What is Microsoft excel
Microsoft Excel is a type of spreadsheet manufactured and developed by Microsoft. An Excel spreadsheet can be termed a collection of rows and columns that form a table. It uses spreadsheets to organize numbers and data with formulas and functions. Microsoft Excel is also a powerful data visualization and analysis tool that performs various operations such as microsoft excel calculations, pivot tables, graph tools, and macro programming. Its special characteristics have made it a popular application in the world today.
Microsoft Excel Features
Microsoft Excel’s main features can be grouped into Graphical, Data Base, and Functional Features. Graphical features include; Charts, Shapes, Smart Arts, Clip Arts, and Pictures. The database features perform a variety of data operations, and these features consist of; Pivot Tables, Slicers, Sorting, Filtering, Data validations, and Grouping that help in solving excel problems.
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Functional features assist in performing powerful calculations using keyboard shortcuts and enhance the Excel Application Features. They include; Spell Check, Hyperlinks, VBA Macros used to automate repetitive tasks, and more than three hundred built-in formulas that help perform a wide range of calculations. One can acquire the Microsoft Excel software by buying it from a hardware computer shop that sells software or downloads it from the Microsoft website, although you will have to buy the license key.You can also seek excel assignment help, who will assist you on solving your excel Problems.
What is Microsoft Excel used for?
When in the right hands, excel becomes a potent business tool. Excel spreadsheets have dominated the business world due to the many things they can do and accomplish, not forgetting the fact that it is not complicated to use,
Excel has a variety of uses which include;
Data Entry and Storage
Microsoft Excel is a great option to store data. Characteristics such as Data Form in excel make inputting and viewing data more accessible. It also allows users to build their customized data entry forms according to their business requirements, such as employees shift rotations and employees work reports. However, the size of the excel file is limited based on the device’s computing capacity and memory availability.
With more than four hundred and fifty functions categorized accordingly, the user can perform almost every type of calculation, such as addition, subtraction, multiplication, and division. These functions include; trigonometry, financial, logic, test, and math. Excel also allows the user to customize the formula with some programming skills or by using macros and the existing functions.
Data Analysis and Interpretation
Data analysis helps make decisions for improvement or future recommendations. Formulae and pivot tables are used to analyze data effectively. Features like sorting, filtering, or swapping data segments are systematically managed to carry out the required fields.
Reporting and Visualizations
Excel gives a variety of in-built chart templates that are easy to use. Visualizations like graphs and charts can make data reporting more attractive and meaningful. Simple charts can sometimes cover and show the expected results than the table with long data ranges.
Accounting and Budgeting
Excel is often used to maintain customer records when it comes to accounting and budgeting. It helps keep the data up to date with simple editing tools available in excel software. The many accounting and budgeting templates that you find in excel can be used accordingly to perform basic to complex calculations, which helps synthesize quick results in corresponding fields.
Calendars and Schedules
Excel offers auto features that can help develop sequential dates or days accordingly. Using rows and columns, the user can also create a well-formed calendar by organizing dates and days. Comments or texts can also add schedules or tasks for specific dates or days as required.
Administrative and Managerial Duties
Microsoft Excel helps to create and maintain multiple business processes. It is beneficial in office administration for many tasks such as invoicing, paying bills, checking losses, and expenses. It is also used to record data required for employee progress reports, business analysis, accounting, and financial reports.
Measure return on investment.
As a business owner, it is critical to know how your business is faring. Is it making a profit as you would like it to, or is it on the verge of closing down because of losses? It would be best to include items like staffing and inventory orders which should show a positive return in investment.
Excel uses formulas that make it possible to calculate any percentage change in investments through which you will be able to know what your revenue is being affected by.
With Excel, you can have your data represented visually using charts. Your employees can use excel charts to represent their sales graphically. Another advantage when it comes to excel charts is that you can only design them once; then, after that, you will just be updating.
Customer relationship management
If your clients are consistent, it would be best to keep tabs on their interaction with you. Excel use for customer relationship management comes in by organizing clients’ information, the potential or past sales. You can also form a personal database that does not rely on other software.
Tracking of time
This means using excel to keep track of the productivity hours. You can also include a formula that gives the amount of money each hour costs and the future amount of money based on different variables.
Just like how finances are critical to your business, so is the inventory—using excel to track your list and then sum up the results on an excel spreadsheet. With the help of formulas, you can keep sound track of product trends monthly or yearly sales, among others.
Payroll is made to be much simpler through the use of excel. Through it, you can know how much each employee earns, how long they have been working the pay period and any other relevant information concerning the payment. You can also decide to raise your employees’ salary and have it included automatically in your excel spreadsheet.