now available. Step into the future today!

How Spreadsheets Are Costing You Time and Money

Ah, the dreaded spreadsheet. A juggernaut of grids that holds everything and anything about your work projects. You’re reliant on it as the principal source for all updates, check-ins, and permissions. As you rely on the spreadsheet more, you end up consuming more time managing it than actually using it. You’ve been taken into the “spreadsheet hole of despair.”

You might be pondering, “Sure, spending time on spreadsheets uses up a lot of time, but it’s worth it.” But is it?

According to our Work Management Study, 64% of more than 1,000 employees surveyed report typically saving information in a spreadsheet or cloud-based document. Out of that 64%, the first three reason of stress at work are the following:

  1. Difficulties with prioritization of tasks
  2. Missing data
  3. Unworkable goals for projects

The points are there: Regardless of all the time you put into spreadsheets, they are unproductive and expensive. Let’s take a survey of the three significant things you lose while managing a spreadsheet.

  1. Wasted time

Time is money, and you unquestionably waste a lot of it on spreadsheets.

Spreadsheets build silos. Teams split down into people working in their spreadsheets. This forms havoc. Your teams give or get differing feedback. Old data is overlooked for the latest. And preferences are unclear. Nobody knows what to work on now.

Let’s break it down: Let’s say you lead a team of five. That team each gives one hour a week updating spreadsheets. That’s a total of five hours each week, and 20 hours a month. Let’s say the regular full-time employee costs about $50 per hour. With that said, your spreadsheet is costing you around $1,000 per month to maintain. Damn.

Solution: A reliable work management tool can benefit you automating the admin work needed for spreadsheets, letting you focus on more critical work. Tools like TimeLive take care of the tiresome, repetitive jobs that need to be done, such as creating templates and auto-assigning job and free you and your team up for the productive work they were hired to do.

  1. Risky security

Once you email an Excel spreadsheet to your team, what happens to it? The sensitive and confidential information on that spreadsheet is now in all the team members’ inboxes. What if a disgruntled worker left the company? Or if somebody outside the company got access to their email?

Solution: Sharing your sensitive data in a work management tool enables you to completely customize what you want to share and what you want to keep hidden.

  1. Inaccurate data

Are you sure you own the latest version of an Excel spreadsheet? If you’re sharing it out so people can edit it, how do you know? You could spend your time editing an old spreadsheet.

Certainly, cloud-based spreadsheets save all operation automatically. But, there’s no way to view older versions. What if a stakeholder needed to see the original draft of anything? There would be no way to go back and retrieve that data.

Not to mention errors. Manually updating all opens up the likelihood of making a slip. We’re only human after all.

Solution: A work management tool lets you and your team work in tandem, so all work you do is in real time. That way, you’re always looking at the newest version. Everything is updated and stored immediately.

Time to Ditch Spreadsheets

Are spreadsheets giving you a tough time? So why are you still working on them? Time to look at a way that could improve your processes and enable your team to get rid of the admin work.

Alma Reed is an author and researcher dedicated to enhancing productivity. He is deeply interested in areas like time management, increasing productivity, and fostering healthy routines. Through his writing, he aims to assist people in boosting their job performance and attaining an ideal balance between work and life.

Table of Contents

Related articles

Improves your team's productivity and conveniently manage all your work timelines

Sign up for free. No credit card required.