This is a story of a company that is currently using Excel instead of a real accounting system.
I recently was talking to a prospective client who has been in business multiple years and is doing rather nicely. They are on the cusp of a dramatic increase in sales and as such new that they needed to bring on in some capacity a Chief Financial Officer.
Accounting System vs Excel
During the course of our wide-ranging discussion, I asked what accounting system he was using. His answer was a little shocking in that this established, multi-year business was using Excel spreadsheets. When I said that was really an insufficient and potentially a dangerous way to keep one’s books and records, he asked why? Continue reading