Excel or ERP system - which is more convenient for an IT company's finance management?

Microsoft Excel is a fantastic and, undoubtedly, valuable tool, but is this the best solution specifically for an IT company's finance management? 

Fortunately, there are specialized ERP systems like ITFin that are explicitly tailored to the peculiarities of financial management in IT companies. Moreover, they are precisely designed to simplify and streamline the work of everyone involved in budgeting, like finance experts, CFOs, and CEOs, to name a few.

For example, that is how our solution was born - out of the need to automate time-consuming, tedious, and repetitive processes such as payroll, data consolidation, forecasting, and so on. Due to automation, integration, flexible configuration, and consolidation of all processes, employees, and data in one place, ERP systems do a great job with all those procedures.

So, let's compare how different processes look in Excel and how you can do it in ITFin.We hope this knowledge will help you pick the most suitable and convenient financing software.

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Excel: salaries, sick leaves, and PTO are calculated manually for each employee

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ITFin: The payroll for one or all employees is calculated with a single click because all data is automatically processed based on every employee's compensation set and the company's vacation and sick leave policy. At the same time, assigning employees to several simultaneous projects with different rates is possible, and the costs will be distributed among clients according to the tracking.

Excel: manual invoice generation and tracking of payments and debts 

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ITFin: The invoice is automatically generated based on the hours reported by employees or other arrangements provided for the project. Thanks to full or partial integration with banks and payment systems, it can be sent directly from the system. Also, ITFin will show the payment status and remind you of expired payments.

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Excel: To get financial information, you need to consolidate and calculate it

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ITFin: With customizable integrations, all transactions from banks, accounts, and payment systems are available on a single tab, and the current balance on all accounts can be viewed in seconds. Moreover, there can be any number of business entities from the same or different countries, and the money can be displayed in any currency, including cryptocurrencies. All of this can be displayed on a single tab or disassembled in great detail to analyze the effectiveness of individual units.

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Excel: all employees have the same access to financial

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ITFin: In an Excel spreadsheet, everyone sees the complete information, causing certain inconveniences. At the same time, our system's access to all information is configured flexibly and individually - employees can see all or partial information and be able only to view or change it while coordinating all their actions with management if necessary.

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Excel: you still need a bunch of systems, banks, file storage facilities, etc

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ITFin: To process payments, you no longer need to combine tables, banks, and payment systems. After all, the ERP system has automatic or semi-automatic integrations with banks, payment systems, time-tracking services, recruitment, and hundreds of others. In addition, all financial transactions can be carried out inside it. Moreover, all the information is stored inside the system, including the files for each employee, client, and project. 

Those are only some of the convenient functions that distinguish systems like ITfin from ordinary Excel spreadsheets.

If you want to streamline and speed up your company's finance management, sign up for a quick demo, and we will show you the most automated and convenient tools you have ever seen. Get a demo or consultation.