How Using Spreadsheets to Manage Your OkRs and Expenses Will Work
Many companies struggle with using spreadsheets to manage their OKRs. The main problem is that Excel is not a good platform for managing financials. Sure, you can use other platforms like Quicken or Money and time and you’ll find a great deal of solutions for pretty much any need that you might have. However, there’s just something about working on an Excel-based platform that can make things seem so much more organized.
One of the primary reasons that using spreadsheets in the workplace is a bad idea is because spreadsheets have real limitations when it comes to managing financials. For example, what if you wanted to perform a direct comparison of two financials? If your spreadsheet provided you with a formula that required you to use a complex formula, you may quickly get discouraged and give up early. Instead, you’d be better off going back to the drawing board and looking at how to design a sheet that can provide you with the functionality that you need to accomplish the task at hand. Fortunately, you can easily accomplish this.
As long as you understand the basics of how spreadsheets work, they actually can be quite useful for a number of different financial needs. In fact, you’ll find that using spreadsheets can greatly simplify the tasks that you need to accomplish in order to manage your business finances. You’ll no longer need to concern yourself with complex formulas or remembering complicated bank codes. Instead, you’ll only be concerned with working with cells and how they can be used to input your figures.
One of the main reasons that spreadsheets can help you manage your finances is due to how they can simplify things. With spreadsheets, you’ll no longer have to worry about dealing with confusing graphs or pie-charts. Rather than dealing with these types of information, you’ll be able to focus on actually relating financial numbers to each other. This can make it much easier for you to track certain trends or to see what changes are taking place within your business. You’ll also be able to see which areas are growing and which are shrinking.
In addition to simplifying the process of tracking your finances, spreadsheets can make it much easier to monitor certain aspects of your business. For example, you’ll find that you can easily get an overview of your expenses by creating a bar chart. By using a variety of different horizontal bars on the chart, you’ll be able to see what your income and expenses look like on a monthly basis. This is much easier than trying to create a scatter graph on your own.
Along with simplifying the management of your financials, spreadsheets are also great for tracking certain aspects of your business. If you have a salesperson, for example, you can easily tell if they are being effective in their efforts by charting their results against their targets and deadlines. The reason why using spreadsheets in this capacity is so helpful is because you’ll be able to see at a glance where things are falling short of expectations. For example, if your salesperson meets all of your goals but still loses money, you’ll be able to tell right then and there that something is off. You’ll be able to quickly implement new tactics in order to improve things, which will allow you to make greater profits. By the same token, if there are things that aren’t going as well as you’d hoped, you’ll be able to quickly identify what the problem is and how you can make them better.
One of the biggest reasons why using spreadsheets to manage your OkRs is so useful comes down to the fact that it’s extremely easy to maintain. If you have a business, you’ll know that it takes money to make money. The problem with most businesses is the fact that many people simply don’t have extra cash on hand. When you use spreadsheets, you can easily make changes to your OkRs and expense reports without having to spend money in order to do so.
Finally, one of the reasons why using spreadsheets to manage your OkRs and expense reports is so helpful comes down to the fact that spreadsheets are highly customizable. If you want to include something into your budget, you can simply add it into your spreadsheet and let the program do the rest. At the same time, if you want to track multiple areas of your business at once, you can easily map everything out on a sheet that can be edited in Excel. In this way, you can be sure that you’re always looking at your finances and your income graphically, allowing you to see at a glance where all your money is going. All of this, of course, is made possible by the software that most spreadsheets use – Microsoft Excel.