Spreadsheets slow down the accounting process with manual entry and inevitable human error. Get started with automated accounting, the future of crypto accounting.
Many small businesses rely on spreadsheets to organise their accounting. What most small business owners don’t realise, however, is that spreadsheets can actually be detrimental to business accounting.
Tradition doesn’t always equal better. More often than not, conventional Excel spreadsheets are prone to numerical errors. Even the simplest mistakes can be costly, making data reconciliation a more time-consuming task than it really should be. This is a result of multiple inevitable factors, including human error, manual handling and inaccurate entry.
Once you start dabbling in cryptocurrency accounting while still using traditional spreadsheets, the accounting process can become unnecessarily complicated. While it may be satisfactory for most businesses to manage traditional finances with conventional accounting spreadsheets, cryptocurrency is far from traditional. With the volatile nature of crypto, it’s important to use accounting systems that have adapted to how the modern currency works.
Luckily, there is actually an easy and simple alternative to Excel spreadsheets that small businesses and accountants should leverage to increase productivity, particularly for the purpose of accounting for cryptocurrency.
Crypto accounting software are holistic fintech tools that enable you to efficiently track, manage and reconcile your crypto transaction data without the common disadvantages of spreadsheets that many businesses have settled for.
This emerging accounting software has revolutionised the accounting process for cryptocurrency by replacing manual management with automation and direct integrations with other accounting systems, such as Xero and QuickBooks.
In comparison to modern crypto accounting solutions, find out why spreadsheets are actually harming your business and crypto accounting:
Spreadsheets are slow and static
Spreadsheets require manual handling and humans aren’t robots - we can be slow, unproductive, and crypto accounting requires a trained skill set to be able to be done quickly and accurately, which most small business owners don’t have time for.
Excel spreadsheets also can’t be updated in real time. Unlike fiat currency, the value of crypto is constantly changing and it’s impossible to manually update your records every time the market goes up or down on a static spreadsheet. .
The solution? Automated accounting systems. Our crypto accounting software Journaler is embedded with a sophisticated automated accounting system that eliminates the manual processing of crypto data, making tracking easier and reconciliation faster.
Journaler features direct integration with Xero (QuickBooks integration coming soon!) so you can instantly sync your crypto transaction data straight into the accounting system without manual entry. Journaler gets rid of the need to have a middleman manually reconciling data, allowing you to focus on more important tasks.
Thanks to Journaler’s automated accounting system, your crypto wallets will always be up-to-date with live transaction feeds that means you’re never one step behind. With several supported blockchain wallets and 10,000+ exchange wallets on our software (that’s more than any other software on the market), you’ll automatically be more productive and more efficient than if you were relying on idle spreadsheets.
Spreadsheets aren’t accurate
With manual power comes inevitable human error. Due to manual entry, spreadsheets aren’t always 100% accurate. Excel doesn’t permit users to confidently validate their data, making spreadsheets vulnerable to human error.
Accounting errors as a result of an honest, yet destructive human mistake can be costly to your business and can negate all your hard work. You can easily avoid this with Journaler’s automated accounting system that ensures accuracy, compliance and your trust in our precise software.
Cut the reconciliation process in half with Journaler’s advanced accounting technology, built to help alleviate the complex workload of managing and reconciling digital assets. Unlike Excel spreadsheets, Journaler keeps track of your crypto data and transaction history, while eradicating any room for human error.
Prevent any accounting errors from affecting your business with crypto accounting software that does the hard work for you.
Spreadsheets are hard to keep track of
Basic accounting often leads you to managing several spreadsheets at a time. However, Excel doesn’t feature sophisticated tools that integrate crypto data feeds and reports when you need it to. If you’re an accountant or own several small businesses, the limitations of Excel force you to silo accounting data into separate spreadsheets - easily becoming convoluted and difficult to track.
With Journaler’s upcoming Multi-Company tool, you’ll soon be able to create separate company and/or client profiles that allow you to manage different accounting databases in one simple platform. The need for having copious spreadsheets is severely outdated, when it can be easily organised with smart accounting software such as Journaler.
Collaboration is restricted
With Excel spreadsheets as your main medium for crypto accounting and record keeping, collaboration often goes out of the window. With hybrid work conditions becoming more of the norm for business, spreadsheets are delaying the process of sharing accounting information.
Excel doesn’t update spreadsheets in real time, meaning you need to waste extra time sending files back and forth between clients. In order to address this widespread issue, Journaler will soon allow you to invite others to your account via a Multi-User tool that’s currently in development, giving viewing or editing access to selected users.
Collaborative accounting will be simplified with Journaler’s upcoming Multi-User tool, streamlining how you reconcile and review crypto transaction data with others.
Spreadsheets don’t scale