‘Excel is an accountant's best friend.’ That’s no surprise given how much accountants rely on Excel to get their job done!
Technology has transformed every aspect of our lives and accounting too is not left untouched. Arrival of computers heralded a new dawn for accountants. That’s because before computers, accountants would do calculations manually- with pen, paper and a calculator. But now, thanks to Microsoft Excel, complex and large accounting work (processing data, calculating heavy algorithms, creating spreadsheets etc.) happen much rapidly.
Besides accounting departments, Excel is a hot favorite even with marketing, HR and management departments. Even those who don’t need it have at least heard of it or used it in school. MS Excel is ubiquitous on almost all computers but for accounting professionals, it plays an active role in daily operations.
Why do accountants swear by Excel?
The job of any accountant in a small or big company/ firm involves making complex calculations, storing large financial data and comparing it. They need to report such information through accurate graphs, charts and spreadsheets, as desired by the employer or client. All of these tasks can be swiftly performed on Excel. It is especially used in budgeting and planning
Let’s take a look at what makes MS Excel accountants’ all weather friend.
Easy to manage
There are numerous functions in Excel that make handling and storing massive amounts of data effortless. These functions can be easily learned online. Furthermore, there are several kinds of charts, graphs and templates available. You can easily access that stored data years later too. Not only this, you can also collate different data sets to compare or predict. This is why even financial analysts choose MS Excel for financial risk management and investment tracking as well. Such is the prowess of Excel that virtually any action with respect to financial consequences can be executed accurately.
The financial analyses you must have seen in the form of spreadsheets, graphs and charts were most likely done using Excel. Such is its market dominance that you will find a plethora of online courses that teach you how to use Excel more efficiently. They are delivered by experts live or pre-recorded on a free or paid basis.
Given its varied applications, a large number of schools include Excel in their education curriculum. So that even before you get your first job, you are already familiar with this program. All it takes then is how much deeper you delve into the world of Excel functions, tips and tricks.
Amazing, but affordable
Excel is cheaper than its competitors, but this does not mean it lacks any features. In fact, its detailed functionality and ease of use are second to none. It is perhaps the most consummate spreadsheet software available.
Excel offers great help for large and complex accounting. With ‘macros’ feature, you can create automated calculations and other actions. It takes care of doing all the heavy calculation, data entry or creating datasets with the click of a button. You can also save it and apply as and when you need.
Excel is one such tool that accountant use for at least half their lives as it embeds in to the life too easily. If you don’t use it, then probably you have no idea on what you are missing out on, however, once you learn it, you will wonder how you ever lived without it.