Why Ms Excel is Important in Business
Released in 1985, MS Excel has grown into probably the most important software application in offices all around the world. Whether you're creating a budget, planning a workplace social gathering, or organizing lists of client sales, Excel is such an effective tool that's become deeply entrenched in business functions worldwide.
Accounting and finance
If you walk into any accounting or finance department of any major company, you'll see desktop screens filled with Ms Excel worksheets outlining forecasts, budgets, financial results, and plans for big business decisions.
This is the field of business where Ms Excel is used the most. Advanced Excel formulas can complete processes in just a few minutes, compared to manual processes that needed two weeks to finish in the 1980s.
Most Excel users know that the application can add, subtract, divide, and multiply. However, it can do so much more with functions like IF, combined with VLOOKUP, HLOOKUP, INDEX-MATCH, as well as pivot tables.
Human resources planning
While database applications like QuickBooks, SAP, and Oracle may be used for managing employee information and payroll, exporting this data into Ms Excel lets users spot trends, summarize costs and hours by pay intervals, yearly or monthly, as well as have a better understanding of how employees are spread out by pay level or role.
Human resource personnel can use Ms Excel to create a huge spreadsheet filled with employee information and know exactly where the expenses are originating from, as well as how to plan and check them in the future.
A spreadsheet can allow you to do anything:
Excel has almost endless applications in your business. Here are a few examples:
When organizing an outing to a football game, you can track the costs and RSVP list with Excel.
Excel lets you create models of revenue growth for new products, depending on new consumer forecasts.
Users can summarize each product's consumer revenue to identify areas where stronger customer relationships should be built.
You can calculate consumer discounts based on each product's monthly purchase volume.
When budgeting for your small product, you may list categories of expenses in a worksheet, update it each month and develop a chart that shows how close the item is to the budget in each category.
A good working knowledge of Ms Excel is crucial for most office professionals today, so get Excel training today to increase your chances of promotion and leadership.
Start learning Excel now and take advantage of this powerful business tool.