The main advantage of an accounting suite compared with a spreadsheet is that it makes all needed tables and interconnections automatically. The banking section is for writing checks, tracking checks, recording deposits, and reconciling transactions. The company section is for organizing the Chart of Accounts and performing other similar functions. The employee section is for handling the payroll. The customer section includes the master list of all customers in the company. Just as the vendor section is used to manage vendors and create the database for the company, the same is true for the customer section. The customer section is for generating invoices and handling accounts receivable and includes all the payment methods that customers may use. In the vendor section, you can manage the vendor information such as the contact email and the area of the company to which the vendor is assigned. Having this list reduces the need for each department to have their own database of vendors. The vendor section is for handling billing and accounts payable and is also a central database for all vendors in the company. The program is divided into the areas of vendors, customers, employees, companies, and banks. Its interface has icons that represent the most common needs of business managers. QuickBooks is one common accounting suite that is easy to use. You can also combine several accounts from the accounting software program in a single export file to Excel and analyze them together using a table or chart. You would need to extract the data and import it to Excel to make it visually impactful. But for now, data analysis of the accounting data is often done in Excel. Also, as technology advances and user needs are incorporated into software updates, it is possible some additional data analysis capabilities could be added in accounting suites. You may find some of these features in larger accounting systems, but they are not typical. This level of data analysis is not offered in financial accounting suites. Within Excel, these tools can build relatable visualizations using PivotTables to increase comprehension of data. These Excel tools are not commonly found in financial accounting suites. Graphs, statistical tools, and charts offer insight and are used in reports and presentations. It can create charts and graphs, which makes it easy to share information and collaborate using OneDrive or SharePoint, and thus it is very useful for managerial accounting. It can be used for analyzing any data in numerous disciplines, such as science, humanities, social sciences, and sports. You can use Excel as a tool for deeper analysis and comparison of decision alternatives by importing the information from the accounting-specific software programs. Accounting suites are designed specifically for accounting and bookkeeping, whereas Excel is a spreadsheet program that has broader uses than accounting, such as calculating mathematical equations using functions and formulas, building tables, and performing data analysis. Pros and Cons of Using Excel for AccountingĪccounting principles are not programmed into Excel, so it does not perform automatic calculations or create documents in the same way accounting suites do. This section will compare Excel with accounting suites like QuickBooks and explain how to import or export data into and out of accounting software suites. Accounting suites allow for more automation than Excel, but Excel can still be useful in data analysis. While all these transactions are happening all over the country and internationally, the financial statements are automatically updated. That means that all purchases through a retail store using a cash register and printed receipts are also recorded in the accounting software at the same time. Accounting software also allows for real-time acceptance and recording of transactions. Excel can be used in conjunction with your accounting system, but it cannot replace the accounting system. WorldCorp uses Microsoft Excel for managerial accounting and data analysis, but they use an accounting software suite to handle the financial accounting.
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