7 Reasons Why Learning Excel Could Change The Way You Do Business

If you’re like many business owners, Excel might be the last tool you want to use within the Microsoft Office Suite as it looks complicated. However, those who actually take the time to realize its full potential are quick to change their minds about it. While it can be daunting when you first begin navigating the software, it is a very powerful tool. Here are seven ways that it can change the way you do business.

#1 Data Entry and Storage

In its most basic form, Excel is fantastic both data storage and data entry work. The size of an Excel file is only limited by how much power and memory your computer has, and a single worksheet can contain up to 1,048,576 rows and 16,384 columns--more than you'll probably ever need. In addition, Data Form and other features make it super simple for you to input and view your data, and users can even make customized data entry forms that are customized to your business' needs.

#2 Data Collection and Verification

Most businesses have to use more than one system, like a CRM and a separate inventory, in order to handle their databases and logs. All of these separate data logs can be imported into Excel for super easy access. You can also use Excel to clean up your data, like by deleting duplicate entries and removing incomplete entries. This eliminates bad data from the start, so it won't impact your analysis and reporting in any system you use.

#3 Administrative and Managerial Tasks

Creating and outlining the various processes at your business is just one aspect of managerial duties, and it can be handled entirely in Excel. The process helps with optimizing your business and Excel is very effective when it comes to organizing your scenarios and procedures for then. Tools like flow charts can be used with text, animations, and pictures.

#4 Accounting and Budgeting

Staying on top of your business' finances is essential. Most business use online finacial tools like Xero, and excel can help in this area too. With built-in accounting and budgeting templates, Excel makes your financing tasks easy to handle. The built-in calculations and formula features will then help you organize your results, plan ahead and allow you to keep working ahead.

#5 Data Analysis

You just received a huge pile of data and now you are tasked with getting some insights out of it. Don't worry: Excel can help with this too! By enabling you to manage and copy your data, you can now retrieve clear, communicable results out of it. Pivot Tables is by far one of the best features to use when doing this. With them, you can consolidate your data and focus on individual segments out of a large data set. This creates a concise snapshot that you can even turn into an interactive report. Filters and swapped segments can then alter the table without any extra effort, allowing you to zero in on the desired fields.

#6 Reporting and Visualizations

You can import data from your Pivot Tables and from raw data sets in order to generate charts and graphs within your Excel software. In turn, you can use the data for formal reports, presentations, and even for data analysis. The information you retrieve can even get you a new perspective on the trends that effect your business.

#7 Forecasting

Although it's important that you're able to report and review your results, you also need to be able to forecast the future outcome and be prepare for various changes and scenarios. Excel can be coupled with a third-party software to easily help you simulate financial projections with the help of your past data. Charts can then be generated for easy review. 

So while it can be daunting when you first open excel once you learn the basics and start navigating the software, it is a very powerful tool that you will love. Learning the full capabilites isn't easy on your own, I suggest finding a workshop with a trainer that is easy to understand, patient and you can relate too.