Top Reasons To Use Excel for Accounting
Proper accounting is vital for any business. It’s highly recommended that you use Excel for managing yours. The reasons for doing so are many, but here are a few that might convince you to make this program a standard part of how you balance your books.
Organizational Ease
Excel makes rearranging information simple. Spreadsheets can be structured in many ways depending upon the values you most want to examine. Information can be transformed into pie charts or other graphical styles that facilitate analysis with no more than a few clicks.
Pre-Made Templates
Instead of creating forms from scratch, access Excel’s reserves of ready-to-use templates. Invoices, accounting trackers, and ledgers can be altered to suit your needs. It’s certainly quicker and less complicated than beginning from scratch.
Forecasting Sheets
Excel’s forecasting sheets make examining theoretical scenarios a snap. By using existing data, the potential outcomes of specific decisions are made clear. This can help guide decision-making, and prevent large mistakes from hindering your operation.
Automated Calculations
Using macros, you can create spreadsheets that automatically perform the functions you want them to. This removes the need to tell Excel what calculations should be executed every time you create a new report. Beyond simplifying your working life, it reduces the odds of human error creeping into the equation.
PivotTables
By using PivotTables, data can be rearranged so that understanding it is more logical. For instance, bank statements list transactions chronologically. To analyze this history, it’s more helpful to have the information organized by income versus expenditures. PivotTables help do this. They’re particularly useful when looking for trends that are impacting your company over the long haul.
Low Cost
Full-fledged accounting software can be expensive. Excel offers an affordable alternative that is suitable for startups and other small ventures. If you’re hesitant, try the free version before springing for the complete software set. When looking for a program that can help save money, it’s fitting that you do so as frugally as possible.
Simultaneous Users
Excel lets multiple employees access one spreadsheet at the same time. This allows work to get done faster and facilitates communication between co-workers. Combining this feature with an instant messenger can seriously enhance productivity.
To run a successful business, you must pay attention to accounting. Although there are many software solutions available, Excel is a fantastic value and comes stuffed with functionality. Strongly consider using this powerful tool to handle your bookkeeping.
