What Makes MS Excel So Integral For Business Organisations?

Microsoft Excel is an “all-things” tracking app that is compatible with Windows, Phones, Mac OS, and cloud computing. Importantly, this software is not just for school homework but is a powerful tool for businesses.

From entering simple data to tracking business sales, we have listed the 5 reasons that make Excel an integral part of any business organisation:

1.   Accounting

Excel is an effective accounting tool that helps in making a budget, tracking expenses, and making financial reports. Also, it incorporates templates which make the process of accounting easy and fast.

Every enterprise, whether small or midsize, makes use of Excel to carry out their accounting activities. For instance, they use Excel to make a digital chequebook ledger to keep a record of the financial transactions of the organisation.

Businesses also have the flexibility to create charts and graphs over time to compare income and expenses.

To handle workload easily, many companies even hire Microsoft Excel Consultants so that they can perform better.

2. Entry and storage of business data

As per Accounting Today,” According to the survey, 71% of organisations depend on spreadsheets for collecting data across the majority of their business units.”

One of the perks of using MS Excel is that you can enter, store, and analyze large amounts of data to discover trends. This means you can view and use your systematic data multiple times.

Every business has multiple systems and each has its database. Excel makes it easy to store a large amount of data at the same location with ease. It also helps in the systematic management of data that commonly includes employees’ details, data, and invoices.

3. Work scheduling

Work Scheduling is a necessary part of staff management. Excel is must-have software to create a professional and digital work schedule in an enterprise.

Moreover, it defines the working hours of employees and offers employees an overview of their work.

For instance, assigning tasks to the employees is one of the most important jobs of a team lead. It helps to ensure that every project is completed on time.

For this, managers use scheduling features that can be easily colour-coded and updated in case of any change.

4. Security

One of the main reasons that make Excel so important in businesses is its security feature to keep the data safe. Excel gives you the flexibility to safeguard your work by limiting someone to open your excel without your permission

All the important files of Excel can be kept protected through programming or within the excel file. Some of the options to protect your data are:

  • File-level: By specifying a password, you can lock down Excel files.
  • Workbook-level: Locking the workbook by specifying password restricts other users to add, move, delete data from the workbook.
  • Worksheet-level: With sheet protection, you can restrict other users to work within worksheets.

Besides, in case your data gets lost, you can recover it without much inconvenience.

5. Verification of business data

Businesses often have different systems, each has its database and logs. For instance, CRM or inventory tracking can be put into Excel for easy access.

Tracking inventory is quite a bothersome task. However with Excel, it’s easy to keep employees, clients, or even owners organised and on top of the inventory—before any major issues occur.

In the end…

Surely, there are many more reasons that make Excel a wonderful tool for business organisations.

Microsoft Excel is vital for every enterprise to carry out their day to day tasks and yield fruitful results for their business.

In case you are spending hours to create just one excel report or have a lack of efficiency with your processes, our Excel specialists in London can help your business go a very long way.

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