A Matched Betting Spreadsheet takes the pain out of matched betting. At least that's what they say they do. They calculate your backs and lays dependent on the odds you input. From that point of view they are very useful. However, a matched betting spreadsheet should be used with caution, and only as a figure checker if you're just starting out.
For the newbie they can be dangerous and ensure you don't understand where or how you made a mistake.
The people that use it, and use it will are seasoned pros when it comes to matched betting. Now you might think that I'm being a bit churlish suggesting you shouldn't use all the tools available. The problem is, and I've seen it and read about it, is that by putting all your faith in a spreadsheet you might not be aware of mistakes you're making, or even what you're doing.
The best way to learn is to run the numbers yourself. Only then can you be sure you know what you're doing.
Sure you might make mistakes along the way, but that is part of the process of learning. If you're understanding is limited to the inputs on a spreadsheet you won't understand what went wrong so you can't rectify it next time.
Could you re-engineer the Ultimatatcher (in a more basic form anyway!) if you had to?
Could you do a matched betting calculation with pencil and paper if you had to?
Could you explain the process to someone else without a Matched Betting Spreadsheet?
If you've answered no to any of these questions then I'd give serious consideration to going back to the basics of matched betting before using the Ultimatcher. For the simple sign up bonuses, you should really do it yourself, starting with signing up with BetFair.