Companies often use Excel to manage their finances, a Microsoft spreadsheet program that is often installed by default in the Microsoft Office suite on business computers. Workbooks in Excel contain individual worksheets, which you can use to create lists and spreadsheets. Once you become accustomed to the application and familiar with the more powerful features available, you will find many uses for this business tool.
Scheduling
Businesses create basic employee and resource schedules with Excel, the color coding of which is possible and designed to update automatically as schedules change. Create weekly worksheets with column headings for each day, and name the rows according to time slots or work shifts. Fill in each slot with the name of the employee or resource for a day. On a conference room resource scheduling sheet, Monday from 9:00 to 10:00 a.m. will probably be for an executive meeting, for example, while Tuesday from 10:00 to 11:00 a.m. is a conference call. All departments can work from the same resource sheet so that everyone knows when a particular resource is available.
Basic Accounting
Small businesses often use Excel as their basic accounting program or check ledger. You can enter deposits and expenses on each line of the sheet as you would in a check register. One benefit of using Excel in this way is that you can create charts and graphs over time to compare the company’s income and expenses.
Product Sales
Track product sales using Excel on a daily, weekly, quarterly basis. Collecting sales data in an Excel spreadsheet allows you to compare progress over time and spot upward or downward trends.
According to Microsoft, once you have a significant amount of sales data tracked in Excel, you can then forecast sales for the next year. Microsoft writes, “Using regression analysis, you can extend a trend line in a chart beyond the actual data to predict future values.”
Return on investment
Tracking total company sales in dollars and total advertising and marketing spend with Excel allows you to see your return on investment for each campaign. If you know that you normally sell 100 units of a product each week at a profit of $20 per unit, and you run an advertising campaign that costs $2,000 for one week, you will need to see 100 more product sales to break even on that campaign. If you track sales, you will see how long it takes to break even or see additional profit levels from an advertising campaign.
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Customer Data
The tendency to build ad hoc lists with Excel often results in creating a true customer database. The Advanced Excel Business Center explains databases do not have to be planned in their entirety when using Excel to collect and track data. This makes Excel a popular choice for storing customer information that becomes increasingly detailed over time, as you can add fields as you need them without causing problems with existing data.
