There are so many formulas and data arrangements that you can do with excel which can eliminate human errors as well as cut down processing time to 75% of those who only do normal stuffs with excel.
Hi,
I have always worked in the industry as a bookkeeper/ Finance manager. I have also worked with a few practices. I have self-taught excel myself based on the requirement that comes with the job. If you only use excel as a reporting purposes, you only need to know a few basics to make the spreadsheet printable format with presentable colours and lines as well as with a few hyperlinks.
But when it comes to volumes of data transactions to be processed onto accountancy package software, that's when one will need serious excel skills.
Another thing I find is that staffs working for practice do not have or given enough opportunity to learn and be creative within their work to do with excel, due to time pressure from jobs. Within industry, that's where you have to keep developing your excel skill to thrive for data analysis and efficiency, especially when I work with new clients who are fairly sizeable businesses. They have thousands of card receipt transactions or they are sitting on a vase amount of database and didn't occur to them to use to analyse business capacity and performances in all sort of areas.
What I also find is that not everyone knows that you can import journals onto sage and other accountancy cloud packages. I help businesses to cut down staff hours by introducing excel processes whether 1000 transactions or 10000, it will be the same length of time to process them.
So excel is very valuable and time saving tool if you know how to use it or design data arrangement, only for the industry. Not so much for the accountants who are only interested in filing year end accounts/ tax computation for compliance purposes or reporting purposes.
My answers
Oh.. wow..
I am glad to see people talking about index match formula.
What about pivot table?
In bookkeeping and high end accounting processes, by working with those two combined features on excel, will cut down your screen time by 60%.
Let alone power pivot. They make your life much easier working with volumes of data, super efficient and take out human errors completely.
Totally agreed.
There are so many formulas and data arrangements that you can do with excel which can eliminate human errors as well as cut down processing time to 75% of those who only do normal stuffs with excel.
That's exactly what I thought. They get really agitated.
Hi,
I have always worked in the industry as a bookkeeper/ Finance manager. I have also worked with a few practices. I have self-taught excel myself based on the requirement that comes with the job. If you only use excel as a reporting purposes, you only need to know a few basics to make the spreadsheet printable format with presentable colours and lines as well as with a few hyperlinks.
But when it comes to volumes of data transactions to be processed onto accountancy package software, that's when one will need serious excel skills.
Another thing I find is that staffs working for practice do not have or given enough opportunity to learn and be creative within their work to do with excel, due to time pressure from jobs. Within industry, that's where you have to keep developing your excel skill to thrive for data analysis and efficiency, especially when I work with new clients who are fairly sizeable businesses. They have thousands of card receipt transactions or they are sitting on a vase amount of database and didn't occur to them to use to analyse business capacity and performances in all sort of areas.
What I also find is that not everyone knows that you can import journals onto sage and other accountancy cloud packages. I help businesses to cut down staff hours by introducing excel processes whether 1000 transactions or 10000, it will be the same length of time to process them.
So excel is very valuable and time saving tool if you know how to use it or design data arrangement, only for the industry. Not so much for the accountants who are only interested in filing year end accounts/ tax computation for compliance purposes or reporting purposes.
Definitely Pivot Table
I would go for Pivot Table.
Sumif, Sumifs, Sumproduct and vLookup are also very useful to be built inside the data set and draw out the report by Pivot table.