Understanding Spreadsheet Functionality

UnderstandingSpreadsheet Functionality

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UnderstandingSpreadsheet Functionality

Spreadsheetsare used in various ways within businesses. The inbuilt functionswithin spreadsheets makes it easier to handle and manipulate businessdata. The primary use of spreadsheets in businesses is storage andanalysis of data. After data values are entered and stored in aworksheet, they are formatted and organized so that they are easy toanalyze. Analysis of the data is done by using available formulas tosort, filter and perform financial calculations. In addition,businesses also use spreadsheets to visualize data through theavailable graph or chart options. Analyzed and visualized data givesan insight into how a business is currently doing and is also used tomake estimates and projections about market fluctuations and futuresales (Smith, n.d.).

Inhouseholds, spreadsheets are used for various activities. The solepurpose of using spreadsheets in most homes is to keep track of cashflow. They help monitor the amount of cash that a family receives andhow much money is being utilized for household expenses. In addition,spreadsheets are used to create household budgets that are usefulwhen a family is trying to avoid overspending (Lotich, 2014).Households can also use spreadsheets to create project plans aboutcurrent or urgent tasks that need to be performed. Other functionsmay include storage of common usernames and passwords and creation ofto-do lists.

Ona personal level, spreadsheets are used to keep track of individualdata such as phone numbers, educational transcripts or personalassets. Furthermore, spreadsheets can be used to create individualbudgets or to monitor the performance of personal investments.

Notonly can spreadsheets be used to perform calculations, they can alsobe utilized for other functions such as making simple lists, creatingschedules and monitoring daily tasks.

References

Lotich,B. (2014, Oct. 20). 5 Household Budget Templates That Will Help IfYou Actually Stick With It, TheHuffington Post.Retrieved fromhttp://www.huffingtonpost.com/bob-lotich/5-household-budget-templa_b_5696244.html.

Smith,S. (n.d.). Ways Spreadsheets Are Used in Business. Retrieved fromhttp://yourbusiness.azcentral.com/ways-spreadsheets-used-business-3648.html.