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Potential of MS Excel
When we think of Microsoft Excel, we think of a computer program capable of tracking expenses or calculating complex formulas. However, this spreadsheet software does much more than just crunching numbers. Its popularity lies in its financial functions. For this reason, MS Excel can be a very powerful tool for businesses willing to make the most out of their Big Data.
MS Excel is the most preferred and used spreadsheet in the world because of its easy to use grid interface that allows you to organize any type of information. For those in the field of information systems, employees are required to learn Excel. While Microsoft Excel is apt to analyze and segment data, Microsoft Excel 2016 takes it one step higher. It includes advanced features and improvisation to streamline data analysis and increase the efficiency of a business. Today, a number of professionals are not only utilizing MS Excel 2016 to perform everyday functional tasks in their workplace but also rely on it to make critical decisions.
MS Excel & Finance
Businesses commonly use MS Excel for finance related activities - calculating annual reports, planning budgets, forecasting financial trends, tracking company sales, project reports, etc. To fully benefit from MS Excel, users need to make the most of Excel functionality while figuring out where it falls short. Here are two ways you can use Excel to become a financial rock star at your workplace and improve company productivity:-
1) Building sound Financial Models
Financial Models are simple spreadsheets designed to generate reports of a company’s performance or an investment or financial activities to determine future profitability or possible risks that can be avoided. A strong financial model caters to a specific market segment and requires understanding of a company’s financial health and great skill. The skill to build and update simple/complex financial models can be best carried out on MS Excel 2016. This new version of MS Excel has more than 50 financial functions, some of which are obvious while many are hidden. Some of the important financial features in Excel 2016 are Power Query, One Click Forecasting, Text Lines in a cell, Enhanced PivotTable, Multi Select Slicer, Power BI, and so on. To learn more about these features or other specific tasks, you can undergo Advanced Excel Training by taking up an Advanced Excel Course and voila you can use Excel to manipulate financial data and improve the investment process for your business.
2) Track product sales & Return on Investment
To identify your product’s progress and high/low sales trends, you need to maintain a complete a track of your product sales over a period of time. Keeping a track of sales will indicate your Return on Investment, gauge your progress towards meeting goals and thereby determine whether goals are realistic or not. Developing future business strategies and preparing for various scenarios is possible through improved charts, enhanced pivot tables, new formulas and other functions in Excel 2016.
Bottom Line
Knowledge of Microsoft Excel will earn you accurate results but learning the financial features of Excel 2016 will let you reap the best possible results from your business. Excel has become so easily accessible that anybody can readily use it as a primary tool for diverse functions. An affordable and simple way to learn Excel online is through a number of Excel tutorials.
Create financial models or learn new formulas or simply take advantage of everything Excel has to offer. Sharpening your Excel skills will open doors to promotion and leadership opportunities, and will ensure that you stand out from the rest of the crowd when it comes to creating world class financial models.
