Different Ways of Using Spreadsheet for your Company

Companies use spreadsheets for many purposes. The program can calculate, organize, and analyze data so that the management can better understand how the business is performing. Spreadsheets are set up in a grid format. Each piece of information is placed in its own cell so that it can be used appropriately. The data can be numbers or words. Words are arranged alphabetically and numbers numerically. Numbers are calculated with addition, subtraction, multiplication, and division. On top of that, formulas can be created to do more complicated calculations. Data can also be presented in different ways such as graphs and pivot tables. With these functionalities in mind, let’s take a look at some ways companies use spreadsheets.

Keep record

Companies can use spreadsheets to keep track of employees, production, and finances. Employee information such as log-in and log-out time, overtime, and absences can be logged in and tracked. Production quantities can be put together along with the hours required to complete the products. This employee and production data can be combined to analyze employee productivity based on how much product is being manufactured. Management can analyze the data to show how much product is being made on average per hour, how much money is required to make the product, and how many employees are needed.

Financial analysis

Spreadsheets can also help you keep track of earnings and expenses against budgeted amounts. Financial analysts can enter budget data, which is what management expects to spend and earn over a one-year period, into a column on a spreadsheet. Actual expenses can be listed in a separate column so that it can be compared side by side. The totals columns show what was done month by month. The sums can then be analyzed to decide if anything needs to be done to correct for variations between the budget and the actual amounts. The spreadsheet user can create graphs from the information to show a more visual example of expenses or other sections of the spreadsheet.

Declarations

Spreadsheets can be used to display financial information in the form of income statements, cash flow statements, and balance sheets. These are usually configured to take information from a financial information database or other spreadsheets that are linked to it. These statements show net earnings, assets versus liabilities, and how cash moves within the company.

Multiple calculations

Basically, spreadsheets can be used to do anything related to calculations and are very useful when you need to perform multiple calculations at once. Setting the price of a product is an example of this. A product database can show a breakdown of all components and their prices. If the cost of a component increases, it can be changed in the spreadsheet and the calculations and links will change within all products. This will then affect the new cost of each product so that management can adjust the price for its customers.

Do More With Odoo Spreadsheets

These are just some of the ways you can use spreadsheet for your business. Learn more about other modules that you can use to help your business run more efficiently by checking our other articles. You can also try these modules yourself by sending us a message via the contact us page.