Key Uses of Excel for Business Purposes

To most of us, Excel is just a number engaging tool, a tracker of our daily expenses or for performing basic math tricks as functions and formulas are already stored in this OFFICE tool, but the application is capable of much more. It has a pretty basic interface, and the software can be easily understood. Thus it is very useful for business purposes too especially because of the spreadsheet feature which can store a tremendous amount of data, make graphs and charts and predict future performance of the business, as well as calculate revenues and taxes. Here are some of the Excel features that find great use in business.

Data entry

In any business venture, one aspect that will always be there is the huge amount of data and Excel provides a very convenient method of entering the data in a tabular form for easy future reference.

Data storage

The data entered in an Excel spreadsheet is compressed in such a way that it doesn’t occupy much space and thus substantial data can be stored. One worksheet contains 1,048,576 rows and 16,384 columns so you can imagine the storage capacity.

Easy access to multiple data

A company uses numerous systems which have their own database and logs. Excel helps to compile all these data into a single entity which can be later used for analysis.

Analysis of data

You may be handed a large amount of data and asked to make sense of it. Excel will help you with this process as it has built-in quick analysis function that finds a pattern in the data. The feature of pivot table helps you concentrate on a set of data from a large amount and make summary reports from that. For more information regarding this, you can visit informative websites like Excel Semi Pro.

Maintaining accounts and budgets of a company

Excel comes with a number of built-in functions and formulas which helps in easy computing of data. When all the fields of a formula are entered, Excel does the calculations automatically and presents the result, saving a lot of resource and time. This is particularly helpful for accounting and budgeting of a business.

Optimized representation of data

Excel helps to convert the data into more interactive and useful forms like charts and graphs which help faster analysis of the data present and also improve the presentation thus helping in improving the aesthetics of the company.

Better work scheduling

Every company has multiple numbers of employees working under them, and everyone is assigned a certain task for the day. Tabulating the work schedule makes it easy to track who is responsible for what.

Tracking the sales of product and analyzing the trend

Once the data is analyzed and formatted into graphs and charts, you can easily track the sales figures pertaining to a particular product and the age group it attracts or any other information that you want. It also helps the company to keep track of the ever-changing trend of the market and keep evolving according to requirements.

Thus, we can safely say that excel has a lot of uses for businesses, big and small, and is an indispensable tool for all of them.

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