Old Method of Due Diligence Management
It starts out straightforward: You kick off due diligence by creating a spreadsheet with the list of requests and documents that need to be tackled and gathered. Then you assign the members tackling the work in the next column, and add due dates in another column. It feels reasonably organized.
But it doesn't stay that way. And as due diligence process progresses, so does the exchange of emails, meetings, documents, and conversations. Your spreadsheet quickly becomes out of date and lacks important context.
While spreadsheets are often used for due diligence management, they weren’t designed for collaborating on complex work and managing lots of moving parts. But it can be intimidating to try another tool because you don’t want to start all over from scratch. Or getting people to shift from what they know can prove challenging.
With our Excel importer, you can import your spreadsheet right into DealRoom so you can begin managing due diligence in a collaborative, flexible tool with just a few clicks.
Why use modern due diligence software instead of spreadsheets?
Unlike a spreadsheet, everything is actionable and trackable in DealRoom.
Members added to the room can collaborate, communicate, assign work, and share files right in your room so everything stays connected—and everyone stays on the same page.
You can also set permissions on everything, so users don’t make accidental changes or see confidential documents.
And because DealRoom integrates with tools you already use, all project work stays connected, instead of scattered across emails, IMs, spreadsheets, documents, and other tools.
How to import your Excel tracking file to DealRoom?
If you use Excel, Google Sheets, and Smartsheet projects into DealRoom, these spreadsheets can easily be converted to an Excel file, and then imported.
Once you’ve converted to a DealRoom excel file template:
- Log in to DealRoom
- Go to the "Requests" Tab
- Hit Import
- Download Template
- Format Your Excel Into Template (Copy/ Paste) and Save
- Be Sure to Follow Template Columns
- Choose File (Most Recently Saved Template)
- Hit Import Again
Once you’ve imported a spreadsheet to a project, any additional spreadsheets you import to the project will add to, not replace, the information you already have in the project.
Map Your Spreadsheet to DealRoom
To ensure a successful import, here are some formatting tips for your excel file:
- Assignee: The column with the names of members responsible for the requests will be mapped to the assignee field in DealRoom.
- Dates: You can track both start and due dates in DealRoom. In your spreadsheet, separate these dates into two columns. Your date columns need to be formatted in the standard US date format of month/day/year to import successfully.
- Other information: In addition to file name, assignee, and dates, other columns can be mapped to custom fields. Custom fields help you categorize and track priorities; you can also sort or search by field. Some good uses for custom fields are priority, status, team, and estimated time.
Once you’ve mapped your columns and imported the spreadsheet, you can move tasks and sections around.
You will have the ability to add members, reviewers, and followers to tasks, attach files, and share status updates.
Making the Change
Change can be hard, and taking the first step to implementing a new tool and system is the hardest part.
We hope the Excel importer makes it easy to get out of tracking your projects in spreadsheets so you can manage your due diligence in a collaborative and dynamic m&a project management tool.
Because seriously, why manage due diligence the same way you did 20 years ago? Check our M&A Due Diligence Tool and see how it immediately will improve your process.