Most Efficient way to obtain and organize status updates for multiple projects?

Currently, my team and I are using an excel to house a library of projects we have worked on or will be working on. We are moving to sharepoint for more reporting and are using lists for this now. Apart from adding multiple columns for each status update (eg status update 1, status update 2, etc) is there a more efficient way to store status updates?

Im going to look into using workstreams to prompt users to update the status; is there a better way to do this (without subscription apps like brightworks)?