Excel definition: a software program created by Microsoft that uses spreadsheets to organize numbers and data with formulas and functions. Excel analysis is ubiquitous around the world and used by businesses of all sizes to perform financial analysis.
Check out CFI’s free Excel Crash Course here!
What is Excel used for?
Excel is typically used to organize data and perform financial analysis. It is used across all business functions and at companies from small to large.
The main uses of Excel include:
- Data entry
- Data management
- Accounting
- Financial analysis
- Charting and graphing
- Programming
- Time management
- Task management
- Financial modeling
- Customer relationship management (CRM)
- Almost anything that needs to be organized!
- Data functions, formulas, and shortcuts
The Excel software program includes many functions, formulas, and shortcuts that can be used to enhance its functionality.
We have defined the key functions and formulas below in our Excel guide:
Free Guide: Excel shortcuts, functions and definitions
Financial and accounting uses
Excel is used extensively in finance and accounting functions. In fact, many organizations run their entire budgeting, forecasting, and accounting functions entirely out of Excel spreadsheets.
While Excel is defined as a “data” management tool, the data that is most commonly managed is financial. At CFI, we would define Excel as the ultimate financial software. While there are other pieces of financial software that are tailored toward performing specific tasks, the strongest point about Excel is its robustness and openness. Excel models are as powerful as the analyst wishes them to be.
Accountants, investment bankers, analysts, and people in all types of financial career paths rely on excel to perform their daily job functions.
Additional Resources
Thank you for reading CFI’s guide to Microsoft Excel. To keep learning and developing your career, these additional CFI resources will be helpful:
- Free Excel Fundamentals Course
- Free Excel Course
- Keyboard shortcuts
- Advanced formulas in Excel
- Financial modeling
- Advantages of Word Processing
The following are the advantages of Word Processing.
Quality: It produces error free documents. The spell and grammar check in word processing makes the document to be neat and error-free. We can get multiple copies of excellent formatted nature in word Processing.
Storage of Text: We can take any number of copies with word processor. Not only that, if we need the same document with some slight changes, we need not type the same letter again. Just by making some slight changes, we can obtain a modified copy easily.
Time Saving: We can get any number of copies of document in future without retyping. We can get the copy of document on any printer.
Security: We can protect the documents in word processing by giving passwords. So there is a less chance of viewing the documents by unauthorized persons.
Dynamic Exchange of Data: We can have dynamic exchange of objects and pictures from other documents into word processing documents. The documents can be linked to each other.
That's all for now friends. In our next post we shall learn "How to work with MS Word". (Happy Reading :)
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