These firms are using Silverfin to serve their clients better<\/a>, attract talent that\u2019s eager to work with the latest tools<\/a>, get better access to data and respond to market needs in an agile way.<\/p>\n\n\n\n Excel has long been a staple in the world of accounting, valued for its flexibility and accessibility. However, as technology continues to evolve rapidly, the tool\u2019s limitations become increasingly apparent \u2013 and so does the fact that Excel can impede efficiency, accuracy and overall productivity in your firm. Let\u2019s shed some light on why it might be time to let go of what\u2019s holding you back and move on to more robust \u2013 forward-thinking \u2013 solutions. <\/p>\n\n\n\n Excel\u2019s flexibility is both a strength and a weakness. Worksheets often start standardised but quickly become customised or out of date. This inconsistency complicates training, onboarding, and outsourcing due to varying personal styles and formats. <\/p>\n\n\n\n Without standardisation, it\u2019s harder to distribute workloads or pick up a job from a colleague. There\u2019s also often a lot of manual work needed to move data between systems and spreadsheets. After preparing accounts, data exports to separate accounting or tax systems only add extra strain on your resources. <\/p>\n\n\n\n Spreadsheets are prone to errors. Broken formulas and macros, along with import and copy-paste actions, increase the risk of compliance issues, potentially causing financial losses and reputational damage.<\/p>\n\n\n\n Multiple contributors on a client file in Excel make it challenging to track changes and maintain version control. This increases risk and reduces transparency. <\/p>\n\n\n\n \u201cPreviously, we used Excel for our working papers. Every manager and preparer probably had their own way of doing things. With Silverfin, being highly standardised, getting our people comfortable with it and having them properly trained was key. Nonetheless, we immediately saw a significant improvement in consistency\u201d. Mark Thurston, Director of Gascoynes<\/a><\/strong><\/p>\n<\/blockquote>\n\n\n\n Collaborating on accounts is cumbersome with comments and actions scattered across spreadsheets, emails, and printouts, making information tracking time-consuming. <\/p>\n\n\n\n Tracking the status of working papers is hard without a unified system, complicating service level management and risking client deadlines. <\/p>\n\n\n\n Unstructured data in varying formats hinders the application of AI and automation across different sets of working papers. <\/p>\n\n\n\n Holistic data analysis is nearly impossible with data locked in spreadsheets, unless you\u2019re using tools like Power BI or manually processing the data. This makes it easy to miss trends or risks, limiting differentiated service delivery.<\/p>\n\n\n\n Spreadsheets are rarely integrated with other systems. Consequently, data from the bookkeeping system must be collected in a snapshot and then used, by which time it is already out of date. And because it\u2019s standalone, it\u2019s hard to verify that it agrees with the bookkeeping data. It\u2019s also difficult, if not impossible, to share with other systems like Business Intelligence or CRM platforms, or even external systems like Companies House<\/a>. <\/p>\n\n\n\n We\u2019ve seen some amazing working papers out there: sophisticated, well designed… There\u2019s just one problem. Even the most incredible working papers degrade over time with individual tweaks. What\u2019s more, regulatory changes require continuous updates and change management to ensure the latest versions are used. Unlike Excel, tools like Silverfin manage these regulatory updates automatically, providing accountants with peace of mind and ensuring they always work with the most current information. <\/p>\n\n\n\n The accounting profession has changed a lot over the last 20 years, but Excel operates in almost the same way it did when it was first released. While it can help with basic calculations and formulas, it does little else to address the challenges the modern accountant faces. <\/p>\n\n\n\n Many facets of accounting are continuing to develop, often in the form of apps. When using Excel, accountants miss out on the full potential of these tools because Excel cannot connect through APIs to these apps, limiting seamless integration and data synchronisation.<\/p>\n\n\n\n Playing devil\u2019s advocate we respond to some often-raised objections about moving beyond Excel.<\/p>\n\n\n\nWhere Excel struggles <\/h2>\n\n\n\n
12 reasons why working with Excel is curbing your potential <\/h2>\n\n\n\n
No.1 <\/strong>Lack of standardisation <\/h3>\n\n\n\n
No.2 <\/strong>Inefficiency <\/h3>\n\n\n\n
No.3 <\/strong>Risk of error <\/h3>\n\n\n\n
No.4 <\/strong>Time-consuming reviews <\/h3>\n\n\n\n
\n
No.5 <\/strong>Communication breakdown <\/h3>\n\n\n\n
No.6 <\/strong>Difficult job management <\/h3>\n\n\n\n
No.7 <\/strong>Lack of automation <\/h3>\n\n\n\n
No.8 <\/strong>Data access issues <\/h3>\n\n\n\n
No.9 <\/strong>Static data <\/h3>\n\n\n\n
No.10 <\/strong>Maintenance challenges <\/h3>\n\n\n\n
No.11 <\/strong>Lack of evolution <\/h3>\n\n\n\n
No.12 <\/strong>Limited integration <\/h3>\n\n\n\n
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<\/figure>\n\n\n\nBut is there really a problem?<\/h2>\n\n\n\n
OBJECTION: <\/strong>
Excel is effectively free. Investing in software comes with a price tag.<\/td>KEEP IN MIND: <\/strong>
While Excel may seem low-cost, hidden costs from manual errors and inefficiencies can outweigh software costs. Many of our customers report saving at least 30% time to prepare a file, often more, when it comes to preparing, reviewing and submitting accounts. This boosts productivity and overall efficiency.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nOBJECTION: <\/strong>
We have some sophisticated working papers<\/a> that we\u2019ve refined over many years. They may not be perfect, but they work.<\/td>KEEP IN MIND: <\/strong>
Many clients felt the same before switching to Silverfin. A key benefit is freeing your staff from maintaining working papers, as we handle updates for regulatory changes and offer templates for all client types and jobs.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nOBJECTION: <\/strong>
Excel offers the flexibility to adapt to our clients\u2019 needs. Standard templates would be too restrictive.<\/td>KEEP IN MIND: <\/strong>
In addition to offering a variety of designed-for-purpose templates, Silverfin also makes sure that templates are customisable, combining standard best-practice workflows for consistency with flexibility to meet specific needs.
What\u2019s more, you can still use Excel for specialised scenarios and attach those files in Silverfin, blending both.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nOBJECTION: <\/strong>
People are used to Excel and don\u2019t want to change.<\/td>KEEP IN MIND: <\/strong>
Change can be daunting, but our Customer Success team ensures a smooth transition. We\u2019ve helped many firms implement our software with a tested onboarding process, online learning, and daily support. The interface is intuitive and easy to use.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nOBJECTION: <\/strong>
Everyone knows Excel. Change is risky and costly.<\/td>KEEP IN MIND: <\/strong>
Modern technology can attract new talent, improve staff retention and unlock growth opportunities. Silverfin\u2019s user-friendly interface and comprehensive training minimise the risk and cost of change, setting you up for future growth.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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