MS Excel is a spreadsheet application that is used by millions of people worldwide. It allows its users to create and modify spreadsheets, which can be loaded into Microsoft Word to be printed or later sent as emails. The most common use of Microsoft Excel is in the business setting. Businesses that require hundreds or thousands of sheets of data can benefit greatly from using Microsoft Excel.
Excel can also be used for a variety of activities that excludes business. This includes creating charts, graphs, and formulas for students and teachers alike. Keeping a list of monthly expenses at home and setting personal goals and plans to achieve them. If you plan on using excel for your small business and you’re wondering if it is the appropriate tool, then this post would highlight five benefits of MS Excel for your small business.
1. You can use Excel for analysis.
One of the most basic yet effective uses for Microsoft Excel is to perform analysis on large amounts of data. Excel can analyze data to provide reports that are both timely and accurate.
For example, if a business needs to calculate statistics such as customer satisfaction or profitability, you can use Microsoft Excel to perform the necessary calculations. You can easily convert XLS to PDF to share the files with your colleagues or teammates. Tools like GogoPDF can enable you to convert files in less than ten minutes following simple steps.
Another great feature of Microsoft Excel is that it allows the user to enter complex mathematical data structures which are used to analyze many different data sets.
2. You can use MS Excel for presentations.
Another use of Microsoft Excel is for creating spreadsheets that are used for making presentations. PowerPoint is a widely used presentation program that you can use for making presentations for business or school purposes. It allows the user to quickly and easily form slides that include text, images, and graphs that are then arranged in a layout that you can view with a PowerPoint display. All you need to do is a few clicks to render such graphs and data.
3. A great tool for project planning.
Project Planning is a crucial component of project administration, which pertains to the use of charts created in MS Excel to analyze and then track the process of a project. Project planning can be done by the use of standard project management software or by using the good old pen and paper.
Although many available project management tools are designed specifically for this purpose, MS Excel is the best. This is because Excel can organize information in such a way that makes it easy to understand and work with.
4. Efficient for financial Management.
Financial management is mainly concerned with money, finances, expenditure, credit, and income. It deals with dealing with financial problems arising out of the use or mismanagement of financial resources. MS Excel is an important tool in financial management as it can be used to keep records and track payments. With Excel, you can easily track where the fault in a financial issue occurred.
The problems may arise for the organization when there is a rise in costs of production. The rise in the cost of raw materials, labor and overhead, the increasing competition, and so on are all the factors that affect the cost of production.
5. Best for financial tracking.
In the modern age, Finance Tracking is not just a mere means of budgeting your finances. Whether it is a simple spreadsheet or a custom reporting tool that suits your company’s needs, it helps you make informed decisions. You can also take the necessary actions to improve. Bottom line, finance tracking software is an indispensable tool in today’s business environment.
The use of MS Excel would make sure the financial tracking aspect of your business is handled. For effective use of MS Excel for financial management and tracking, some factors need to be taken into account before making a decision. Firstly, you need to analyze whether the system you are planning to use can save and present data that is easy to understand and navigate.
The second factor is whether the application will provide you with the tools to quickly present an analysis on finance. Depending on the kind of reports you want to present, you might also have to select the appropriate charting and graphing tools. The third factor that you should consider while selecting a Finance Tracking application is the extent of its usability for people in your team.
Whether you’re a mom writing down the list of needed home items, or a small business owner looking for the best way to track incoming sales, MS Excel can be of help to you. With the available spreadsheet and cells, you can effectively make a list, note down your goals, and track your profit.