Why Spreadsheets Are Still a Must-Have for Small Business Owners in 2023
Despite the rise of mobile apps for financial management, spreadsheets are still a smart choice in 2023. And with the help of Nordveld they're even better. Here are five reasons why:
Customization Options: Spreadsheets offer a level of customization that is often not possible with mobile apps. With a spreadsheet, you have complete control over the layout and formulas, allowing you to tailor the document to your specific needs and preferences. This can be particularly useful for those with complex financial situations or those who require a very specific set of information.
Collaboration Capabilities: Spreadsheets are great for collaborating with others, making them a good choice for managing finances with a team or for sharing information with an accountant or financial advisor. This can be especially useful for small businesses or those working on joint financial projects.
Offline Access: A major advantage of using a spreadsheet is that it can be accessed and edited even without an internet connection (if you set it up like this in Google Spreadsheets). This is particularly useful for those who travel or may not have consistent access to the internet.
Cost-Effective: Many financial management mobile apps come with a subscription fee or require in-app purchases. In contrast Google Sheets is often free or available at a very low cost.
Familiarity + Nordveld Integration: For those who are already familiar with using spreadsheets, the learning curve for adapting to a new financial management tool can be steep. Stick with what you know and save the time and effort of learning a new system. Plus, with Nordveld's integration, you can easily import your banking data, saving even more time and hassle.
In summary, while mobile apps can be convenient and offer certain features, spreadsheets are still a strong option for financial management due to their customization options, collaboration capabilities, offline access, low cost, and familiarity for those already familiar with their use. On top of this, if you use Nordveld to automate the import of your banking data you will also save a lot of time and effort which can be used to focus on your business instead!
As an example, when you have installed Nordveld as an Extension in your Google Spreadsheet you can easily get an overview of all of your accounts and networth like the image below.
With this in place it is now very easy to combine these numbers with any other sheet you are using for projections, simulations or simply just to keep track of any particular facet of your financial life, personal or business