Excel: the software that everyone knows how to use perfectly... according to their resume.
Excel is foremost, business software. However, it is hard to know what that really means. How is Excel used in companies? Does it have a definitive list of tasks and processes for which it is used?
The variety of potential applications for the software is so wide that there may be only a handful of companies that use it in exactly the same way. There are popular uses for Excel that can meet the needs of most businesses that need this platform.
In this article, I will discuss some of these applications and provide a high-level overview of how to create a business model in Excel.
Excel is one of the most important and versatile business applications available. It is an essential part of most companies’ business operations, so it is difficult to come up with some sort of a definitive list of universal ways that organizations use it. The software can help with data entry and storage, accounting, data analysis and forecasting, compiling checklists, and many other administrative and business responsibilities and tasks.
How to use Excel for business
1. Accounting
Virtually every accounting professional uses Excel in some capacity. We can consider accounting as the primary function of the entire application. Excel supports processes such as creating balance sheets, preparing financial statements, and setting budgets. We can also use it for expense tracking, forecasting and loan calculations.
2. Inventory tracking
Inventory tracking is critical to the success of any business selling a physical product. While there are systems and applications specifically designed and better equipped to manage inventory, Excel remains a reliable and affordable option to facilitate the process.
Inventory management in Excel requires significant manual oversight and is more prone to human error than its more expensive alternatives. Thus, using Excel for inventory management is a better option for startups or small businesses in the early stages.
3. Compiling address and contact lists
Excel’s range of applications extends far beyond calculating numbers; it’s also a great way to store and maintain contact information for prospects and customers. It has the resources to manage and sort massive amounts of this type of data for different projects, promotions, or outreach efforts.
If you want to run a customized mass email campaign, you can use an Excel feature called “mail merge” to tailor mass emails to specific contacts you have listed in a spreadsheet.
4. Visualizations
Data visualizations allow you to convey the results of any data analysis you’ve done in a succinct, accessible, and interesting way. Potential investors, management, or co-workers will have an easier time understanding your data by glancing at a dot or bar chart than by getting lost in a mass of numbers.
Excel offers several different visualization options to make pages of raw, borderline incomprehensible data visually appealing and easy to understand.
5. HR Management
Excel is an incredibly useful resource for human resources managers. HR is a very broad field that covers a wide range of eclectic responsibilities. The people behind a human resources department have a lot to manage. Their day-to-day work can range from talent acquisition to training to coordinating the company’s benefits programs.
With so much to manage, it’s essential that HR managers stay organized. Excel can go a long way in this process. It can provide HR professionals with a reliable way to organize employee work schedules, keep track of time off, and more.
6. Checklists and task lists
These are perhaps the simplest and most straightforward applications of Excel, but that doesn’t mean they aren’t useful or worth mentioning. Excel can track the progress of various projects, list and detail specific operations, and keep track of individual tasks that need to be covered daily.
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7. Time logs
Tracking employee hours is essential to maintaining accountability within a company, both for management and employees. Excel can be an inexpensive and reliable way to ensure that they do consistently the process and correctly. It’s a great way to keep timesheets up to date. Microsoft even offers downloadable templates specifically for this purpose.
Excel is present in virtually every industry, and for good reason. It is one of the most universal and dynamic business applications available. Regardless of what your company does, how many people it employs, or how far along it is in its development, it probably has something to gain by using the application wisely.
