Is it better to use Microsoft Excel as a small business?

Is it better to use Microsoft Excel as a small business? ...

In this article, we cover the following topics:

In order to maximize profits, small businesses should utilize every tool they have.

In order to handle your day-to-day challenges, you will often find yourself requiring to be the bookkeeper, accountant, general manager, and administrator all together.

Enter Microsoft Excel. In this post, we will examine why investing in Microsoft Excel makes sense for small businesses.

1.It''''s extremely affordable

Most small business owners and entrepreneurs are operating on a tight budget and may not have the funds for expensive software packages. Therefore, it is important to integrate Microsoft Excel, Word, PowerPoint, and Outlook into your standard business workflows, as long as possible.

You may pay a reasonable amount for a standalone version of Microsoft Excel. In addition, you may also pay for Word, PowerPoint, and Outlook as well. In addition, Microsoft has several licenses, allowing you to quickly select a suitable application.

2.You may use Excel to assist with time management and keep your schedule organized.

Since the old adage goes, time is money. You will need to set and negotiate reasonable deadlines, assign tasks to employees, and monitor progress.

To begin managing your time efficiently, you may create simple weekly planner spreadsheets. Alternatively, you can download an Excel project management template from sites like Vertex42.

Customized Excel calendar templates may be used to assist with planning and organization.

Excel is capable of managing your finances as quickly as possible.

Excel is a leading industry standard in accounting and bookkeeping environments. Smaller businesses may use Excel to manage their payroll or pay calculations based on the number of hours they have employed.

There are also additional features that small business owners may benefit from. Excel may be used to assist with forecasting, for example. If you have a newer Excel version, Excel will automatically produce a visual forecast worksheet for you, based on your previous company data. This report may then help with budgeting and forecasting future sales.

With Microsoft Excel, you may automate common tasks.

You need to know any code to automate simple tasks in Microsoft Excel. Let''s say you need to apply the same formatting to multiple spreadsheets with the same data.

You may need to include your company''s name on a sheet bold, modify the font, and apply the company''s branding and colors to certain elements of your sheet. Once a day, you may modify the macro to record your actions, then run it the whole time.

5.Use Excel to develop a simple CRM to manage sales.

Sales is the driving force of any small business. It is advisable for any small business owner to utilize a spreadsheet to track leads, improve your sales process, and track your conversion rate. This is a step towards continuing to enhance customer service and address your customers needs.

6.The streamlined experience

Microsoft Excel features a desktop version and a mobile version of the app. Oftentimes, small businesses use mobile apps to enhance productivity. For example, one employee may create a spreadsheet on the go, which would help improve productivity. The Office Mobile App is available on the App Store, Google Play Store, or the Amazon Appstore.

7.Leverage the Excel user community

You may visit the Excel Tech Community for assistance with definitions and recommendations on best practices in Excel.

Wrapping up

Finally, it should be clear that Microsoft Excel can add great value to your business in a wide variety of ways. Ultimately, saving you time and money, thus improving your profitability.

This page will help you learn more about how to collaborate with your employees.

Find out more about what''s new in Excel here.