Accounting on Excel: using Templates
Templates for Accounting within Excel
Microsoft Excel is part of the Microsoft Office suite that is used in business around the world. Many firms have used the power of excel to create templates and worksheets that automate some of the tasks within a busy accounting offices, streamlining the processes within the accounting department and adding efficiencies that will help the bottom line of the business.
Microsoft Excel is a powerful tool that can be used in all aspects of accouting. The good thing about Microsoft Excel is that you do not have to re-invent the wheel every time you want to implement an accounting worksheet. As demonstrated in the video above, Microsoft Excel allows you to use one of the many templates that are available online or locally.
Most of the templates are very easy to use and can be amended quickly and easily. Some of the more powerful uses of Microsoft Excel Templates are:
Simple accounting: bank reconciliations, receipts, receivables, payables, balance sheet and profit and loss statements can be created very quickly on Microsoft Excel and linked together to help automate the accounting department. Microsoft Excel provides dozens of customizable templates that will assist in the creation of simple accounting functions.
Forecasting: simple models and graphs can be created from various data and analyzed using some of the complex financial function within Excel. In built formulas for statistics, amortization and many other mathematical functions make Excel a very powerful tool. Microsoft Excel has some very advanced templates that will assist you in forecasting and analyzing data.
Time recording and Project Analysis: with simple techniques is simple to create time sheet and other project tools that will allow you to analyze time related projects; with powerful formulas, and graphing capabilities, project analysis becomes a lot easier. With the templates Excel provides you will be able to quickly create schedules, project schedules and timesheets.
Budgets: Microsoft Excel makes it very easy to create budgets and compare budgets against actuals. With the powerful tools incorporated into Excel you can quickly and easily identify variances based on variances that you can set. Excel provides you with several different templates for budget and budgetary control ranging from business budgets through to budget and expense analysis for events.
Data Analysis and other analysis: while not a full database, Microsoft Excel provides powerful tools that will allow you to analyze data. With sorting capabilities, database functions, pivot tables etc. you can really analyze a large amount of data with ease. The templates available range from variance analysis, mortgage calculators and to more complex ‘total cost of ownership’ calculators.
Examples of Microsoft Excel templates being usedClick thumbnail to view full-size
This article gives a brief overview of some of the templates available within Microsoft Excel that will allow you to perform simple accounting processes. The use of templates makes the process very easy, but for more complicated analysis such as interlinked trial balances, balance sheets, profit and loss statements and cash flow analysis you’ll have to design these from scratch.
Future articles will provide step by step guides on how to create each of these elements and subsequently link them all together.