Good Record-keeping Helps New Business Owners Avoid Tax-time Headaches

Good Record-keeping Helps New Business Owners Avoid Tax-time Headaches

3 Reasons To Convert Your Excel Spreadsheets Into A Database System

Terra Fields

Are you still using Excel spreadsheets to manage your company's important information? There is always room for a spreadsheet in business, but you should seriously consider converting your spreadsheets into a database system. Here's why:

Accommodate Multiple Users at Once

One good reason to have your excel spreadsheets converted into a database system is to be able to accommodate multiple users at the same time. When managers need to edit an excel spreadsheet, they can only do so one at a time. If someone is already in the spreadsheet, it will become locked to others until the first person is finished with their editing processes. This can create some chaos if you're working with a tight deadline. Users may make errors when they're in a rush, and some users may not even be able to get into the database to input their information in time to meet the deadline.

Luckily, you don't have to worry about these things when using a database system. Multiple people can access the database at the same time and input their information in a concise manner without having to share resources. Users can also access information within the database simultaneously without having to save a copy to their computers, which can make meetings and training sessions easier.

Minimize the Risk of Corruption

Excel spreadsheets are known for crashing and getting corrupted, especially when a lot of information is being managed within one spreadsheet. The more formulas and cells you are using, the greater the chance that you'll end up facing corruption problems at some point. Even if the entire spreadsheet doesn't corrupt, you could lose valuable information that makes your spreadsheet less effective for anyone who is relying on the information within the spreadsheet.

On the other hand, online databases are designed to hold tons of information so it can be easily compiled upon for years to come. You don't have to worry about whether your database is getting too overwhelmed with information to run properly. And you'll never deal with the loss of information that's crucial to a project or budget analysis.

Keep Your Information Safer

Excel spreadsheets are maintained locally on a computer, so if you want to share your spreadsheet with anyone, you have to email it to them or print it out and give it to people in person. The problem is that unauthorized people have an opportunity to intercept your spreadsheet information whether you email or print it out, and this can be detrimental to your business overall.

An online database allows people with the proper credentials to access the information you want to share at any time and from anywhere in the world. Those who don't have the right credentials won't be able to access anything. You can be sure that your database is protected via encryption, firewall, and other security methods that are integrated into your online database system.

If you need help to convert Excel spreadsheets to database systems, contact a professional in your area.


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About Me
Good Record-keeping Helps New Business Owners Avoid Tax-time Headaches

I have been a business owner for years, and I want to share some tips for success with new entrepreneurs out there who are struggling. I have had my share of business ups and downs, but there was one lesson that it took me way too long to learn: Good financial record-keeping year-long keeps tax time from being so stressful. During my first year in business, I kept most business expense receipts, but when tax time arrived, I found out that I needed to save much more than just those receipts. Thanks to technology, I was able to recover most of the documentation I needed, but it was a huge headache. I quickly invested in good record-keeping software and it made tax time much less stressful during the following years.