Excel has long been considered the best tool for data analysts. But Excel’s uses aren’t limited to people who regularly work with data. As a layman, there are many uses for Excel, which can make your day-to-day work responsibilities easier. You can do everything from keeping track of office/school attendance to creating elaborate budgets to manage your monthly expenses in Excel.
Excel’s flexibility, versatile use, and easy-to-use functions make it one of the most popular applications. If you are a regular Excel user, here are some ways to use the application in some related areas.
1. Information management
Excel has widespread uses in a business environment, especially when managing common frameworks. From using it to generate sales reports to preparing inventory tracking, there’s a bit of everything in Excel. Here are some things you can use Excel for in information management:
- Sales Inventory Tracking: Excel has a proven track record in the supply chain management industry. Since it can hold multiple rows of data, it is a preferred choice for businesses and organizations that deal with products and services. Whenever you track inventory, you can create many pivots and functions to track different product levels. This way you can never go wrong with your inventory management and stay on top of your orders and restocks. For best results, you can create an automated data entry form in Excel to ease your data management issues.
- Presence trackers: As an employee-centric business, you can use Excel to track your employees’ reporting time, manage their attendance, and create elaborate dashboards to track their regular work schedules. Each item links to a more comprehensive dashboard, where you can get a consolidated snapshot of your employees’ whereabouts.
- Performance reports: Imagine you had to calculate performance measures and key person indicators (KPIs) for your employees on a monthly basis. Excel offers everything from managing essential records to having it all in one go. Work with elaborate dashboards, apply various formulas and use their multi-faceted VBA functions to automate your usual tasks.
2. Time management
Did you know you can use Excel sheets to create your productivity and time trackers? Yes, you read that right; Excel has vast untapped potential for using its time functions to perform various date and time related specificities. Some common uses of Excel for time tracking include:
- Daily planners
- Project rotations
- Roadmap Trackers to manage process training timelines
The list is non-exhaustive; there are many other ways to use Excel for time management. To take it up a notch, you can even create a Pomodoro Tracker in Excel to stay focused on your tasks.
3. Planning goals and tracking progress
Goal planning is an essential task in all areas of project management. For example, you can create elaborate time-tracking tools like Gantt charts and other task-based goal sheets to boost productivity in Excel.
By creating and setting milestones, you can track progress against your goals and map progress against each aspect with relative ease. You can automate some tasks to track your progress when other collaborators add their progress to a common workbook.
4. Budget management and financial monitoring
Excel is every accountant’s friend; When you need to create detailed monthly expense trackers for your organization, you can use various built-in accounting and math functions to track your finances, budgets, and accounts. Organizations and businesses of different shapes, sizes, and forms use Excel in conjunction with other accounting and financial tools to improve their accounting standards.
You can create detailed accounting and financial tasks to enhance your reports. In fact, with pivots, conditional formatting, and formulas, you can create built-in alerts in Excel to highlight important aspects relevant to your business.
5. Data Analysis
Data analysis is an integral part of every organization, and many data analysts continue to favor Excel for performing data-driven tasks. You can do everything from create elaborate performance reports to analysis-based what-if calculations in Excel. Excel’s functionality and versatility with other data analysis systems and tools has trumped all other tracking systems in the market.
It integrates with multiple software and you can store endless rows of data in sheets. You can combine multiple Excel workbooks with Python and other programming languages, without lifting a finger.
6. Data visualization
Companies and companies rely on data to fuel their knowledge. This information is useful when you need to make informed decisions to predict the future.
What is the best way to get information? It’s simple; you visualize the data, so people can quickly understand what you’re trying to tell them. Create multiple charts or load these datasheets into visualization software like Tableau and PowerBI to bring your data to life.
Excel’s versatility is on full display, as you can create elaborate charts and visualizations within the app without venturing to other platforms. Still, it’s good to know that external integration options are available if you ever need to go that route.
7. Expense management
Housewives and households use Excel to track their daily expenses. Imagine having a simple sheet that contains all your monthly income and all possible expenses, from big expenses to small expenses.
Add formulas to automatically calculate your residual income and spending prowess for the month. Although you don’t need to create elaborate accounting trackers yourself, you can still work with simple trackers to manage your monthly income and expenses. If you’re a fan of paper-based expense trackers, you can even use free printable expense trackers to help you stick to your budget.
8. Quick calculations
Excel has become a go-to tool for people who want to perform different calculations. Imagine you wanted to calculate your next mortgage payment, but instead of using pen and paper to do the calculations, you could quickly create an Excel workbook and start making estimates.
Excel as an application is handy and very useful for performing quick calculations as it has a variety of functional formulas to get you started.
Daily use of Excel
Excel is a wonderful language, and you can make the most of it, especially if you master the various features, formulas, and procedures. However, to make sure you are using it correctly, you need to learn it from the experts. Many free and paid courses are available on some famous platforms including Udemy and some other platforms. You can choose a course that suits your learning needs.