What Can be Done by Microsoft Excel / Possibilities of Microsoft Excel / How can Microsoft Excel be used in daily life?

What Can be Done by Microsoft Excel Blog

One often used Microsoft Office program is MS Excel. The application is a spreadsheet that is used to store and analyse numerical data. You should know that data analysis on an Excel spreadsheet is simple.

Charts and graphs can be used to enter data pertaining to future, such as projected investments and significant expenses, to discover trends and evaluate each possibility. The trend lines can be shown using graphs and charts in MS Excel to predict the future value of invested funds.

MS Excel is frequently used to keep track of various tasks, efforts, and deadlines, as well as to analyze the schedules of collaborators in the planning of the event with other participants and use the excel sheet as a central database of all pertinent information needed by all members to carry out the project. An example of an Excel spreadsheet is shown in the image below:

An example of an Excel spreadsheet

Know about the advantages of MS Excel

MS Excel is widely used for various reasons since it is simple to preserve data and add and remove information without effort. Below is a list of a few significant advantages of using Microsoft Excel:

  • Easy to Store Data: In MS Excel, you can easily save or analyze data. This has made it convenient for organizations to store large databases.
  • Easy To Recover Data: Finding the data may take longer if it is written on paper; but by storing data in excel spreadsheets you can easily find data and you can easily locate and retrieve data.
  • Application of Mathematical Formulae: MS Excel’s formulas feature has made calculations simpler and quicker.
  • Better and Secure: When compared to data stored on registers or paper, these spreadsheets have a much lower chance of being lost and can be password-secured on a laptop or desktop computer.
  • Data in One Place: Previously, after the paperwork was completed, data had to be retained in various files and registers. Now that multiple worksheets may be added to a single MS Excel file, this has become convenient.
  • Offers cleaner information visibility: Analyzing data is made more straightforward when saved as a table.

 

Easy to Store Data: In MS Excel, you can easily save or analyze data. This has made it convenient for organizations to store large databases.

Easy to Recover Data: Finding the data may take longer if it is written on paper, but by storing data in excel spreadsheets, you can easily find data and you can easily locate and retrieve data.

Application of Mathematical Formulae: MS Excel’s formula feature has made calculations simpler and quicker.

Better and more secure: When compared to data stored on registers or paper, these spreadsheets have a much lower chance of being lost and can be password-secured on a laptop or desktop computer.

Data in One Place: Previously, after the paperwork was completed, data had to be retained in various files and registers. Now that multiple worksheets may be added to a single MS Excel file, this has become convenient.

Offers cleaner information visibility: Analyzing data is made easier when it is saved as a table.

What does Excel do?

Excel is used for data organization and financial analysis. It is used by businesses of all sizes and in all business functions. Excel’s primary applications include:

  • Input of data
  • Graphing and charting
  • Programming
  • Management of time
  • Handling of data
  • Accounting
  • Analyzing finances
  • Project management
  • Financial simulation
  • Management of customer relationships (CRM)
  • Practically everything that requires organization

Data shortcuts, formulas, and functions in Microsoft Excel

Numerous features, formulae, and shortcuts are built into the Excel software application, which can be used to increase its functionality. To become an expert in financial analysis, beginners must first master the fundamental Excel formulas.

The fact that MS Excel files may be accessed online at any time and from any location in the world is another significant usage of the program. Even in the absence of laptops, it offers the convenience of accessing Excel files via mobile devices, allowing you to complete your work without any difficulty.

The most widely used piece of data analysis software is Microsoft Excel. In addition, investment bankers and financial analysts frequently use Microsoft’s spreadsheet program for data processing, financial modeling, and presentation.

  • Formulas

An Excel Formula is an expression that manipulates values in a cell or a range of cells and produces results as per the formula. Consider the formula =A1+A2+A3, which calculates the sum of the values in cells A1 through A3.

  • Features

In Excel, functions are predefined formulas. They provide formulas with human-friendly labels and do away with tedious manual entry. For instance, =SUM (A1:A3). The formula adds up each value from A1 to A3, or array A.

Five Quick Methods for Inserting Data into Excel

There are five typical approaches to inserting fundamental Excel formulas while evaluating data. There are benefits to each technique. So that you may establish your preferred approach early on, we’ll clarify those techniques before moving on to the core formulas.

  1. Straightforward insertion: entering a formula in a cell

The simplest way to enter fundamental Excel formulas is by typing them into a cell or the formula bar. Usually, the procedure begins with the equal sign, followed by the name of an Excel function. Excel is quite sophisticated in that it will display a pop-up function indicator when you start typing the function name (see below).

Entering a formula in a cell
  1. Making use of the Formulas Tab’s Insert Function option

You only need to use the Excel Insert Function dialogue box if you want complete control over the insertion of your function. To do this, you need to click the Formulas tab and choose the Insert Function option from the first menu. You can do all the activities you need to finish your financial analysis in the dialogue box.

Making use of the Formulas Tab's Insert Function option
  1. Choosing a Formula from a Group on the Formula Tab

This option is used to explore their favorite features quickly. Go to the Formulas tab and choose your favorite group to access this menu. To display a submenu with a list of functions, click. You can then choose your selection from there. If your selected group isn’t shown on the tab, click the More Functions option instead because it’s probably present there.

. Choosing a Formula from a Group on the Formula Tab
  1. Utilizing the AutoSum Option

You should always use the AutoSum method for quick and routine jobs. Select the AutoSum option under the Formulas tab. Next, click the caret to reveal any other hidden formulas. The Home tab also contains this option.

  1. Use recently used tabs when inserting quickly

Use the Recently Used selection if putting in your most recent formula repeatedly bores you. The third menu choice is under the Formulas tab, right next to AutoSum.

Use recently used tabs when inserting quickly

Best MS Excel applications for everyday use

The need for rapid fixes and cutting-edge approaches to comprehending and resolving everyday issues is at an all-time high, given people’s quick and advancing way of life. Additionally, Excel is used for a variety of daily chores like budgeting and goal-setting, calculating monthly expenses, helping students complete their course work and many other activities that most people perform informally rather than by using straightforward tools that offer distinct shapes.

  • Using Excel as a Business Owner or Entrepreneur:

Many millennials worldwide want to start their businesses, which calls for effective planning and analysis of team performance, work progress, business progress, and payout details. Each firm, whether new or old, can profit from using excel. On Excel sheets, the data can be stored, analyzed, and displayed in a complex way using tools like pivot tables, multiple tables, data highlighters, sorters, and sheet and cell organizers, among others.

  • Using Excel for Career Development:

Career management is crucial to career development. Important practices that can be successfully exercised on MS Excel include learning, time management, work, life management, and goal-focused habits.

  • Use of Excel for Monthly Expense Reports:

Based on monthly expense data entered in the excel sheet, the user can produce a thorough monthly expenses report highlighting the top expenditure segments and analyzing the spending pattern and necessary saving pattern to achieve the desired goal.

  • Use of Excel by Students and Teachers:

Teachers can effectively instruct students in the classroom by utilizing table layouts, charts, shapes, data tools, and other formulas. Students can improve their learning abilities by using Excel to answer simple, logical statistics and mathematical issues.

  • Use of Excel for Planning & Goal Setting:

Setting goals and making plans are examples of daily repetitive tasks. Every person is involved in goal setting and planning, including business owners, students, and housekeepers. White paper, time, and the intense strain of calculations go into goal-setting and planning. Still, with the help of MS Excel, this process has become effective, quick, easy, and ecologically friendly.

Final thoughts

Microsoft developed a tool called Microsoft Excel that makes use of spreadsheets to arrange data and numbers using algorithms and functions. Financial analysis is performed by companies of all sizes using Excel analysis, which is widely used worldwide.