Microsoft Excel spread sheet software has become an integral part of most business organizations across the world. MS Excel is used for various purposes by business establishments. Some organizations use this spread sheet software for generating memos, track sales trends, and other business data. Microsoft Excel spread sheets software come with million rows of data and automates number crunching, but this popular spread sheet software is capable of doing more than just figures. MS Excel has a simple interface that allows users to easily understand this software and also perform basic activities.
MS Excel offers a grid interface that allows the user to organize any type of information they require. One of the major advantages MS Excel spread sheet software is its flexibility feature. This feature allows the user to define the structure of information they need to manage with ease, and this spread sheet software is very easy to use and even a novice user can use this software. For specialized tasks, the user needs to undergo training and gain hands-on experience to use it in a better manner. Even after three decades, MS Excel is still the most preferred and used spread sheet software around the world.
Microsoft Excel is commonly used for financially-related activities. The reason for its popularity is that the user can define custom formulas for calculating quarterly, half yearly and annual reports. This spread sheet software also helps the individuals and professionals to effectively keep a track of sales leads, project status reports, and invoice reports. Microsoft Excel is also very popular among professionals from science background as it allows them to easily work with statistical formulas and graphing. This article offers a brief introduction to Microsoft Excel and its key features.
1. Work Scheduling
Assigning the work tasks to the team members is one of the most important job of the managers. This task must be performed by managers effectively so that the given project deadlines are met and the project is delivered successfully to the client. For this, managers take advantage of Scheduling feature available in the MS Excel spreadsheet software. These schedules can be color-coded and are designed in such a manner that they get automatically updated if there is a change in the schedule of tasks and activities.
2. Basic Financial Accounting
Small and mid-sized organizations make use of MS Excel spreadsheet software for carrying out their accounting activities. They can create a basic accounting program or checkbook ledger that allows them to keep a track of the organization’s financial transactions. For making it more effective accountants can enter their deposits and expenditures onto each row, very much similar as they do it in the traditional ledger books. By entering data in this manner accountants also have the flexibility to create charts and graphs over time to compare business income and expenditures.
3. Tracking Product Sales
MS Excel spreadsheet software allows the small business users to keep a complete track of their product sales. By doing these, small business owners can effectively design plans that will enhance their sales in the market. By maintaining a complete track of the product, business owners get a clear idea about the progress business has made over the specified time period and also helps them to identify the high and low sales trends. According to Microsoft officials, "By using regression analysis, you can extend a trendline in a chart beyond the actual data to predict future values."
4. Return On Investment [ROI]
MS Excel software also allows you to track the Return On Investment accurately. The ROI gives the business owner a clear indication of how much investments have been made into the business and how much is the profit earned by the business. If the business owner is keeping a complete track of the sales, then they will also get an idea about how long it takes for them to reach break even or additional profit levels.
5. Customer Data
Small business establishments and organizations use MS Excel spreadsheet for storing contact information of their clients and customers. This information acts as a customer database for them and can make use of this information to contact their customers. The advantage of storing this information in MS Excel sheet is that even though the sheet is updated or new fields have been added to the sheet it does not affect or change the content present in other cells of the spreadsheet.
Microsoft Excel has proven to be advantageous for day to day business activities. The knowledge of Microsoft Excel has become essential for small business establishments to carry out their day to day business and reap the best results from their business.
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