The Importance of Using Spreadsheets in Business

by Lanae Carr - Updated September 26, 2017

Spreadsheets are an essential tool for many business professionals. As a productivity tool that can also be used to improve communication, spreadsheets offer benefits to a diverse range of departments within a company. When used strategically and regularly, spreadsheets can abolish the need for expensive software for any department it serves.

Presentations

When preparing a presentation for a meeting, a spreadsheet can help you organize your information. You can print spreadsheet tables, graphs and calculations to share with other attendees. Tangible references make your presentation easier to follow and give meeting attendees a reference for future use.

Illustrating Scenarios

Spreadsheets allow businesses to compare and contrast information quickly. If a business professional need to know the financial impact of a certain task or action, he can rely on the use of a spreadsheet. Multiple tabs can be added to spreadsheets so the document holds a variety of spreadsheets in one. This can be useful in scrolling between hypothetical business scenarios before making a final decision on a project.

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Budgeting

Budgeting is a common use for spreadsheets. With a layout consisting of rows and columns, spreadsheets allow for the quick formatting of a business budget. Accounting professionals can add budget categories as needed and share the information with decision makers in a clear format. As numerical data changes, accounting professionals can make quick changes creating multiple electronic budget formats to track adjustments.

Formulas

Spreadsheets allow businesses to compile and organize business intelligence. Spreadsheets can quickly calculate percentages and totals of data compiled from marketing research studies. Formulas can be set up between tabbed pages to show how information is interrelated. Without the help of a spreadsheet, all calculations would have to be conducted manually, which leaves increased room for error.

Task Management

Spreadsheets are frequently used in project management. Managers can assign tasks by creating grids with the names, responsibilities and due dates for each person in a department. Each person in the department can view how tasks are allocated with ease. This benefit extends to event planning, managing marketing campaigns and a host of other deadline-oriented group projects.

About the Author

Lanae Carr has been an entertainment and lifestyle writer since 2002. She began as a staff writer for the entertainment section of the "Emory Wheel" and she writes for various magazines and e-newsletters related to marketing and entertainment. Carr graduated from Emory University with a bachelor's degree in film studies and English.

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