Microsoft Excel Features and Functions for Accountants

Spreadsheets for Microsoft Excel is an indispensable tool for accountants, being used to create the financial statements and to produce many other types of financial reports including budgets, forecasts of cash flow and financial models. Many accountants are considered experts in the use of Excel, but the reality is that most are self taught and are not aware of how to utilize the full potential of Excel. With some basic training programs stand the amount of functions available for the counter within Excel can be identified and put to use.

Calculation functions
Basic arithmetic functions such as SUM () and the border will allow you to produce a useful models and perform some fairly complex calculations. By expanding your knowledge of some of the many other functions, Excel can become a much more versatile tool.

There are many financial functions for the realization of calculations of interest and investment that can greatly simplify the lengthy formulas, for example, usually requires repayment of the loan. Care is required to verify that the functions work the same way as his own textbook formula, but once you have tested the features in a variety of conditions and confirmed the results, it can simplify tasks such as determining the net present value.

If you only want to perform calculations on the issues within their data that meet certain criteria, the matrix of the database and functions are very useful. The SUMPRODUCT () function is also a very good alternative. It can extract all sorts of values in a data table and can be used as an alternative to a large number of functions.

Pivot tables
Many users of Excel are not familiar with pivot tables, which is one of the most powerful features of Excel. A pivot table is a great reporting tool that type and quantity of data independent of the original data in the design of the spreadsheet. Dragging and dropping the column headings around you can change the way that data is. For example, having a list of rows, each with an employee name, week number, item description and expenditure expense amount. Using pivot tables, data can be easily transformed into a summary table that the total for each employee every week or the total cost for each employee. The options are almost endless and can be moved between at the touch of a button.

Audit and control functions
Professional accountants have a responsibility to ensure they are submitting accurate data. To eliminate the possibility of serious errors that should ensure that the spreadsheets have been well designed and rigorously controlled. The use of SI () and TEXT () helper functions to allow the checking of error messages to be included and show that the models have been reconciled and are properly conducted.

Other features such as the validation tool to check the data falls within the ranges and toolbar audit, which will highlight the cells combine to produce an error are also powerful tools to ensure that data will be presented precise manner.

Data Protection
It is always useful to make the models easy to use. Or restriction of the protection of values that can be placed in the cells can help prevent unforeseen errors. Options are available in Excel so you can protect all the selected cells, or within a spreadsheet. This allows you to restrict the cells where data can be input and prevent their formulas are accidentally overwritten or modified. Using drop down boxes is another good option to limit the values that can be entered by users.

Whether you are using Excel, it is important to achieve the knowledge required to complete their daily tasks. Excel training can give you this knowledge and equipping with the skills you need to work more accurately and efficiently.

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