookkeeping when compared with manual bookkeeping, it

• Reduces errors
• Saves time
• Allows access anytime-anywhere 
• Clear overview

Finance support services create space for businesses to witness

• Cost-effectiveness
• Access to modern systems and reports 
• Smarter business decisions
• Timely and accurate records
• Reduced business risk

Integration of modern technology and expertise eliminates the burden of handling spreadsheets and reduces unnecessary costs and energy draining. 

Reduce Spreadsheet Burnout with Finance Support Services 

Although spreadsheets are taking more time, for the finance team of the company, managing accounts is a responsibility that can never be overlooked. The best solution to escape the burden is seeking modern options. The expertise of financial support services helps manage all the struggles as they handle a range of tasks, including digital bookkeeping. The experienced and skilled professionals at OnSolve help you with all kinds of financial tasks and support you to focus on your role with a relaxed mind. Choosing the best financial support service matters the most as your decisions determine the future of your company.

References 

Manual bookkeeping drawbacks (Sun Accounts )

Shortcomings of spreadsheets (FathomHQ)

Introduction to digital bookkeeping (Kippa)

Introduction to outsourcing financial tasks (Milestone, Savvycomsoftware)