The electronic spreadsheet program of MS Office Microsoft Excel, launched in 1985, is commonly used for accounting purposes. The program allows you to store and organize data. Excel allows users to create a spreadsheet for data manipulation.
The data stored in MS Excel is recorded in tables, which makes it easier for the user to analyze the data. Excel has made accounting easier for companies with large employee staff. Through Excel, you can arrange data in an accessible manner.
The program has numerous calculative features that make it easier for users to store important numerical information. The data is organized in rows and columns of the spreadsheet which can be altered in size as per demand.
Multiple spreadsheets can be contained in a single Excel file, making it easier to keep track of the information. Below you’ll find all the information you need on how to operate Microsoft Excel and make data accumulation easier.
Features of MS Excel
Although Microsoft Excel comes equipped with multiple functions, such as font styles, page view and layout options, formulas, graphs, equations, footers, headers, and review options for its users, the following are its most advanced features.
- Although excel offers three default worksheets when you open a single file for working, you can add more worksheets as per requirement, because there’s no specific limit on how many worksheets should be placed in a single file. This is one of the reasons MS Excel is the business world’s most widely used software program.
- The best thing about using MS Excel for accounting is that there are certain features that help you save a lot of time when organizing or adding data to the spreadsheet. For instance, rather than having you press Ctrl and a certain key on the keyboard to cut, paste, or copy a portion of the worksheet, Excel offers multiple shortcuts that you can review in tutorials offered by the program.
- There are multiple shortcut keys for mathematical solutions, such as shortcuts for adding or subtracting numbers within the cells in mere seconds.
- MS Excel allows you to filter data through a shortcut key or an advanced version. There’s a filter option within the spreadsheet that lets you add filters to the values within the cells.
- Nothing increases productivity like the special features offered by Microsoft Excel. It allows you to save time by rearranging information, such as pasting data copied from one cell to another cell, without any change in the numerical value of the information.
- There are multiple built-in features that don’t let you waste time in creating specific shortcuts or manually performing each operation within the sheet. For instance, at last you add random numbers between the highest and lowest number you give through its ‘randbetween’ function.
- In addition to random numbers, Microsoft Excel allows users to add random fractions. Although these functions keep varying when changes are made to the spreadsheet.
- There’s a goal-seeking analysis tool offered by MS Excel that lets you determine the average of the data you insert in the sheet.
- The program lets you drag cells to insert similar information across all selected cells such as serial numbers, names, etc.
Applications of Microsoft Excel
MS Excel is used for numerous reasons, including
Calculation
The best use of excel is that users can create a customized calculator and calculate the same things on a daily basis. This is mainly done for accounting purposes. You won’t have to manually calculate things on a daily basis, MS Excel reduces your workload to just data insertion.
Accounting
Multiple accounting businesses worldwide use Microsoft Excel for accounting purposes because it allows them to create financial reports, track, and plan expenses. It doesn’t just stop there, MS Excel allows you to manage forecasts, budget plans, and much more to fulfill your business’s accounting requirements.
Charting
Although financial data and reports can be managed in multiple ways, MS Excel allows you to chart out your financial data for a visual perspective of your expenses.
Goal Planning
Either it’s a personal daily planner or you’re looking to achieve a business goal, you can map out your plan with the help of the Goal Planning feature within the Excel worksheets.
Tasks Assigning
If you find it difficult to keep track of assigned tasks to your team, use Excel to create a separate worksheet specifically for assigning and monitoring tasks.
Time Logs
Nothing is an asset to productivity more than time. Using Excel for accounting purposes along with customized time logs in the spreadsheet will help you stay on track.
Project Management
Excel isn’t only for automated calculations and accounting purposes, you can use the program to chart out an upcoming project and keep things organized.
Data Analysis
Microsoft Excel has multiple tools for effective data interpretation and analysis that make calculations quicker and data insertion easier for users.
The Advantages of Using MS Excel
Microsoft Excel makes data manipulation more effective by helping you in decision making and automating a large proportion of your daily accounting work on the spreadsheet.
- Data comparison has become easier due to the presence of effective tools within Excel spreadsheets.
- Larger firms deal with a huge amount of data on a regular basis and Excel allows its users to analyze large proportions of data within a single spreadsheet without any space restrictions.
- The updated MS Excel program allows you to share your spreadsheet with other Excel users and let other people work on your spreadsheet at the same time.
- You don’t have to carry your PC or laptop everywhere you go, Excel can be downloaded on smartphones so you can monitor the shared spreadsheet throughout the day.
- MS Excel is an efficient way to store information without having to use all tools or functions within the spreadsheet.
- Microsoft Excel offers different page layouts and views allowing you to view visual data charts and information easily. It also recommends charts for your information and allows you to create customized graphs.
- There are numerous templates within Excel that you can choose from. You can also browse templates through the web.
- Using VBA (Visual Basic for Applications) which is the coding language for Excel, you can write your own code for all of your Excel activities.
