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Using Excel for Your Business Management

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Using Excel for Your Business Management

Microsoft Excel is arguably the most powerful spreadsheet application in the world. It can enter simple data to implement powerful computations and algorithms like a computer programming language. Microsoft Excel is so useful that currently, almost every office worker and business owner is expected to have a basic understanding of Microsoft Excel and how it works. 

As a small business owner, you can’t afford to be left behind from the loop. You need to start using Microsoft Excel to manage your business efficiently and perform several tasks. You can use it for computing payroll, automated small business loans calculation, balance sheets, profit and loss accounts, and more.     

Relevance of excel in business

The following are the use cases of Excel for business:

Data entry and record-keeping 

Excel is excellent for all kinds of data entry and record-keeping, including day-to-day sales and more. Use excel to store customer emails, contacts, and other information. You can convert customers’ saved email addresses and references to a CSV file and upload it to email applications and tools for faster bulk mail sending.  Use it to record the items or services sold per day and their quantities. Replicate recurring information easily and use the Excel autofill features to enter and record data. 

Accounting 

Excel is far better for small business accounting and recording than using pen and paper. Excel has built-in templates that can be used for small business accounting and calculations. Almost everything can be computed automatically for you as long as you enter the required data. You can use it for balance sheets, financial statements, expense tracking, budget setting, and small business loans calculation.       

Data analysis and visualization for better decision making   

Excel has various data analysis and visualization tools. After analysis, your data can be presented using handy charts and graphs that clearly show your data in detail for faster comprehension and better decision-making. Excel also has excellent forecasting and predictive analysis tools.      

Inventory tracking 

Excel can be used for inventory tracking and management. You can use it to keep track of remaining resources so you’ll know when to order new ones. Excel’s visualization can help you understand how resources can be better managed. 

Human Resource Management 

Excel can help you keep track of employees, employee payroll, employee work schedule, leave days, scheduled payments, time tracking, and more. It has dedicated templates for these tools, and you can download them.  

Project Management 

Excel can be used for project management with Gantt charts, project scheduling, and project timeline. It can also help with time tracking and cost forecasting.    

How to learn and master excel

You can learn excel by taking online tutorials on platforms like YouTube, Udemy, Udacity, and Coursera. You can also pay for private tutors to take you through the nitty-gritty of Microsoft Excel. Taking out small business loans to learn Excel and other important office management tools is an investment that will yield many returns.  

Best ideas to improve your efficiency with excel

The best way to improve your proficiency at using Excel is to practice every day. Start with the simple tools, then progress to using the more advanced tools that Excel has. If there is anything that you don’t understand, Google is there for you. Excel experts still refer to Google to clarify one thing or the other in Excel.      

Conclusion

The importance of Excel for a small business can never be overemphasized. If you want your business to perform better and stand out and in your industry as well as expand rapidly, you must adopt Microsoft Excel. Your computer skills, technical skills, or literacy levels don’t matter. Learn Excel, and you’ll see how useful, fast and intuitive it is.  

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