By . Tracking Spreadsheet. At Saturday, May 01st 2021, 22:49:37 PM.
In todays economy, competitive landscape, and accountability standards you must have the data. Managers are getting blindsided because they do not know what is coming and what is going on. This is where the right project management software tool shines and spreadsheets fade. A good project management tool will be database-oriented and should allow for different types of ad hoc reporting across multiple projects. This enables the mining of all kinds of data. You simply cannot do this in a spreadsheet at the same level. If you really, really know what you are doing it is possible to tie spreadsheets together and generate some integrated data. But that is not the same thing. You simply cannot, on a whim, mine into the data represented in your multiple spreadsheets. And in todays environment, this is critically important. Gone are the days when not having the right data is acceptable.
Since this is a residential rental apartment building it makes sense to include rental income in your real estate spreadsheet. Thats obvious. What isnt so obvious are things like interest on tenant deposits, subsidies, tax refunds, etc. When youre building the spreadsheet you need to estimate when those revenues will arrive, and that relates to the number of tenants, the rental rates you charge, how long the lease term is for each tenant, etc. You also need to assume some late payments, evictions, and vacant units. If you havent invested in the area before this can be a challenge. You can gather data on that by speaking with local real estate agents, lenders, and tax agencies, or subscribe to an industry database that covers the local area. In most locations you also need to consider taxes. Are these charged up-front? As part of the mortgage loan payments? How frequent are they? When do they actually need to be paid? Are there any accounting costs? Can you use any tax credits or breaks? How do you calculate depreciation if that is a tax deduction? Taxes can be quite complex and you need them in your calculations or your investment value estimates will be incorrect.
Spreadsheet: A table of rows and columns, free for the entry of data, or formulae for calculating actions on those data. Each row or column is said to contain many cells and these cells serve as homes for every shred of information. Many spreadsheet applications nowadays have functionality above and beyond the traditional, offering a variety of charts, look-up tables, databases and more functionality than can be mentioned here. Regarded as a very effective and reliable means of data management, monitoring valuable financial data, as well as optimizing processes involving frequent data entry and manipulation, spreadsheet programs have rapidly become popular among businesses of all types and sizes. Elaborate, properly constructed spreadsheets greatly simplify a wide range of activities and processes within companies, enabling business owners to economize valuable time and effort, increase the efficiency of their business (Analysis), keep track of different tasks, manage their budget, optimize the planning of future events (Forecasting), organize and access valuable information, and optimize the completion of specific tasks. And thus, thanks to their many benefits, spreadsheet programs have come to be considered indispensable tools for businesses in todays competitive climate.