Microsoft Excel is an exceptionally valuable tool that is often underutilized by many businesses. Excel spreadsheets are easy to customize and include a number of different tools and features that many users may be unaware even exist. From project management to budgeting, here are five ways Microsoft Excel can help your business.
From the smallest to the largest projects, Microsoft Excel offers a wide range of tools to keep entire teams all working on the same page or track the progress of individual goals. For more complex tracking and management, you can create a customized project management dashboard. A professional Excel specialist can help you configure Excel specifically for your project management needs.
Budgeting And Accounting
Microsoft Excel is fully interactive, which means you can track individual project budgets against a master budget, which you can integrate directly with accounting software or even use Excel itself for all of your accounting needs. You can even create individual pages for employees to track individual expenses, that can then be integrated with master project sheets.
Data and Statistical Analysis
Most events in business lead to some kind of chain reaction. For instance, a gradual increase in sales at a small bakery will inevitably lead to a quicker diminishment of supplies. Over time, that may lead to a need for more frequent deliveries. If you don’t notice the increase in sales, you may not notice your supplies running out more quickly, which may lead to running out entirely before new supplies arrive. Using analytics to recognize even the smallest statistical anomalies can help keep them from ending in disaster.
Set And Track Business Growth Goals
Successful businesses generally become successful by setting and achieving large goals. Large goals, however, are generally impossible to achieve without breaking them down into smaller daily, weekly and quarterly goals. Excel allows you to track your progress and even have a clear visual of just where you are in comparison to where you need to be at any point. For instance, you could create a bar graph that shows the 100% goal and charts monthly progress leading to the final goal.
Perhaps one of the most useful features of Excel is its ability to transform data into visual illustrations. Understanding raw numbers can be far more challenging than seeing figures compared to other figures or seeing progress visually charted via a pie chart or bar graph. Data from Excel can quickly be converted into a wide range of charts and graphs that can then be turned into a Powerpoint presentation or inserted into a Word document.