Rumours have been circulating for some time about the ‘death’ of excel and the rise of software solutions that do it all for you (without a formula).
We have mixed feeling about this…
Whilst it’s absolutely true that software solutions are taking automation to new heights, there are still times when a spreadsheet offers a pure and simple solution.
The right software can offer a much more intuitive, visual and user-friendly experience than a spreadsheet – however, it is common for a background spreadsheet to be providing the data required to populate the software (i.e. the spreadsheet plays a vital role in the software’s functionality). The benefit here is that data is analysed, translated and presented in a clear, easily-absorbed format – rather than as a grid of numbers.
To conclude…we don’t think that Excel will be phased out any time soon. Instead, businesses (and their accountants) will use it in conjunction with cloud accounting and forecasting tools.
Incorporating (and embracing) both spreadsheets and cloud software solutions into your business strategy is the way forward, though it’s important to remember the benefits of using the cloud for security, speed and accuracy.