![]() ![]() This means you may only have annual financial data for your business and not monthly. ![]() Less Robust Reporting - Getting customized reports is a lot more difficult when using a spreadsheet compared to using bookkeeping software.That’s not ideal, but is ok for many businesses as you may just need to record A/R and A/P at the year-end to get ready to file your taxes. Cash Basis Bookkeeping - It’s more difficult to do accrual basis bookkeeping in a spreadsheet.Errors - Because spreadsheets are mostly manual entry, it’s easier to make errors than when using bookkeeping software like Xero.The main drawbacks of doing your bookkeeping in Excel or Google Sheets are: Copy and paste your bank transactions into the sheet and you’re 80% of the way done!ĭrawbacks of Bookkeeping in a Spreadsheet Save Time - Doing your bookkeeping in a spreadsheet can help you save time compared to learning a whole new software program.As long as you have a reasonable template to use like ours, it’s not difficult at all. Simple - Bookkeeping in a spreadsheet is simple data entry.Google Sheets works great and is a free program to use. Low Cost - Doing your bookkeeping in Google Sheets or Excel keeps the cost down compared to other options.The main benefits of doing your bookkeeping in Excel or Google Sheets are: There are a few benefits and drawbacks when it comes to keeping your books in a spreadsheet. Whether you’re using Google Sheets or Excel, doing your bookkeeping in a spreadsheet is a proven method. ![]()
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