Q:

Why do businesses use spreadsheets?

A:

Quick Answer

Businesses commonly use spreadsheets to create and record financial transactions. This helps businesses to best utilize the value of their data and make informed decisions necessary for attaining their goals.

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Full Answer

Spreadsheets come with different tools that allow businesses to build charts, collect data and identify trends from the information collected. Businesses use a spreadsheet to assess information from various sources, including texts and images. This information is important in drawing conclusions and making predictions. Internal auditors play a crucial role of assisting a business understand the role of a spreadsheet, as they help to implement effective policies according to government regulations.

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Related Questions

  • Q:

    What are the different uses of spreadsheets?

    A:

    Spreadsheets are used for simple lists and complex numerical calculations. Spreadsheets turn information into detailed graphs to show a visual representation of the data. Spreadsheets provide many sorting options to filter information.

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  • Q:

    What are the benefits of electronic spreadsheets?

    A:

    According to the Oxford Journals, electronic spreadsheets make the process of inputting information, retrieving information and performing calculations faster and more efficient. They are also easy to share; even large spreadsheets can be compressed to a few megabytes.

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    What is the importance of Microsoft Word?

    A:

    Microsoft Word is the de facto word processor for businesses and many governments. Its file format is standard for business communication. However, many groups are turning away from it.

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  • Q:

    What is business intelligence?

    A:

    Business intelligence refers to the tools and processes used to convert raw data into information that is useful to businesses. The term business intelligence describes both the process a company goes through to incorporate analysis software into its protocols and the actual software used for data analysis.

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