You can store employee meta data, their records like W2 and performance review records, OKRs, home address, food allergy, T-shirt size, etc. and get rid of those excel sheets.
Here's how you can add custom field in TimeDive:
Head to the people section and select "Settings" tab
Under custom field, click on "add custom field"
Add custom field name, and select field type based on the input format.
The new custom field is added and now visible on employee's profile page.