Who’s Got the Time?
Bookkeeping on Excel is very slow. Excel was designed for modeling, for tracking and for data manipulation.
Did you know Excel was designed to be understood by a computer, not by people?
Formatting options, merged cells and other tools help us visualize our data, but they are actually detrimental to organization on Excel because it is straying from the structure that the computer was meant to be understanding. This leads to the software being very unfriendly to daily use, and almost impossible to visually audit.
Proper bookkeeping on Excel would require you to create a separate sheet for every account on your chart of accounts – this means that a company with 20 transactions in a month could already be in the 15+ sheet range. You could try to keep it all on one sheet and code the account, but then it would be hard to see if it balances. Keeping track of all of this, as well as generating reports from this data is very impractical and time consuming from a human’s perspective.