-
Microsoft Excel is a computer spreadsheet program that is frequently used by accountants, business consultants and everyday people. It is a staple in many workplaces. Without Excel, many people would have difficulty performing basic duties.
Financials
When a person has to create a business plan, he will likely use Microsoft Excel to draw up the financials, including the income statement, balance sheet and cash flow statement.
Complicated Formulas
Microsoft Excel is used as a calculator. It comes with a variety of formulas, some that are very complex and hard to solve on paper.
Organization & Storage
Excel is very effective at organizing and storing important financial data in a clean, easy-to-read format. The sheet is organized as a group of cells that hold each piece of data so that the user can find information quickly.
Time Saver
In the past, accountants used paper ledgers to record financial data. This was a very time-consuming process---especially when it came to doing manual calculations and writing out information. Microsoft Excel spreadsheets help save the user a significant amount of time because everything is typed and automated.
Budgeting
Excel is also important because of its function as a simple personal and business budgeting tool. It is useful for listing bills, tracking income and expenditures, and setting financial goals.
Source:
Copyright 2023, Wired Ivy, LLC