Microsoft Excel, first launched in 1985, remains to be one of the most versatile business tools. With its multiple functions and capability to contain thousands of entries, many organisations rely on this spreadsheet software to sort and analyse data. There are Microsoft Excel training courses you can enrol in to help you maximise its functions.

In short, Microsoft Excel or simply Excel can be utilised in the workplace in so many ways. Here are a few examples:

Accounting

Excel has long been a trusted accounting tool. Businesses have been using it to draw budget plans, make financial reports, and plot profit forecasts for years. Excel even has built-in templates for loan calculators and sales receipts; it also supports third-party templates for accounts payables, balance sheets, income statements, and more. All you have to do is input the figures and Excel will automatically compute and present the numbers you need.

Data Entry, Storage, and Verification

At its core, Excel is data-entry software. One Excel worksheet can contain 16,384 columns and 1,048,576 rows of data, and one Excel workbook can easily contain 1,000 worksheets;(as long as your computer has available memory or RAM, Excel will allow you to add more worksheets). Beyond storing data, however, Excel also has features that let you create customised data entry methods to tailor how you input, present, and verify data.

Many databases can also be downloaded and exported into Excel, such as social media insights or website analytics. Moreover, the software has functions for data clean-up. You can use Excel to remove duplicate or incomplete entries, which makes your data more robust and better-suited for analysis.

Data Visualisation

Let’s face it: even the most numbers-obsessed moguls will get bored when presented with rows and rows of figures. Indeed, most people can appreciate data better if it is presented in a more “snackable” manner. Thankfully, you can also use Excel to instantly transform data into charts and graphs. Depending on how you want to present the data (e.g., trends, comparison), you can choose from a wealth of chart templates like pie charts or scatter plots. You can also fine-tune details like colours, as well as add comments for important notes. Finally, you can also copy a chart or table in Excel to other file types like Word or PowerPoint. This makes data presentation a lot easier.

Data Forecasting

Data forecasting helps businesses prepare for unexpected scenarios and adapt to changes in the market. With the help of third-party software, you can also use Microsoft Excel to simulate financial projections. You can also use an existing data set to create a formula that predicts future values. What’s great is that you can copy a worksheet from one workbook to another workbook without losing any of the existing formatting. This is especially valuable when you want to compare historical data.

Inventory Tracking

There are various inventory management software options available nowadays, and most ecommerce platforms now come with inventory tracking features. Still, if you’re looking for a free and easy-to-use inventory tracking system for your business, Excel is your friend. With dropdown lists, various formulae, and macros, you can easily create your own system. You can also start with Excel’s templates or download third-party ones, and then customise them as you see fit.

Project Management

Project management involves many different layers, including scheduling and goal-planning. With the help of Excel, you can easily create digital calendars and to-do lists. You aren’t limited to simple checklists and schedules, either. Indeed, you can use Microsoft Excel to create robust charts that help keep all your projects on track. You can create waterfall charts, Gantt charts, and even Kanban boards all within an Excel worksheet. Again, with various customisation options like colours and comments, you can get as detailed as you want.

Creating Forms

Is your office going the paperless route? Microsoft Excel is a great way to make various kinds of online templates and forms and so you can minimise the amount of paper you use. With a few formulae and dropdown lists, you can create liquidation sheets, funds requests forms, annual leave trackers, and more.

What’s even better about Microsoft Excel is that it’s compatible with Mac, iOS, Windows, Android, and several cloud-based platforms. This means that you don’t have to worry about converting files and ruining carefully formatted cells. Meanwhile, for those getting a little fatigued by all the numbers and data, you can also create fun games and puzzles using Excel. In short, this spreadsheet software really is more than just for number crunching. With a bit of practice and perhaps a Microsoft Excel course, you can become an expert and explore Excel’s limitless possibilities.