It may seem surprising that in 2024 many financial services companies still rely on Excel to work on their databases, accounting, and reporting, but the reality is that when a quick solution is needed, Excel is the go-to tool of choice. However, we’re here to explain why you should trust in our AUTOMAN software to automate financial operations instead of relying on software that comes with serious inefficiencies and drawbacks.
The Drawbacks of Using Microsoft Excel in Financial Operations
There are no two-ways about it: Excel excels at calculations, charts, and reports. But it also carries significant risks. In fact, our experience has shown that people who use it to compile their databases place themselves at a serious disadvantage.
#1. Manual Copy-and-Paste is a Major Issue
Manually copying-and-pasting data into Excel is error-prone, especially with large datasets. This, inevitably, leads to time-consuming corrections that can’t always be done properly by a human being. On the flip side, automating data entry makes the job quick and error-free... Plus it doesn’t need a human being to go about the tedious task!
#2. Lack of Scalability
Many companies start with small Excel files but, as the business grows, these files become unmanageable ‘monsters’. While Excel may seem efficient at first, its lack of scalability eventually leads to numerous issues, including negating any initial time savings. Software that helps you automate financial processing certainly doesn’t have this issue, allowing you to scale up and down depending on your needs.
#3. Data Corruption
Data corruption in Excel is common and often goes unnoticed, with no way to track who has made the changes. Unlike a proper database, Excel lacks the robust data protection needed for financial operations. Our software, on the other hand, tags who made the changes and even lets you reverse to previous versions.
So, What’s the Best Alternative to Excel?
At Wakett, we've spent over a decade helping companies who had been struggling with Excel for their financial operations. That’s why we created AUTOMAN, a virtual assistant designed to automate financial operations like data processing, as well as to eliminate repetitive manual tasks, protect data in databases, and ensure scalability.
So, are you ready to improve your operations? Get in touch with us to learn how AUTOMAN can be tailored to your needs.