Spreadsheet software is used to organise, store, and analyse data. The majority of the time, data is entered numerically, but spreadsheets can also store addresses and contact information.
Features of Spreadsheet Software
Most people associate spreadsheets with data entry and simple calculations. Modern spreadsheet software, however, is more than just a financial tool. These applications provide a powerful means of collecting, organising, and analysing critical business data. While each product is unique, most include the following features as standard:
Rows and Columns
Through a spreadsheet’s grid system of rows and columns, all of your information is neatly organized in one easy-to-read space.
Formulas and Functions
A spreadsheet allows you to create custom formulas to gain insight into your data. Many of these functions are simple to use and display by creating a custom formula or function or by selecting one of the software’s preset options. This not only saves you time, but it also increases the accessibility of your data, allowing you to use it to inform your decisions.
Functions in a spreadsheet evaluate values, whereas formulas use an equal sign to express the relationship of two or more cells in that spreadsheet. Basic arithmetic formulas, such as addition, subtraction, and multiplication, are the most commonly used. Sum, average, count, and the minimum and maximum functions are all frequently used functions. There are more advanced functions that allow you to manipulate variables, large sets of data, and time spans.
Data filtering and visualization
To organise the information in your spreadsheet, you can use tables, dropdown lists, filters, and other tools. Most spreadsheet software also includes built-in tools for visually displaying your data, such as bar charts, graphs, and pie charts in a variety of styles and colours.
Custom Formatting
You can apply different formatting to separate information, create headers, merge cells into larger boxes, and otherwise customise the look and feel of your spreadsheet with a few simple clicks. You can also use conditional formatting to change the colour or text style of a cell based on whether or not certain information is present. Instead of combing through each individual cell to find what you need, this can help you keep track of specific information at a glance.
While spreadsheets originated in finance, today’s software does much more than just track your spending. It can perform many tasks that save you time and money if used correctly. It can help employees work more efficiently, providing you and your team with a more efficient workflow. Here are some common business functions that a spreadsheet can perform:
Accounting
Spreadsheets can be used to keep track of simple numerical data like your budget, but they can also be used to implement entire accounting systems. A spreadsheet can be used to keep track of invoices sent to customers and receipts received to track employee wages, including those from vendors. You can also use them for overtime, PTO, and sick leave.
Analytics
You can organise and analyse the data you enter into your spreadsheet in a variety of ways. Based on current data, you can make predictions about how your company will scale, or you can run simulations with different variables to see what happens. With this analytical functionality, you can make data-driven decisions for your business.
Presentations
Data is frequently complex and difficult to explain. It’s difficult to share your findings and information verbally when there are so many different variables and numbers. Spreadsheets and their graphic capabilities allow you to easily display and explain large amounts of complex data in an easy-to-digest visual format that’s ideal for presentations, landing pages, and more.
Project Management
If you use a cloud-based tool, spreadsheet software can be used as a centralised location for employees to collaborate on projects and track progress. Spreadsheets can be configured to visually represent project statuses and who is working on which tasks by using conditional formatting and data validation lists.
When it comes to selecting spreadsheet software for your business, you may have one or two programmes in mind. However, there are numerous types of spreadsheet applications that provide different benefits depending on the user.
