Excel is certainly not a new platform. In fact, it is one of the most widely used tools in organizations and even private households all across the world. It is constantly evolving and improving, giving users more and more elements and points of use. Although largely considered a business software program, it is used globally as a tool for key data capturing, storage and management.
It is also one of the more adaptable forms of software on the market, with features that seem to go on forever. In fact, the variety of the program’s various features and applications is so vast that you might find it difficult to find two organizations that use it in the same way.
So, what can you use Excel for in your company? In this article, we will highlight some of Microsoft Excel’s most important applications. Let’s take a look.
This is one of the first things we usually think of when we think of Excel. Bookkeeping, accounting, number crunching. Virtually every accountant in the world uses Excel. In some cases, when companies are just getting started, or accountants are unsure of the full capabilities of the software, they usually turn to Excel programmers to assist them to streamline the process.
It is highly useful for tasks such as creating balance sheets, preparing financial statements, and creating budgets. Its applications can also be used to track expenses, forecast data and strategies, and for various calculations such as loan accounting.
Falling under a similar sphere, but not limited to accountants, Excel is a great software application to assist with the creation of data visualizations. These allow you to take data that you have in your company and convey them in a visual format. Think about bar graphs or pie charts. These visualizations are accessible, compelling, and informative for those viewing and allow mass data to be conveyed simply.
It is particularly used to share information with potential investors, management, or coworkers, and reduce the amount of data and numbers into a clear visual. Excel offers various options for visualizations to make sense of reams of raw data.
Inventory Management And Tracking
For a company selling a physical product, inventory management is central to the functioning of the business. In many cases, companies use specifically tailored products to manage and track inventory, however, there are a plethora that still uses Excel. It is not only reliable and easy to use, but it is also budget-friendly, which is useful for smaller businesses and startups.
The problem comes in with Excel servicing as an inventory management system with human error. Most data has to be physically added to the sheets and there is a lot of manual work involved. Should you have a large company with thousands of stock in inventory, it is highly recommended to use a more tailored option.
Marketing And Mailing Lists
The next, highly popular function of Excel is to create contact lists and mailing databases for companies. It assists in the storage and maintenance of records of prospects’ and customers’ contact information alike. It also allows for easy access to this type of information from relevant staff members in the company.
The functionality of Excel also allows you to manage contacts and sort them into manageable data. So, you are able to sort according to name, email address, contact type, etc. depending on your needs. It is also entirely useful as you are able to integrate the sheets into various platforms.
Things like your email platform allow you to merge a sheet with the program to easily upload contacts for you to manage from there.
General HR Management
Excel is one of the most popular tools used in HR. It can be used for several functions in the department. From salary recording and salary slip creation, all the way to time tracking, time logging, checklists, and task lists, the options are endless.
HR departments can manage a variety of their functions through Excel. This can include talent acquisition, training management, benefits program management, and everything in between. It provides an easy-to-use and highly organized method of managing data, especially work schedules, vacation time and all crucial data HR needs to be aware of.
The Bottom Line
In wrapping up, the uses for Excel are endless. From HR to accounting to your sales teams, each department in a company can make use of Excel to effectively manage their work, data, and crucial information they need to work with. It can be easily integrated into various other platforms and offers a multitude of features that can streamline your information management.