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5 Most Beneficial Microsoft Excel Skills For Accountants
MS Excel is among the most commonly utilized software for all professionals, but it is an inevitable skill for accountants. Microsoft Office Excel has been designed to carry out accounting tasks such as planning, financial management, budgeting, and balance sheets. The use of Excel varies from basic features of spreadsheets to advanced mathematical calculations. It also introduces tasks such as forecasting financial analysis, which interacts easily with external, enable users to import or export the financial data among different platforms.
While one may have a basic understanding of Excel, and may not be acquainted with advanced features that can make the work easier. An accountant can take any Excel training online to learn advanced skills for accounting. This article deals with the most important Excel skills beneficial for accounting work.
Accessibility of spreadsheets: basic configuration and number layout
The custom layout is crucial when it comes to grasping the pattern of reports. Color encoding ...
... can be beneficial for highlighting different fields, for example, blue for hardcoded components, black for measured fields, and green or red for assertions. This makes a report readable and lucid. One can learn Excel online for basic configuration and layout in spreadsheets.
VLOOKUP and HLOOKUP
This comes in advanced excel training online. VLOOKUP enables to find data easily spreading in one or more spreadsheets by an exclusive identifier such as a unique code number. To say, an accountant needs to prepare a financial report, she/he can identify any or all entries as per the need by using VLOOKUP. HLOOKUP offers a method for horizontal lookup through table entries. Both are essential tools for providing a financial picture to accounting and financial practitioners.
Presentation of data with charts
Excel comes with a number of graph plot options for representing the data. Data represented with charts and graphs are easy to understand. An accountant can use bars and line charts for representing the data of weeks/months or years and pie charts to show a percentage of any financial analysis.
Navigation and data manipulation
Data manipulation is central to the delivery of model financial reports. One can insert/erase rows/columns and hide/unhide information when using data manipulation, which allows optimizing reports. It is necessary for an accountant to learn the shortcuts to navigate the reports easily.
Formula auditing toolbar
Formulas are an integral part of spreadsheets. Large spreadsheets in Excel may contain errors that can totally shatter the sheet’s objective. Some of the errors are clearly identified while some are not, but these errors can be examined by the formula auditing toolbar. In this toolbar, there are wide options available to analyze the execution of formula, to locate dependent and precedent cells, and to check errors. This is definitely one of the most advanced and useful features for accountants to create their sheets and audit them. One learns Excel online to learn formula auditing features of excel that can help an accountant in making the auditing process easy and fast.
Excel has so many tools that an accountant requires based on the work requirement, but this article has curated the 5 most important features of Excel an accountant should know.
Rajiv G. is a Strategy and Corporate Finance Consultant with 15+ years of experience. Previously, he has worked with the Strategy and Corporate Finance practice at McKinsey & Company. He has advised clients globally in multiple industries on various Strategy and Finance engagements. Prior to this, he has worked as an Equity Research Analyst with CRISIL. He is a CFA and Chartered Accountant.
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