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Benefits of using Microsoft Excel
Benefits of using Microsoft Excel
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Spreadsheets are never ending grids which store data in columns and rows, Columns go up in letters while rows go up in numbers. Each cell has its own address for e.g. B7. The column letter always goes first in cell addresses. Basic and complex formulas can be used in spreadsheets to complete various tasks and once they have been implemented into the spreadsheet it’ll automatically change parts of the spreadsheet if you change anything or add extra things. E.g a sum formula in 10 rows with a total if there are only 9 different numbers to add and then you add another number into the 10th row it’ll automatically add that to the other 9 numbers without you having to do anything.
Spreadsheet users
Spreadsheets by a large variety of people from all over the world. It is very popular in the workplace for storing data and information about clients. It can be used to store millions of peoples details. It can also be used at school by teachers for storing information on tasks completed by there pupils etc. It has many uses and is very useful. Employers can use spreadsheets to have an easy option of finding information about each of the potential employees and compare them. Spreadsheets are also used by data analysts.
How spreadsheets are used?
Spreadsheets can be used for a variety of things such as analysing data. Performing automatic calculations to save you doing them manually once you typed in a simple formula. Automatically changes parts of the spreadsheet if you change something that is connected to that. E.g. price of items which is connected to total – If you change the price or the amount of items the total will rise and if you decrease viceversa. Spreadsheets can be used to create complex interactive sheets which allow you t...
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...sing to much money.
This is a payroll spreadsheet it also shows sales and expenses.
Spreadsheets can be used to show illustrations like graphs to explain something in more detail or to make it easier to see whats happening with the data visually.
Here is an example of a predicted forecasting on income
Conclusion
In my findings I found that spreadsheets are widely used by a variety of different people and thousands of different businesses use it to solve there complex problems. Spreadsheets can save businesses from future bankruptcy. They can be used to find weaknesses in business strategies and to take advantage of strategies that are working more to make them more effective e.g. if a product is selling extremely well they can raise the price. Spreadsheets can be used for almost anything and are very useful and will be continued to be used in the future.
A person should be able to describe the monthly costs to operate a business, or talk about a marathon pace a runner ran to break a world record, graphs on a coordinate plane enable people to see the data. Graphs relay information about data in a visual way. If a person read almost any newspaper, especially in the business section, they will probably encounter graphs.
In MOD’s excel workbook I have used many macros to create shortcuts to different sheets and also macros to perform various tasks. Overall using macros will speed up how fast the end user can use and navigate the sheet and also make it easier to use. I have also used auto-sum, this automatically entered in a certain formula that I had chosen. By using auto-sum I saved time by not having to enter in long formulas. I have also used an automated filter tool, this tool filters out any data that the user decides is unneeded, which will help the user as it does not show data that useless to them or is unneeded.
The program will monitor the user input and will notify immediately of a wrong action (like a key stroke the is not valid for the particular input), will create an error file that contains the data set that contains the error to be analyzed and investigated, or the entire batch of data will be rejected, if the errors cannot be attributed to an specific record, for the user to locate issues and resubmit a corrected set.
The next Financial report that was helpful For me to gather financial information in Forecast The financial Stability of the company Was the Balance sheet. FinallyThe sales sheet For the products shows how much Product was purchased As well as how much product we have actually sold. This allows me to know at one time, a large amount of prop what what time the large amount of product needs to be stored and when there should be a short period of product In the facility.
Personal financial software is capable of recording, classifying, sorting and presenting financial data. Most programs are relatively easy to use and look familiar to a manual checkbook. They also usually allow download of financial information from its source so the individual does not need to record the information manually one by one. This feature is much more convenient and minimizes human error. Besides that, personal financial software typically offers a separate report on tax and a budgeting feature which enables its user to forecast possible scenarios and determine if each scenario is viable for their financial situation or not. In conclusion, personal financial software allows more organized financial data recording and reporting. Although it cannot provide judgment as professional accountants do, these programs supply a better understanding of an individual’s financial
Tableau software is making it easier for businesses to analyze data to better their business strategies and intelligence. This software also allows you to connect to specified information from many different sources and can then analyze the collected data in multiple ways. Tableau software ensures that companies are seeing the same picture across multiple departments and levels.
A cash flow statement is another tool that can help with financial decisions. Cash flows that are not regular can put on the statement, on certain months when they occur. This allows one to see the impact of cash flow timing more transparently. The cash flow budget makes risk
Information from the income statement and the balance sheet are used to calculate financial ratios that are useful when making investment decisions.
At the moment, I have probably ten or so spreadsheets active for my own personal life that keep track of everything from finances to college credits, so I am familiar with Excel and pride myself on being organized. I am also very comfortable with Photoshop. I’ve used it for several years to make graphics and edit the photos that I take. As a computer science major, I also have experience programming in Java. This is probably not the kind of programming used for this job, but the concepts are commutable and I am a fast learner.
Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory, non-inventory & service items, sales orders, purchase orders, and reports. It allows the companies to keep tracking of the financial assets and at the same time have the information the accountant needs. Using the accounting/finance application system, makes it easier to enter and process the data rather than manually enter and process the data.
Data can give you quite a bit of information about your customers. By examining it, you will be able to begin to see patterns and learn the habits of your customers. This could mean that you are able to provide the correct number of products at the perfect time instead of having a shortfall or being left with additional stock long after interest has fallen in the product.
All companies obtain information on their customers or on their product. All these information may help a business to develop new strategies. They can also forge ahead by treating these big data. All companies have in their possession those information, so use it can be very useful. A company can identify for example their weaknesses and can improve their strategy to become the best on the market. It will help to create more opportunities for the company and maybe create a real competitive advantage.
Accountants are able to make better decisions and direct business owners better on how to grow their businesses. Individuals have also benefited from the technology; one can easily access to their bank information and keep track of their expenses. Technology helped accountants eliminate papers, pens, calculations, errors and time. Today, with the help of computers, printers everything is being done faster and with very little mistakes. As technology grew, accountants have been introduced to new equipments, software, Internet based communication systems and better security systems. Most of the accountants have computers, printers, and fax machines in the offices. Everything is being calculated, stored, and organized in the computerized programs. Time is very valuable for everybody; with these inventions accountants accomplish their job responsibilities much better and faster. One does not need to travel long distances to provide finance reports; instead they can easily connect to each other via Internet and provide their results online. Beside Internet, accountants also can fax over the document to the firms they
Databases are becoming as common in the workplace as the stapler. Businesses use databases to keep track of payroll, vacations, inventory, and a multitude of other taske of which are to vast to mention here. Basically businesses use databases anytime a large amount of data must be stored in such a manor that it can easily be searched, categorized and recalled in different means that can be easily read and understood by the end user. Databases are used extensively where I work. In fact, since Hyperion Solutions is a database and financial intelligence software developing company we produce one. To keep the material within scope I shall narrow the use of databases down to what we use just in the Orlando office of Hyperion Solutions alone.
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.