The ever changing technology bought brand new ways of completing any kind of tasks rapidly. It also helps us to produce data and maintain files in a clear manner. The field of accountancy is not an exceptional case. It has achieved tremendous improvements with the help of the advanced methodology. In this article, we are going to discuss about the role of the excel spreadsheet in accountancy.
Spreadsheets generally save a lot of your time no matter if you use it to track expenses, cash flow, project tax or inventory. It will be helpful in analyzing lease or purchase and capital requirements. The formula in Excel helps you a lot to maintain a trouble free reports of all the transaction details.
1. People from various departments have to handle the same document file. The sales executive has to enter the sales he made and forward it to his Manager. The Manager will forward the same to the bookkeeper. We have several option to share the document and compare it using the Microsoft Excel.
2. It has got in build templates which will be useful for us. It makes our files to be dynamic and smart.
3. There is an option to convert the template as smart document with the help of the excel. Let say the annual employee expense report is based on an Excel template in your company. When you convert this to a smart document, you will be able to connect this to a database which automatically fill some required information. When you are done with this, you can routed to the concerned person who is in charge of the next step.
4. Using smart documents you can send email messages through MS outlook without starting outlook and without leaving the worksheet.
5. Document workspace is the wonderful option provided by the excel 2003. It is mainly useful to collaborate the documents with other people on your staff. It is the process of co-authoring, editing and reviewing documents.
6. There are lots of shortcuts available in Microsoft Excel. Few of those are listed out below:
AutoFilter: It is helpful in handling large spreadsheets easily. You can activate filter option to view or edit a particular set of data. It will not cause any changes on the arrangements. It just hides the unwanted data and shows the data you have filtered. Once you remove or deactivate the filter, this option will be disabled and you will be able to see all the data.
Consolidating data: In Excel, we have an option of importing worksheet or data from another file. This is a quick process and you will not miss any data as you are tend to miss out data while copying and pasting.
Locating discrepancies: You can not explicitly go through the data line by line in order to locate the discrepancies. But in Excel, it automatically identifies the inconsistencies with the little advanced settings.
Also Excel 2007 provides wonderful invoice templates. We can edit the template according to your details and you can send a concise invoice to your clients.
Above all, you can format the excel using formula according to your requirements. This would reduce the significant amount of time and helps you to have a flawless data. Therefore, excel plays a vital role in accountancy.