Do you use spreadsheets to manage your back office?
Spreadsheets used to be the go-to back office management method. Now, back office software does everything spreadsheets can do – but better. Yet, you might still use spreadsheets due to one of the common misconceptions about managing your back office with spreadsheets.
Wondering what these common back office management myths are? We’ll cover the top five spreadsheet misconceptions that could be holding your brokerage back. Let’s take a look at the first one – spreadsheets are faster.
The first myth about spreadsheets is that they’re faster to use than back office software.
Spreadsheets are simple to spin up. So, you might think it’s faster to input all data into a spreadsheet instead of having to go through back office software.
However, to fill out a spreadsheet, your team has to manually find all data, enter it in the right place, and run any calculations or analyses. This manual data management can be a huge time suck for your team – wasting hundreds of hours a year.
With back office software, on the other hand, your team doesn’t have to waste time on manual data entry. Instead, this software can automatically find, enter, and transfer data. Back office software can also automatically perform calculations, analyze data, and generate reports. This automation can free up hours every week for your team.
Back office software can make back office management faster by automating tedious manual processes like data entry.
Spreadsheets are simple. There’s relatively little your team needs to know to create and fill out a spreadsheet. You might then compare that ease of use to traditional back office software that can be complicated, hard to use, and frustrating.
However, modern back office software is much easier to use than both traditional back office software and spreadsheets. Modern back office software has a streamlined user interface that’s easy to navigate. With easy-to-understand dashboards, a complete platform, cloud access, a mobile app, and more, modern back office software is a breeze to use.
When compared to spreadsheets, modern back office software is also easier to use. With spreadsheets, your team has to go through a bunch of spreadsheets to find what they need, enter the data in the right place, do the correct calculation, cross reference multiple spreadsheets, and more. All of this manual work can be complicated and hard for your back office team to do.
Modern back office software can do all of these tasks for your back office team. This software can find and enter data, perform complex calculations, create a dashboard view to make comparison easy, and more. It’s much easier for your team to click a few buttons in a back office platform than to manually manage spreadsheets.
While spreadsheets have a lower initial cost than back office software, they can end up being more expensive than the right back office software.
Spreadsheets slow your team down. This limits how many transactions your existing staff can manage. If you want to grow your brokerage, your back office needs to handle an increased transaction volume. The only way to manage more transactions with spreadsheets is to hire more back office staff – which can be a significant expense for your brokerage.
In contrast, back office software doesn’t require hundreds of hours a year in manual data entry. Instead, the right back office software can do that same work in minutes. As such, your team spends less time managing each transaction – freeing them up to handle a higher transaction volume. By allowing you to grow with the same staff, back office software can be more cost-effective than spreadsheets.
Your team has to manually input and transfer all data when using spreadsheets to manage your back office. You might think this would be more accurate because your team is meticulously going over every entry to make sure it’s correct.
However, spreadsheets are prone to human error. Even if your team is meticulous with data entry, it’s easy for them to misenter a number or put it in the wrong place. When they review their work, it’s also easy for them to see what’s supposed to be there – instead of what is actually there.
Back office software helps reduce errors by having automated software do most of the leg work. The right back office software with automation can more accurately find, enter, and transfer data. Then, your team can double-check the software’s work to add another layer of accuracy. With the right back office software, you can minimize errors through automation.
Spreadsheets require your team to manually transfer data to and from third-party tech tools like QuickBooks or franchise software. This can be time-consuming and inaccurate.
However, some back office tools make it just as hard to use any third-party solutions. With this back office tech, your team has to manually transfer data out of the platform to these tools. At that point, it can seem easier just to use spreadsheets and forgo back office software altogether.
The right back office software, in contrast, makes it easy to use third-party tools that work for you. If you choose back office software with wide integration, your data can flow seamlessly between your back office platform and any third-party tools. Unlike with spreadsheets, your team doesn’t have to manually transfer any data – saving time and boosting productivity.
While spreadsheets used to be the ideal way to manage your real estate back office, they are no longer the gold standard. Instead, a modern, cloud-based, complete back office platform can do everything spreadsheets do and more. And, do it better.
However, you might be reluctant to switch to back office software because of common spreadsheet myths – like that spreadsheets are faster, easier, cheaper, more accurate, and work better with third-party tools. In reality, the right back office software beats spreadsheets in all of these categories.
If you’re looking for back office software that can help you manage your back office much better than spreadsheets, Brokermint is the way to go. Brokermint’s complete back office platform is easy to use, has automation to make back office management faster and more accurate, improves team efficiency, and works great with third-party tools.
Brokermint’s platform has five modules – transaction management, commission automation, accounting, agent management, and reporting/analytics. With these five modules, you’ll have everything you need to streamline and modernize your brokerage.
Book your Brokermint demo today to see how the right back office software can help you manage your back office better than spreadsheets.
Schedule a demo and see your back office with Brokermint.
.png "google-play-badge (1)")
