Microsoft Excel and how it can help your business

Microsoft office is the most popular office application in the world. This contains many components including Microsoft Excel. Excel is a very powerful and useful spreadsheet application which has many different uses within organizations.

Analysis

While there are specialist business analytical tools available these are often expensive to use. Excel on the other hand is very powerful and once you have brought the software is free to continue using. This means that almost all businesses will have access to Microsoft Excel even though they might not be able to justify different analytical software.

No Memory Limits

On older machines Excel had limits to the number of rows and cells that it could process. However, modern machines have plenty of memory and processing power to ensure that even the biggest spreadsheets can be handled with ease.

Budgeting

Microsoft Excel is also a very useful budgeting tool. Again, there are other pieces of software that can do this. However, excel is something that most companies have. It’s also very easy to adjust figures in the spreadsheet and see how they change the outcome without needing to change many different steps.

Inventory

It’s also possible to use Excel to create formulas to track your inventory. It’s even possible to add drop down boxes to select values rather than simply inputting the values manually. This will reduce the chances of any information being incorrect.

Creating Forms

Excel is very versatile thanks to it including many different forms. The forms can be used to collect information and then store it for later analysis. Drop down boxes and check boxes can be used. This means that more than one answer can be chosen if required.

Breakeven Point

When calculating the breakeven point for a project it’s normally easiest if you use Excel. This is simply a process of putting figures into the spreadsheet and then using formulas to subtract your costs. This will make it easier to decide whether or not the project is viable.

Calculating the breakeven point on paper would be very time consuming and difficult. However, using Excel makes this much easier. It also means that you can adjust the figures slightly to see how this changes the outcome.

Creating Tables

While it is possible to create tables in word, this requires planning and forethought. However, when using Excel it’s possible to create a new column by simply writing in it. These tables can then be copied into word if needed without needing to draw a table.

It’s also possible to print out only a section of the table by highlighting it and selecting Print Selection from the menu. This makes it equally as easy to add new columns and rows.

Sorting

Excel also has sorting and filter tools. This can be used to sort or filter a table of data in a very similar way to a database program such as Access. Most people prefer using Excel than Access because it’s easier to see what is happening. It’s also easier to set the workspace up and make changes to it.

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