INTHEBLACK September 2021 - Magazine - Page 70
WORK SMART
// T E C H TA L K
BEYOND
SPREADSHEETS
Above: With Power BI’s
customisable dashboard,
you can have instant
access to the data you
need.
EXCEL SP READSHEETS A R E TH E D EFAULT PL AT FO R M FO R M A N Y
ACCO U NTANTS AN D F INA NCE PROF ES S IONA LS B U T, I N SO M E CASES,
THERE C OULD BE A BETT ER TOOL F OR TH E J O B.
STORY GLENN REES
E
xcel is still the go-to application for
many accountants when it comes to
crunching numbers, financial analysis
and compiling data. There is a good reason
for that – with its large selection of formulas,
formatting options and advanced features, it
can be used for everything from a team
holiday calendar to financial modelling.
However, despite its usefulness and
ubiquitousness, Excel has limitations, particularly
when it comes to collaboration and securing
sensitive data. Here are some alternatives, for
those times when Excel simply isn’t the most
appropriate tool for the job at hand.
ACCOUNTING SOFTWARE
Extracting data from an accounting system
into Excel for analysis can be timeconsuming and result in errors. It is always
worth checking whether recent upgrades to
70 ITB September 2021
your preferred accounting system have
improved reporting and analytics options,
and to start using them if they have.
Alternatively, some accounting systems –
like Xero, for example – can also be extended
with third-party reporting and analytics apps.
For larger or fast-growing businesses,
migrating to an enterprise resource planning
(ERP) system like MYOB Advanced could be
an option to gain more comprehensive and
integrated reporting across the business.
ANALYTICS TOOLS
If you are finding that maintaining and
analysing business data in spreadsheets is
becoming too time-consuming, it could be
time to consider a data analytics platform.
There are plenty of options, such as
Microsoft Power BI, that will work with your
current Excel workbooks, but makes it easier
to view and potentially manage all your
data. Power BI allows users to pull multiple
workbooks into a single view, highlighting
key data and charts. It offers a variety of
options to visualise that data and use
advanced analytics and forecasting. It is also
better suited to data sharing than Excel,
allowing users to set up different dashboards
containing the data and visualisations that
each person needs.
Power BI also connects with many other
data sources, including accounting systems
such as Xero. It even works in reverse with
Excel, using a tool called Analyze in Excel.
Because it is part of the Microsoft
“ecosystem”, Power BI data can also be
secured with tools such as Microsoft
Cloud App Security.
Other options available include Qlik
and Tableau.