The first data management programs with cells were developed during the 80’s. It was the dawn of what we know today as a spreadsheet, today’s bare necessity for every industry.
What is a spreadsheet anyway?
It is an electronic document that uses columns and rows of cells to store and organize data. This document can also calculate numerical data through formulas, allowing you to create, save, and manage multiple spreadsheets.
So, it helps you store data and perform calculations; it also gives you tools for data analysis and visualizations (with its charts); you can print reports easily, it has so many templates, you can code to automate, enables you to transform and clean data, and you can store data with millions of rows…
The spreadsheet’s main features are:
- Data Management
- Financial Analysis
However, in time, all those benefits waved against many imperfections. For starters, many companies find their accounting needs too complex to handle with spreadsheets.
Why is that?
Well, imagine you do all the work – all the calculations, double and triple-checking the formulas, creating the reports… Then, finally, your spreadsheet is packed and sent to the person who needs all those information to make a vital decision.
But there is always a high chance that your spreadsheet contains an error. And what if that error results in a considerable revenue loss for your company?
True, businesses worldwide, no matter the industry, use spreadsheets for their finances. But, did you know that – according to a survey by Deloitte – over 70% of firms rely massively on spreadsheets for critical processes? Unfortunately, however, almost 90% of spreadsheet documents contain errors! And mind you, there is no built-in error control and only a limited automation function.
It doesn’t matter that most of them are human errors and avoidable. The fact is that many essential processes, like budgeting, forecasting, and reporting – have been entrusted to outdated tools to analyze and communicate crucial data.
Why is the spreadsheet outdated?
On top of that, there is a massive obstacle regarding spreadsheets at the beginning of using them. First, you have to learn how to use it. And all of you who used it at some point know how difficult it is to overcome. One needs to develop skills and knowledge to create and maintain large complex databases, macros, and formulas within the spreadsheet.
First, there is sooooo much manual effort to be put in. It is time-consuming, and data consolidation can lead to reporting issues. Plus, audits can be costly, and since there is no audit trail, spreadsheet spreadsheets are highly susceptible to fraud.
No doubt about it, in the 21st century – where automation makes everything way more accessible and more straightforward, problems with using spreadsheets are becoming clearer by the day:
- The spreadsheet is labor-intensive and susceptible to errors.
- Errors put businesses at open risk. For example, mistakenly inputting $10,000 for $1,000 can lead to unexpected problems.
- When the spreadsheet creator leaves the company – the knowledge is lost.
- Accounting needs are becoming too complex to be handled with spreadsheets. On the other hand, a simple task like expense reporting or invoice tracking can be unnecessarily complicated.
- A spreadsheet can’t integrate with other business applications. This results in a load of data that must be somehow passed into an inventory management or time sheeting system. Besides being unnecessarily complicated, this may lead to data errors.
- Not to mention how reporting and visibility are nothing less than a nightmare.
From spreadsheet to automatization
So, what is the solution?
The only logical thing to expect now is that the companies will seek to replace spreadsheet programs. So they will first turn to cloud-based solutions that include multiple options for the workflow, fully automated, with real-time data, access anywhere, easy collaboration across teams and departments, and no installation required. Of course, the transition will require so-called bridging software, a tool that takes data from the spreadsheet, “translating” the information into the correct format.
Cloud-based software is a definite step up from spreadsheets, and that is becoming obvious in the last couple of years. Besides being scalable, cost-effective, and tailored to business needs, it regularly does highly secure backups. This means that the data’s integrity is always safe and sound.
Teodesk versus Spredseets
Teodesk – the fresh blood that is putting the workflow power into the hands of your business!
Teodesk provides flexibility to build and adapt to any workflow, project, or process. It is just what you need when you send the spreadsheet to its well-deserved retirement.
The main difference between Teodesk and spreadsheets is most definitely automation. Although to be precise, the spreadsheet’s automation function is somewhat limited compared to what Teodesk has to offer.
And let us remember how you must always start from zero with spreadsheets. And a blank page will only fit some workflows.
Teodesk is an intuitive tool that helps organize and handle any type (and size) of operation and project. Starting from keywords like innovation, process simplification, coherence, clever design, and evolution – Teodesk delivers a product that can overmatch the general complexity of any project’s process. This tool covers every process stage, following already created plans or adapting to new ones. Teodesk also offers endless templates for any department, reducing manual labor and getting the job done more efficiently.
On the other hand, spreadsheets are very rigid and complicated to use. Moreover, manually putting data into spreadsheets makes the entire work susceptible to human errors, as we mentioned before.
Its lack of debugging tools and a testing framework to check whether cells continue to function as expected after a change are also something that can make things even more complicated.
With Teodesk, tracking many critical project activities is simplified using our adaptable timeline. It provides a clear overview of all the tasks, their due dates, the person responsible, and task dependencies. Any changes can be inserted directly into the timeline.
When it comes to financing, it is created to present – at any moment and visually apparent – a breakdown of all financial data concerning the project’s revenue. However, when it comes to the top management, it is essential to underline that all the data is transparent and easy to access throughout the execution of projects.