Register now or log in to join your professional community.
i think you should use both as in accountancy you have to be 100% sure, and one way to do that is to make sure the numbers you have at the end of the month/quarter are matching between excel and software, if you have a big work load then software is the better option to use.
I would go for accounting software maybe for a couple of reasons which I feel provide an edge over excel.Firstly the ability of accounting software to generate standard reports makes it more useful especially as it can be timely.
Secondly most accounting softwares will have inbuilt controls that would check the integrity of data.For example I worked with Oracle Financials that would not allow double input of the same invoice number for the same supplier.This offers more assurance that there wouldn't be duplication of activity
Obviously Accounting Software to maintain day-to-day Accounting & to generate Financial reports.
Whereas, MS-Excel is useful to prepare MIS & Preparation of management report/ analysis, also we can use advanced MS-Excel options i.e. Pivot-tables, V-Lookup, Slicer, Dash Boards & graphs to give in depth analysis to management decisions.
Unlike traditional business, In modern business environment it becomes necessary to Accounting software for the correct bookkeeping,Reporting and Analysis.
However excel is useful for any further analysis that we need to require for reporting purpose .it is also used to formulate financial models and analysis by exporting the details of Accounting software in spread sheet.
So both is required for smooth running of Financial reporting and analysis
As per my opinion, its better to use accounting software. If we go for Excel sheet it will be more time consuming and need large data space.
i think Excel spread sheet is more appropriate for accounting
