Oscar the Owl has some news for you!
Excel is the holy grail for all small businesses and their bookkeeping needs, remember you do not need to be an Accountant to unleash the power of the world’s leading spreadsheet programme! (Yes, that’s right, Excel can be exciting!)
Excel is a virtual playground for Accountants, with rows upon rows of data, Excel is one powerful tool. But what if you are not a financial genius? Do BIG numbers scare you? More reason to become familiar with this spreadsheet program.
Get to know what Excel is capable of and the variety of ways it can be used in your role and personal life, unleash the potential that it has to offer.
Excel is more than just sorting data, you have to appreciate how much faster and more efficient Excel can make tasks like budgeting, invoicing and creating tables. But this one programme will take care of all your accounting needs.
Office Owls would like to showcase the 3 main benefits of using Excel for accounting purposes:
- Streamlined data entry
Excel is suited to mass data entry, helping business owners or bookkeepers create macros to automate tasks, such as formatting, filtering, and running basic analysis. A macro is an action or a set of actions that you can run as many times as you want. Potentially, when you create a macro, you are recording your mouse clicks and keystrokes.
Now macros sound difficult to set up and use, but you don’t need to know how to set up macros to benefit from Excel’s functionality!
- Visual financial analysis
Financial analysis doesn’t have to be a list of accounting ratios that assess your company’s profitability. If you are a creative visual learner, Excel can be used to create pie charts that actively show where your business’s money is going.
Visual aids are useful to communicate reports when pitching to employees or even potential investors.
- Easy to share
When you need to share financial data Excel can be easily exported as a PDF or Excel file. So, there is no need to stress when or if a client wants to access data.
At Office Owls, we have found the 3 most useful features for Excel! Which will make your accounting seem like a breeze!
Did you know Microsoft has many free Excel templates, find more here: https://templates.office.com/en-us/templates-for-Excel
Rather than having to design your own invoices and reports from scratch – you can easily download and edit someone else’s spreadsheet creation. The templates are handy for those you aren’t comfortable navigating Excel!
Formulas are good for one thing; they speed up your Excel progress as well as your business expense tracking and analysis.
Your understanding of formulas will help you design better spreadsheets, you can organise your data in a way that takes advantage of formulas, which drastically reduces errors.
It is important to note, let Excel formulas do the work!
PivotTables are the most powerful Excel feature but why? PivotTables reorganises data to present it more logically. Accountants will use this tool to process bank statements and other financial data. In a sense PivotTables are used to summarise, sort, reorganise, group, count, total or average data stored in a table.
In easy terms, it allows us to transform columns into rows and rows into columns!
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