Microsoft Office is powerful set of programs that can give your business a lot of bang. Many businesses don’t think of using Excel as an accounting tool, but it’s functionality can support your bookkeeping if you’re not ready to pay for an advanced accounting software package. Excel can help you focus on your basic accounting tasks, such as budget planning and forecasting. If you already use the Microsoft Office Suite, you should consider the spreadsheet functions in Excel to help you understand your finances.

What Excel Can Do For Small-Business Accounting

In Excel, you can generate many different customizable reports that give you insight into invoice management or cash flow. You can create invoices right in Excel that copy into your spreadsheet to avoid duplicating info or having to take time to enter information twice. Excel has many different templates that give you a lot of functionality without having to start from scratch. Not only can you export data through Excel, you can import external data to help support your business information. Excel can save your time without having to do additional data entry.

When to use Excel in Your Accounting

If you’re already using accounting software, you may not need Excel. But Excel does integrate with many popular software applications. If you can’t pull data out of your software in the way you want, Excel may be able to help you create a custom report. But if you’re in the early stages of your business and using paper to keep your data, Excel may be the next step. Using online resources to customize your templates, you can learn more about accounting through Excel. It can be worth your time just to play around with pre-set data to learn more about how different calculations affect the data.

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