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Why MS Excel Is An Essential Tool For Every Organization

Why MS Excel Is An Essential Tool For Every Organization

6/26/2020 2:05:43 AM

When you hear about Microsoft Excel, you might start thinking about an old working office scenario, like the one in the ’90s. Loads of papers piled up, cubicles around, people going through endless lists of data, and scrolling across the screen of a traditional computer. It has been around since 1982, and MS Excel is still going strong. In fact, it has become an integral part of every business.  

No matter if it is a startup, small business, or a well-established business running on a large scale, this amazing tool plays a vital role in managing the important data of organizations large and small. 

Microsoft Excel is surprisingly flexible and extremely useful. 

From managing payroll to project allocations to finances to HR to employee records and so much more, Excel is an excellent solution! And, with over one billion Microsoft Office users worldwide, it has become the professional standard in offices across the globe for pretty much anything that requires management of large amounts of data.

The following are some ways that Microsoft Excel solutions can be used in your business.

MANAGE FINANCES EFFICIENTLY

Whether you run a business on a small scale or have a company with over two hundred employees, expenses are a part of every organization. When it comes to managing the expenditure or the finances, MS Excel is second to none. With the help of various templates, spreadsheets, etc., accountants can easily enter important data. Also, there is a customization option through which you can categorize the different areas as per your convenience and keep track of things accordingly. 

STORE CONTACTS 

One of the most valuable parts of any company is its employees, customers, and clients. Having a solid and easy-to-reach contact list will make your work much easier than you can imagine. Though there are other options for saving contact information such as notepad, MS Word, etc., Excel Spreadsheet is a more efficient way to save contact information. You can also put the required data under different headings like:

  • First Name
  • Last Name
  • Email ID
  • Phone Number, etc.

It is a widely used program for organizing essential data, and if you want to import the lists into other databases, it can be easily done using MS Excel

ANALYSIS OF THE BUSINESS

Business Analysis is required in every workplace. Gathering data on a daily basis including product sales, website traffic, rankings, insurance claims, etc. needs to be managed effectively to help you make better decisions. For instance, with the help of business analysis, a profitability report can be run at the end of the month, and the areas that lacked performance can be worked upon. This will not only help in keeping the data in place but will also enhance the growth of your organization by making sound decisions. 

SCHEDULING TASKS
Managing and allocating the various tasks to different team members is one of the most important jobs of a manager. Instead of sending personalized emails or messaging to different employees to inform them about their respective schedules, a spreadsheet can be prepared in MS Excel and shared with the entire team. Also, the software has a great scheduling feature in which tasks can be color-coded and designed in such a manner that they get automatically updated if there is a change in the schedule.

TRACK ROI

Microsoft Excel solution providers can help you track the Return on Investment accurately. As a business owner, it will give you a clear indication of how much investments have been made into the business and how much is the profit earned. Plus, with the proper track of sales, you can know how long will it take to get additional profits or reach the break-even level. 

Bottom Line

Microsoft Excel has been proven to be highly beneficial for day-to-day business activities. It has been evolving over time and ensures to offer its users to manage their work seamlessly. If you still haven’t made this outstanding tool a part of your business, get in touch with an MS Exel development company, and enjoy its endless perks.

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