Many people are unsure whether Excel is better than QuickBooks as a financial management software for roofing companies. So, it’s best to draw a comparison since both are very useful in their own right.
Whether you’re a student or an employee, people often lean towards Excel when choosing between Excel and QuickBooks. This is because it’s familiar and certainly produces remarkable results, even today, three decades after its launch.
However, QuickBooks is exclusively designed for accounting, making it a good option for bookkeeping services. But choosing the best one requires a comparison of the pros and cons of each financial management software, so let’s dive right in.
How Does Excel Work As a Financial Management Software?
Excel has lasted more than three decades and continues to be a popular choice even today. It can be used for various purposes, including finances and accounting. Whatever your needs, Excel promises clear and concise written data.
It comes across as a simple spreadsheet, but it is, in fact, much more. Microsoft Excel provides a graphical representation of your data, making it easier to plot and understand. You can choose a particular type of representation, such as a chart, graph, map, or table. This feature helps Excel stand out and makes it superior to your everyday accounting software.
In terms of visual representation, Excel is certainly the top choice.
However, there are other factors to consider when deciding on the best financial management software. Excel is good for mathematical formulas, so you can use it to speed up your equation-solving with complex data and numbers. Its various functions make it a diverse tool or software to consider, dramatically reducing your stress and work time.
In terms of work efficiency, Excel is unparalleled and produces quick results, allowing employees to be very proficient at their jobs. Most people never master Excel because it would take a lot of time. However, books and courses are available that will take your skills to the next level, especially for financial management and bookkeeping services.
That said, Excel has its limitations, like all software. It is not the best for manual entry since human error is certainly possible and can be difficult to identify. So, although it’s diverse in its range of functions, it’s still highly error-prone. This is mainly why businesses choose automated software, which removes the possibility of errors.
Also, Excel has many features that are often not helpful for most people and businesses. So, they just add to the confusion, making them useless for bookkeeping services and financial management for businesses like roofing companies.
However, if you learn to use this software, you can swiftly maneuver past its limitations to make the most of it. Once you get the hang of most or all of the functions, you can dramatically improve your productivity for work tasks such as financial management and bookkeeping services.
One final downside of Excel is that it’s not very secure. That means your document’s privacy cannot be guaranteed since there aren’t any good security features. If you wish to keep your files hidden, you can only keep them away from prying eyes. If your Excel documents fall into someone else’s hands, they can access your important data easily.
Is QuickBooks Better Than Excel?
QuickBooks is aptly named and provides accounting solutions, making it a bookkeeping software. That said, some may find it more suitable for accounting than for financial management.
Many people will prefer its use to Excel for accounting purposes. This is because it does not have many complicated features and functions, making it easy to use and understand. But it is a good option in many other ways.
QuickBooks has a user-friendly interface. If you’re using it for the first time, navigating the functions will not be difficult at all and will certainly reduce your stress levels. Since accounting requires a degree of meticulousness for accuracy, QuickBooks makes this super easy.
It’s also not prone to errors. When inputting wrong data points into the software, it will immediately alert you to your mistakes. For this function alone, it’s superior to Excel, especially for bookkeeping services. Anything you need is at the front of the toolbar and doesn’t require complex searches or digging for the right options.
Moreover, QuickBooks can also be integrated with banking apps. This makes it a good option for some forms of financial management, including digital payments, income management, and tax payments.
The only minor downside of QuickBooks is its limited templates.. Also, there may be a slight difference between using it online and on the desktop. So, it would help if you weighed the pros and cons for an objective decision.
Overall though, it’s certainly comparable to Excel and has many upsides. Of course, one has to use both to really experience the difference.
24-Hour Bookkeeper Provides High-end Financial Management and Bookkeeping Services for Roofing Companies
24-Hour Bookkeeper has established itself in the accounting and financial industry for managing finances and bookkeeping. We offer free consultations and various services to help you find solutions for financial workflows, bookkeeping, and software integration.
We specialize in the construction industry and can help you overcome your accounting-related challenges.
Contact us by visiting our website or try calling us at (218)885-3100.
