![]() Tracing and assembling data can be time consuming. Typically, a firm receives data from numerous sources, often from third-party vendors too. Not only that, an error in data or method will ruin the whole report. Executing the macros function perfectly takes one to gain a certain level of expertise which many find cumbersome. There are some challenges that come with using ExcelĪs you can surmise from the myriad of online courses, webinars and e-books delivered by a plethora of instructors, using Excel optimally requires one to master several formulae and syntaxes. Sounds like an ideal software after reading the benefits of Excel? Sadly, nothing in the world is perfect and Excel has its limitations too. It does not need annual renewal, and works on several different platforms without even needing internet connection. MS Excel comes to their rescue as it comes bundled in MS office package. This will surely give you a closer view on how your company/ organization is performing.Ī small or recently established business will find it difficult to manage the price of a specialized accounting software. Moreover, you can compare customer base across geographies in case of a retail or reseller small business and analyze several factors like age, purchasing preferences, spending capacities, etc. Excel makes it hassle free to compare financial datasets between two periods to calculate income such as analyzing year-on-year and month-on-month data. You can make comparisons between different data sets quickly and easily. You can incorporate them as per your needs with a click. Microsoft Excel comes equipped with a huge library of invoices, ledgers, reconciliation, budgeting, and other accounting trackers. It saves considerable time & efforts as these templates can be reused as per your needs. It can easily predict current or future cash flow volume.Įxcel offers the ability to create book-keeping templates for your unique requirements of receipts, invoices, and other reports that you need quite often. Yet another nifty feature is ‘what-if’ which is effective for forecasting budgets based on user preferences.Įven better than the ‘what-if’ function is ‘forecast sheets’ which enable the users to estimate the upcoming trends by drawing upon historical data from over the past years. Excel macros and formulae reduce the need to intervene manually. You don’t need to change the whole report every time with this wonderful function. This is a life saver when dealing with repetitive calculations, for instance updating your report every month with financial data changes. You can record your calculations using this function and apply them elsewhere simply with a click. ![]() It makes updating a spreadsheet a lot easier. With time, Excel has evolved so much that now it can provide the option of using pie charts and graphical representations to show stored data and accounting results.Īs an accountant, you might have certainly used the Excel’s ‘macros’ feature. It allows users to conveniently store data in spreadsheets in a structured format. They are delivered by experts who train people to use Excel more efficiently and helps you polish your skills.įirst, let’s see why Excel is used widely for small business accounting. The popularity and importance of Excel can be gauged from the sheer number of courses that are available online. ![]() Owing to its versatility, it is always expected from seasoned as well as budding accounting professionals to have expertise in Excel. Needless to say, it makes lives much easier with its wealth of formulae and macros to execute complex calculations and present the data in the form of charts & graphs. It can also be used to store other employee level accounting data. Ranging from basic bookkeeping to storing financial data such as sales, revenue, purchases and expenses Excel finds its usage in almost every day to day accounting activity in an office. This is a blog on Excel, where we will take a thorough look at MS Excel and examine both sides of the coin, its benefits and the underlying limitations. To them Excel is a tried and tested software that is trusted by accountants and is very extensively used day in, day out. A lot of businesses worldwide, especially the newly launched ones rely heavily on the ensuing accounting process.
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