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Monday, October 25, 2021

What Is Spreadsheet Software – How Does It Help A Business?

Before we get into the features of a spreadsheet and how it helps a business, let us understand in simple terms, what is a Spreadsheet and what is Spreadsheet in Excel.

Spreadsheet software provides a lot of flexibility when it comes to handling data. It helps in interacting with databases, can help in data creation through automation, populate fields, and modify data at any point in time. Spreadsheet software will help you to share both online and offline and helps in easy collaboration. The features of spreadsheet in excel are undisputedly the best spreadsheet application around. Microsoft Office Suite’s Excel is the best spreadsheet software.

Features of Spreadsheet Software

Know the features here-

  • Rows and the columns-The grid helps you in organizing information and data in one easily readable step.
  • Functions and formulas – With the help of the spreadsheet you can design formulas that will offer an insight into the data. The presence of preset functions or the provision to custom the formula will help you to save a lot of time.
  • Visualization and data filtering – The spreadsheet software will allow you to create dropdown menus, tables, and other tools for organizing your data.
  • Custom formatting – With the help of few clicks, you can merge cells, create headers, and customize the look of the sheet.

Related Article: How to Use LEN Function in Excel? Keep an Eye on The Characters in Your Document!

H2 How will Spreadsheet Software Help a Small Business?

Spreadsheets form an integral part of the accounting tool for any business. Although they are available in varying complexities, the main aim of the sheet is to categorize and organize the data so that it assumes a logical format.

Some of how you will be able to benefit from this application include the following-

1. Storage for business-related data

A spreadsheet is the simplest way to store data of all kinds. It can comprise customer data, financial data, product data, and data related to whatever type of business you are running. Since we have always known Excel to be the best among spreadsheet applications, it supports millions of rows and more than 16,000 columns.

2. Calculations and accounting

Spreadsheet software allows businesses across the globe to track data related to their business accounts. You do not have to use accounting software since the excel sheet can do all the calculations for you.

3. Budgeting and expense assist

It is easy to create customized budget spreadsheets that can help you to manage your business finances. These may include creating a budget, keeping track of your cash inflow and expenses. It also helps you to be up to date when it comes to filing your tax returns.

4. Exporting data

Excel sheets or any spreadsheet that you are using serves as the best sheet for importing any data that you have from other systems. There might be an instance when you will not be able to access data offline because many data management systems do not present data in a format that can be easily read or accessed. Spreadsheets come to the rescue under such circumstances.

5. Report and chart generation

Market and prevailing trends can be maintained in a spreadsheet. This information in the form of reports can be made available to others in the company.

6. Data cleanup and administrative tasks

Spreadsheet software can be used to identify any inaccuracy in data or any duplicate data that is present. You can do away with the overlapping data in a spreadsheet. Receipts and invoices can also be contained in a spreadsheet that you can plan and work out.

However, there is a certain limitation when it comes to this application. These include it will not be able to detect errors in data, a large amount of text cannot be handled, there are restrictions when it comes to finite record numbers, inability to manipulate large data volumes, absence of certain sorting techniques, the data storage requirement is high, and it cannot process certain queries. However, the benefits far outweigh the drawbacks, and you can use it for your business if it serves the purpose. 

Also Read: Is A Masters In Data Science Worth It?

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Josie Patra
Josie Patra is a veteran writer with 21 years of experience. She comes with multiple degrees in literature, computer applications, multimedia design, and management. She delves into a plethora of niches and offers expert guidance on finances, stock market, budgeting, marketing strategies, and such other domains. Josie has also authored books on management, productivity, and digital marketing strategies.

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