All there is to Know about Excel Uses in Business
Microsoft Excel is a software program developed by Microsoft. It involves a spreadsheet system through which users can easily organize, calculate, and format data with the use of formulas. Just like any other spreadsheet application, MS Excel manipulates, and organizes data by a range of cells that are arranged into rows and columns.However, apart from these basic features, Excel can also be used to gather data from external sources through Microsoft’s Dynamic Data Exchange feature as well as offer programming support.
What are the Uses of MS Excel in Business?
This spreadsheet software has become quite essential to the business world. It is being used all around the world for various reasons by business organizations. It has a simple interface, making it easier for users to understand and perform basic activities.
MS Excel is the most popular spreadsheet software for the use of financially-related activities. It helps a business to keep track of sales leads, invoices, and project status reports. For an individual, Excel might not be of much use, but when it comes to businesses, it has proved to be a powerful tool.
Here are some ways in which MS Excel is being effectively used by businesses:
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Tracking Sales
Small businesses can easily keep track of their product sales by using MS Excel. Once they have the complete track of their product, they get a clear idea about designing plans for their sales and can also point out the high and low sales trends and work accordingly to that. Their progress can be identified using this software,
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Financial Accounting
Accounting activities are carried out on Excel by many businesses. A firm’s financial transactions can be recorded on the spreadsheet. Moreover, an accountant, in a similar way to a ledger book, can enter the business’ deposits and expenditures onto different rows from which graphs and charts can be created to compare the income and expenses of a business.
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Scheduling Work
The Scheduling feature available on MS Excel is taken advantage of by many business organizations. One of the main tasks of a manager is to assign work to teammates, and this must be done successfully to meet the project deadlines set by clients. Therefore, this feature comes in handy.
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Analyzing Data
When it comes to data analysis, Excel can help businesses very well with that. If it is a huge pile of data, and you are supposed to draw insights from it, you can incorporate clear and communicable data results with the use of this software. By the use of Pivot tables in Excel, the data in a complicated table can be summarized, explored, and then, analyzed.
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Tracking Return on Investment (ROI)
The ROI of a business is what tells the directors about the investments made into the business and the amount of profit earned by the organization. MS Excel can help in keeping track of the ROI with accuracy. Once a business keeps the record of its sales, it becomes easier to predict how long it is going to take to reach the break-even level or earn additional profits.
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Storing Data
The contact information of customers and clients can be stored on the MS Excel Spreadsheet. Many small businesses use it for this purpose. In this way, managers can easily contact their customers using this information.
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Forecasting
A business needs to be prepared for any changes or different scenarios that they might come across in the future. Therefore, forecasting has to be done. Excel can help calculate future values by using a chart’s data set to create a formula.
Microsoft Excel is certainly not a disappointment when it comes to business use. It has proven to be beneficial for business owners as their tasks are made easier. Data entry, managerial duties, budgeting and accounting, data analysis, reporting and forecasting, all can be done effortlessly with the use of this spreadsheet software, whether it is simple or sophisticated.
This software is not only confined to business use. Many individuals, such as teachers and students also make use of MS Excel to make work and assignments easier for themselves. Once you get the hang of it, you will find yourself using it more and more.
