It does pretty much everything that Microsoft's Word and Excel does, you can even export your files so that they're compatible with Office.
Google Documents does everything word does except the extras like Table of contents. There's an auto spell check, options to insert objects, and word counts. There's also an option to edit the document in HTML mode for web site users.
The formulas in the Spreadsheet program include the basics from sum to average, and even includes the financial formulas like NPV and Nominal. The spreadsheet can merge cells and it can add additional sheets.
All in all Google Docs & Spreadsheets is great program, it does everything I need it to do and then some. Great alternative to the costly Microsoft Office, and as long as you have internet access, you can use it anywhere.
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