7 ways to leverage excel for your business

Utilizing Excel for your business

This article will go through seven of the most crucial business applications of Excel that you might want to incorporate into your scope of work and take your business to the next level!

Inventory and stock management spreadsheet usage

Excel is a fantastic alternative to specialized and expensive supply chain and stock management software because of its adaptability and capacity to contain thousands of data cells. For example, to keep an accurate and up-to-date view of your inventory and stock levels, you can add columns for SKUs, barcodes, stock levels, location of the goods, re-order levels, and bin numbers. 

Spreadsheets for stock management can be as straightforward or complex as your company requires. Incorporating barcode scanning into your paper is an excellent example of building on a straightforward yet practical sheet. You can process goods more quickly, keep track of delivery and purchase notes, and follow orders as they go through your company by connecting your spreadsheet to a barcode scanner.

Excel sales reporting

If you look at a cross-section of companies in the UK, some still record sales using ink and paper while others use sophisticated, expensive software. Between these two extremes, most organizations utilize spreadsheets for sales reporting because of their user-friendly layout and automation features.

Luckily, one of the best tools for tracking and reporting sales for your company is no other than Microsoft’s Excel. Excel sales reports can combine all of your crucial sales information into one simple-to-use sheet that can be viewed by anyone and shared throughout the company to communicate and measure performance thanks to its ability to create dashboards, automate reports, and integrate into other business systems.

Managing product information with Excel

If you manage an eCommerce company, you are already aware of the critical role that accurate and current product information plays in driving online sales, lowering returns, and gaining returning customers.

Your website’s platform is one of the key obstacles that could prohibit comprehensive and accurate product information. The backend of many websites, including WordPress, Magento, and others, is not well-optimized to handle enormous amounts of data. Fortunately, Excel proves to be quite useful in these situations.

You may delve into your data and optimize your product details using a variety of Excel capabilities to support your future eCommerce growth. Once your edits are complete, just import the document into the back end of your website and watch your sales soar.

Create dashboards in Excel

Dashboards give you a quick view of your company’s performance, so you can make data-driven decisions regarding your company’s future.

In that regard, one of the most important tools a business can use to visualize its data is an Excel dashboard, which can transform lines of data into easily readable and shareable graphs and charts. 

Once you’ve chosen the style of the dashboard you want to design, you need to take a few factors into account to make sure it displays the data you want and is regularly pulling data.

Automate business tasks

Automating repetitive business processes may be one of Excel’s least well-known yet most useful functions for businesses. Companies may utilize Excel Automation to save time, boost productivity, and eventually boost profitability by reducing tasks to lines of code.

Excel Automation is often put up by experts who are familiar with VBA (Visual Basic for Applications). However, the advantages that your company will experience from automating operations will far surpass the price of doing so.

Excel for accounting

According to an Accounting Today article, nearly 90% of businesses use Excel for budgeting, planning, and forecasting tasks. In other words, when it comes to accounting software, Excel is the preferred option for companies.

One of the causes of this is the vast array of formulas and computations available in Excel, utilized by companies that use the software for accounting. The most valuable formulas used by businesses to manage and maintain track of their finances include VLOOKUP, Nesting IF Functions, and Conditional IF Formulas. 

You can also be sure that if you use Excel for accounting, you won’t have any trouble sharing an invoice tracking sheet with your accountant in a suitable format because Excel is so widely used by various business types and entities, from eCommerce shops to accountants.

Tracking and invoice creation in excel

Processing order errors can have a serious effect on each company, resulting in everything from lost sales to bankruptcy filings. That means keeping track of orders is crucial, and making sure you have all the pertinent details about the transaction in one place, such as the value and customer information, is a requirement.

This type of report can easily be incorporated into other dashboards and sheets to give you a complete picture of the business from the point of sale through dispatch, delivery, and customer services performance measures like returns and complaints. Excel invoices and order tracking is essential for keeping your customers happy.

Conclusion

In this article, we’ve discussed a variety of Excel spreadsheet uses for business that you can implement right now to enhance the usage of this software in your company’s daily operations, from tracking inventories to automating repetitive chores. In the end, Excel remains one of the best software to organize your data, optimize your procedures, increase your sales and enhance the overall productivity of your business, so we suggest you make the most out of it!