It is possible to set up automatic calculations which give you, for example, a running total or average every time you enter new data. You can choose from a range of already existing formulas programmed into the software or you can write your own using the cell references (e.g. B3) and the common maths symbols. + (plus), -(minus), * (multiply) and / (divide).

Already programmed formulas include:

SUM gives the total from a range of selected cells

AVERAGE works out the average

ROUND rounds up numbers to a specified number of decimal places

ROUNDUP rounds up a fractional number to the highest whole number

MAX identifies the highest number in a specified range of cells

MIN identifies the lowest number in a specified range of cells

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Hosted applications

This is software which is hosted online. Google Docs, for example, offers a range of office type programs which you can access online and is free to use. Some hosted applications charge according to frequency of usage.

Advantages

• It can be free.
• Rented software can still be a cheaper option than purchasing.
• Upgrades occur automatically.
• Files are stored online and can be accessed anywhere.
• Saves storage space on the company server.

Disadvantages

• You need to be online to access the program.
• The company hosting the application may go out of business, potentially leaving you with no software.
• Applications tend not to be as sophisticated as proprietary software.
• You don’t have the same level of control over settings or what version of the program you use.
• Response time is dependent on the quality of your connection.